Jiangxi Copper : 2021 FIRST QUARTERLY 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.

2021 FIRST QUARTERLY REPORT

1. IMPORTANT NOTICE
2. 1. The board of directors (the "Board"), the supervisory committee and the directors (the "Directors"), supervisors and senior management of Jiangxi Copper Company Limited (the "Company") warrant that they severally and jointly accept responsibility for the truthfulness, accuracy and completeness of the information contained in this quarterly report and that there are no false representations, misleading statements contained herein or material omissions herefrom.
   2. All Directors of the Company attended the Board meeting and reviewed and approved this quarterly report.
   3. Mr. Zheng Gaoqing, the Chairman of the Company, Mr. Yu Tong, the person in charge of accounting function and Mr. Ai Fuhua, the manager of the accounting department (Accounting Chief) warrant the truthfulness, accuracy and completeness of the financial statement contained in this quarterly report.
   4. The financial statements set out in the first quarterly report of the Company and its subsidiaries (collectively, the "Group") were prepared in accordance with the PRC Accounting Standards for Business Enterprises and was unaudited.
   5. This quarterly report is published pursuant to Rules 13.09(2)(a) 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 (Chapter 571 of the Laws of Hong Kong).

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1. M A J O R F I N A N C I A L D A T A A N D S H A R E H O L D I N G S O F T H E SHAREHOLDERS OF THE COMPANY
   2.1 Major financial data

		Unit: Yuan	Currency: RMB
			Increase/decrease
			as at the end of the
			reporting period as
	As at the end of the	As at the end	compared with the
	reporting period	of last year	end of last year
			(%)
Total assets	153,016,773,384	140,881,552,897	8.61
Net assets attributable to shareholders
of the Company	61,394,058,665	59,910,393,466	2.48
		From the beginning
	From the beginning of	of last year to the end	Increase/decrease as
	the year to the end of the	of the reporting	compared with the
	reporting period	period last year	same period last year
			(%)
Net cash flow from operating activities	-1,786,713,597	457,966,532	-490.14
		From the beginning
	From the beginning of	of last year to the end	Increase/decrease as
	the year to the end of the	of the reporting	compared with the
	reporting period	period last year	same period last year
			(%)
Operating revenue	102,036,174,286	56,206,439,242	81.54
Net profit attributable to shareholders
of the Company	859,445,869	160,258,204	436.29
Net profit after non-recurring profit
and loss items attributable to
shareholders of the Company	1,273,711,972	-474,076,249	368.67
Return on net assets (weighted	1.42	0.32	Increased by 1.10
average)(%)			percentage points
Basic earnings per share (RMB/share)	0.25	0.05	436.29
Diluted earnings per share(RMB/share)

- 2 -

Non-recurring profit and loss items and amounts

✓	Applicable		Not applicable
				Unit: Yuan Currency: RMB
Items			Amount for the period Explanation
Profit and loss from disposal of non-current assets	217,574
Tax refund or exemption from ultra vires approval or without
official approval document or received occasionally
Government grant as included in profit and loss of the current
period, other than those closely relating to the normal business
of enterprises and subject to a fixed amount or quantity under
certain standard and in compliance with national policies	18,738,549
Capital utilization fee received from non-financial enterprises and
included in profit and loss of the current period
Investments of subsidiaries, associates and joint ventures in which

the investment cost was less than the profit at fair value of identifiable net assets of the investees at the time of acquisition

Profit and loss on exchange of non-monetary assets

Profit and loss on entrusted investment or asset management Impairment provisions for assets due to force majeure factors such as

natural disasters

Profit and loss on debt restructuring

Corporate restructuring fees such as staff resettlement expenses, consolidation charges, etc.

Profit and loss arising from transactions at unfair trading prices over their fair value

Net profit and loss for the current period of subsidiaries from the beginning of the period to the consolidation date arising from the consolidation of enterprises under common control

Profit and loss on contingency items unrelated to the normal business operations of the Company

- 3 -

Items	Amount for the period Explanation
Profit and loss on change in fair value from held-for-trading
financial assets, derivative financial assets, held-for-trading
financial liabilities and derivative financial liabilities, as
well as investment income from disposal of held-for-trading
financial assets, derivative financial assets, held-for-trading
financial liabilities, derivative financial liabilities and other debt
investments except for effective hedging activities related to the
normal business operations of the Company	-762,625,189
Reversal of impairment provisions for receivables and contract
assets under independent impairment test
Profit and loss on external entrusted loans
Profit and loss on changes in fair value of investment properties
adopting the fair value method for subsequent measurements
Effect on profit and loss for the current period from one-off
adjustment to profit or loss for the current period according to
the requirements of the tax and accounting laws and regulations
Custody fee income received from custody operation
Other non-operating income and expenses other than above items	-10,799,184
Other profit and loss items conforming to the definition of non-
recurring profit and loss
Impact on minority interests (after tax)	186,571,086
Impact on income tax	153,631,060
Total	-414,266,103

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2.2 Table of total number of shareholders, particulars of shareholdings of the top ten shareholders and top ten holders of tradable shares (or holders of shares not subject to lock-up) as of the end of the reporting period

					Unit: Share
Total number of shareholders					171,906
Shareholding of the top ten shareholders
	Number of		Number of
	shares held		shares held
	as at the end		subject to	Situation of pledge or freeze	Nature of
Name of shareholder (in full)	of the period	Percentage	lock-up	Share status	Number	shareholder
		(%)
Jiangxi Copper Corporation	1,464,378,410	42.29	0	Nil	0	State-owned
Limited ("JCC")						legal person
HKSCC Nominees Limited	1,075,308,922	31.05	0	Unknown		Unknown
("HKSCC")
China Securities Finance	103,719,909	3.00	0	Nil	0	Unknown
Corporation Limited
Central Huijin	31,843,800	0.92	0	Nil	0	Unknown
Asset Management Limited
Hong Kong Securities Clearing	31,326,004	0.90	0	Nil	0	Unknown
Company Limited
Industrial and Commercial Bank	7,251,652	0.21	0	Nil	0	State-owned
of China Co., Ltd. - Southern						legal person
China Securities Shenwan
Non-ferrous Metals Open
Trading Index Fund (中國工
商銀行股份有限公司－
南方中證申萬有色金屬
交易型開放式指數證券
投資基金)
Yang Weiyu	5,056,251	0.15	0	Nil	0	Unknown
Hong Wen Hui	4,204,730	0.12	0	Nil	0	Unknown
Liu Ding	4,170,451	0.12	0	Nil	0	Unknown
Xiong Yinhe	3,000,000	0.09	0	Nil	0	Unknown

- 5 -

Shareholding of the top ten holders of shares not subject to lock-up

	Number	Class and number of shares
	of shares held
	not subject
Name of shareholder	to lock-up	Class	Number
JCC	1,464,378,410	Ordinary shares denominated in	1,155,921,410
		RMB (A Shares)
		Overseas listed foreign shares	308,457,000
		(H Shares)
HKSCC	1,075,308,922	Overseas listed foreign shares	1,075,308,922
		(H Shares)
China Securities Finance Corporation	103,719,909	Ordinary shares denominated in	103,719,909
Limited		RMB (A Shares)
Central Huijin Asset Management Limited	31,843,800	Ordinary shares denominated in	31,843,800
		RMB (A Shares)
Hong Kong Securities Clearing Company	31,326,004	Ordinary shares denominated in	31,326,004
Limited		RMB (A Shares)
Industrial and Commercial Bank of China	7,251,652	Ordinary shares denominated in	7,251,652
Co., Ltd. - Southern China Securities		RMB (A Shares)
Shenwan Non-ferrous Metals Open
Trading Index Fund (中國工商銀行股
份有限公司－南方中證申萬有色金
屬交易型開放式指數證券投資基金)
Yang Weiyu	5,056,251	Ordinary shares denominated in	5,056,251
		RMB (A Shares)
Hong Wen Hui	4,204,730	Ordinary shares denominated in	4,204,730
		RMB (A Shares)
Liu Ding	4,170,451	Ordinary shares denominated in	4,170,451
		RMB (A Shares)
Xiong Yinhe	3,000,000	Ordinary shares denominated in	3,000,000
		RMB (A Shares)
The explanations on the connected	Nil
relationship or parties acting in concert
among the aforesaid shareholders
Description of the shareholders holding	Nil
preference shares with restored voting
rights and their shareholding

- 6 -

Note：

1. HKSCC held a total of 1,075,308,922 H Shares of the Company in the capacity of nominee on behalf of various customers, representing approximately 31.05% of the total issued share capital of the Company. HKSCC is a member of the Central Clearing and Settlement System, providing registration and custodial services for customers.
2. The 308,457,000 H Shares held by JCC have been registered with HKSCC and were separately listed from the other shares held by HKSCC when disclosed in the table above. Taking into account the H shares held by JCC, HKSCC held 1,383,765,922 shares as nominee, representing approximately 39.96% of the issued share capital of the Company.
3. During the reporting period, JCC, the controlling shareholder, commenced the business of securities lending. The number of shares held by JCC in the above table is the number of shares after deducting the lending of 49,557,700 A shares. If the number of securities lending is included, the actual holding of JCC is 1,513,936,110 shares, representing approximately 43.72% of the issued share capital.

2.3 Details of the total number of holders of preference shares, shareholding of top ten holders of preference shares and top ten holders of preference shares not subject to lock-up as at the end of the reporting period

Applicable ✓ Not applicable

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1. SIGNIFICANT EVENTS
   3.1 Material changes in major items of accounting statements and financial indicators of the Company and the reason thereof

✓	Applicable		Not applicable

3.1.1 Changes of over 30% as compared to the same period last year in major items of consolidated balance sheet and the reasons thereof

			Unit: Yuan	Currency: RMB
			Changes for the period as
			compared with the beginning of
			the period
	Balance as at	Balance as at	Increase/	Percentage
	the end of the	the beginning	(decrease)	of increase/
Item	period	of the year	amount	(decrease)	Explanation
Derivative financial assets	644,799,509	451,513,423	193,286,086	42.81%	Note1
Prepayments	2,770,484,488	1,201,532,623	1,568,951,865	130.58%	Note2
Held-for-trading financial
liabilities	265,109,520	0	265,109,520	100.00%	Note3
Derivative financial liabilities	295,071,427	1,031,398,580	-736,327,153	-71.39%	Note4
Employee benefits payable	873,354,479	1,283,870,039	-410,515,560	-31.97%	Note5
Other current liabilities	5,393,106,501	3,058,563,443	2,334,543,058	76.33%	Note6

Note 1: As at the end of the reporting period, the derivative financial assets of the Group amounted to RMB644.80 million, representing an increase of RMB193.29 million (or 42.81%) as compared with the end of the period of last year, mainly attributable to the fluctuating profit and loss of the futures business of the Group.

Note 2: As at the end of the reporting period, the prepayments of the Group amounted to RMB2,770.48 million, representing an increase of RMB1,568.95 million (or 130.58%) as compared with the end of the period of last year, mainly attributable to the increase in prepayment for purchase of raw materials and trading of commodities.

- 8 -

Note 3: As at the end of the reporting period, the held-for-trading financial liabilities of the Group amounted to RMB265.11 million, representing an increase of RMB265.11 million (or 100%) as compared with the end of the period of last year, mainly attributable to the increase in the gold leasing business of Shandong Humon Smelting Co., Ltd.

Note 4: As at the end of the reporting period, the derivative financial liabilities of the Group amounted to RMB295.07 million, representing a decrease of RMB736.33 million (or -71.39%) as compared with the end of the period of last year, mainly attributable to the fluctuating profit and loss of the futures business of the Group.

Note 5: As at the end of the reporting period, the employee benefits payable by the Group amounted to RMB873.35 million, representing a decrease of RMB410.52 million (or -31.97%) as compared with the end of the period of last year, mainly attributable to the release of year-end bonus for 2020 by the Group in 2021.

Note 6: As at the end of the reporting period, the other current liabilities of the Group amounted to RMB5,393.11 million, representing an increase of RMB2,334.54 million (or 76.33%) as compared with the end of the period of last year, mainly attributable to the increase in deposits placed with JCC Finance Company Limited by external unit.

3.1.2 Changes of over 30% as compared to the same period last year in major items of consolidated income statement and the reasons thereof

			Unit: Yuan	Currency: RMB
			Changes for the period as
			compared with the same period of
			last year
			Increase/	Percentage
	January to	January to	(decrease)	of increase/
Item	March 2021	March 2020	amount	(decrease)	Explanation
Operating revenue	102,036,174,286	56,206,439,242	45,829,735,044	81.54%	Note 1
Operating costs	98,392,790,979	55,176,067,938	43,216,723,041	78.33%	Note 2
Taxes and surcharges	228,979,207	147,273,612	81,705,595	55.48%	Note 3
Administrative expenses	510,746,752	387,338,939	123,407,813	31.86%	Note 4
Investment income	-1,126,001,272	1,303,000,173	-2,429,001,445	-186.42%	Note 5
Profit and loss on changes in
fair value	22,261,319	-281,984,043	304,245,362	107.89%	Note 6
Impairment losses on credit	-5,402,524	-88,274,398	82,871,874	93.88%	Note 7
Impairment losses on assets	155,340,179	822,592,034	-667,251,855	-81.12%	Note 8
Non-operating income	14,353,915	26,685,087	-12,331,172	-46.21%	Note 9
Non-operating expenses	23,381,429	4,139,793	19,241,636	464.80%	Note 10

- 9 -

Note 1: Explanation on changes in operating revenue: it was mainly due to the changes in prices and sales volume of the main products;

Note 2: Explanation on changes in operating cost: it was mainly due to the changes in prices and sales volume of the main products;

Note 3: Explanation on changes in taxes and surcharges: it was mainly due to the increase in resource tax resulting from the implementation of resource tax law during the period;

Note 4: Explanation on changes in administrative expenses: it was mainly due to the increase in the depreciation and amortisation;

Note 5: Explanation on changes in investment revenue: it was mainly due to the settlement of commodity futures contracts;

Note 6: Explanation on changes in profit and loss on changes in fair value: it was mainly due to the change in fair value of the commodity futures contracts;

Note 7: Explanation on changes in impairment losses on credit: it was mainly due to the increase in the share price and the reversal of the impairment loss of the preserved assets under the accounts receivables in the same period last year, and no material changes in the same period this year;

Note 8: Explanation on changes in impairment losses on assets: it was mainly due to the decrease in impairment losses on assets;

Note 9: Explanation on changes in non-operating income: it was mainly due to the decrease in non-recurring revenue in the period;

Note 10: Explanation on changes in non-operating expenses: it was mainly due to the increase in non-recurring expenses in the period.

- 10 -

3.1.3 Changes of over 30% as compared to the same period last year in major items of consolidated cash flow statement and the reason

			Unit: Yuan	Currency: RMB
			Changes for the period as
			compared with the same period of
			last year
			Increase/	Percentage
	January to	January to	(decrease)	of increase/
Item	March 2021	March 2020	amount	(decrease)	Explanation
Net cash flow from operating	-1,786,713,597	457,966,532	-2,244,680,129	-490.14%	Note 1
activities
Net cash flow from	-2,289,321,811	-1,488,644,248	-800,677,563	-53.79%	Note 2
investment activities
Net cash flows from	6,934,437,339	3,370,588,084	3,563,849,255	105.73%	Note 3
financing activities

Note 1: Explanation on changes in net cash flow from operating activities: it was mainly due to the increase in inventory;

Note 2: Explanation on changes in net cash flow from investment activities: it was mainly due to the increase in investments;

Note 3: Explanation on changes in net cash flow from financing activities: it was mainly due to the increase in borrowings.

- 11 -

3.2 Analysis and explanation on progress and impact of significant events and their solutions

Applicable ✓ Not applicable

3.3 Undertakings that have not been fulfilled during the reporting period

Applicable ✓ Not applicable

3.4 Warning and explanation of the reasons for the forecast of any possible loss in accumulated net profit from the beginning of the year to the end of the next reporting period or any material changes compared to the corresponding period of last year

Applicable ✓ Not applicable

Name of the Company Jiangxi Copper Company Limited

Legal Representative Zheng Gaoqing

Nanchang, Jiangxi Province, the People's Republic of China, 27 April 2021

As at the date of this announcement, the executive Directors are Mr. Zheng Gaoqing, Mr. Wang Bo, Mr. Gao Jian-min, Mr. Liang Qing, Mr. Liu Fangyun and Mr. Yu Tong; and the independent non-executive Directors are Mr. Tu Shutian, Mr. Liu Erh Fei, Mr. Liu Xike and Mr. Zhu Xingwen.

- 12 -

IV. APPENDIX

4.1 Financial statements

Consolidated Balance Sheet

31 March 2021

Prepared by: Jiangxi Copper Company Limited

Unit: Yuan Currency: RMB Type of Audit: Unaudited

	31 March	31 December
Item	2021		2020
Current assets:
Cash and bank	27,927,750,153	25,025,867,965
Settlement reserve
Due from banks and other financial
institutions
Held-for-trading financial assets	5,526,656,122	4,453,933,930
Derivative financial assets	644,799,509	451,513,423
Notes receivable	32,582,889	33,449,586
Accounts receivable	4,862,615,900	4,372,904,933
Financing receivable	3,042,566,818	2,595,046,355
Factoring receivables	727,977,435	716,573,991
Prepayments	2,770,484,488	1,201,532,623
Premiums receivable
Reinsurance accounts receivable
Deposits receivable from reinsurance
contracts
Other receivables	3,754,338,433	2,931,711,300
Including: interests receivable
dividend receivable			450,000
Purchases of resold financial assets
Inventories	37,396,642,004	32,687,522,034
Contract assets
Held-for-sale assets	32,041,426	32,041,426
Non-current assets due within one year
Other current assets	3,051,776,031	3,603,799,606
Total current assets	89,770,231,208		78,105,897,172

- 13 -

		31 March		31 December
Item	2021		2020
Non-current assets:
Loans and advances
Debt investment
Other debt investment
Long-term receivables
Long-term equity investments	4,587,985,389	4,608,138,506
Investments in other equity instruments	15,853,690,109	14,864,404,752
Other non-current financial assets	1,604,309,191	1,652,738,682
Investment properties	462,760,706	470,507,387
Fixed assets	21,881,008,337	22,148,019,633
Construction in progress	3,705,021,309	3,412,162,410
Biological assets for production
Fuel assets
Right-to-use assets	519,343,956	604,082,154
Intangible assets	7,972,041,979	8,026,908,699
Development expenses
Exploration costs	641,726,596	636,111,092
Goodwill	1,266,036,306	1,266,036,306
Long-term deferred expenditure
Deferred income tax assets	531,838,170	485,714,624
Other non-current assets	4,220,780,128	4,600,831,480
Total non-current assets	63,246,542,176		62,775,655,725
Total assets	153,016,773,384		140,881,552,897

- 14 -

	31 March	31 December
Item	2021		2020
Current liabilities:
Short-term borrowings	36,092,465,900	33,771,555,307
Borrowings from central bank
Placements from banks and other
financial institutions
Held-for-trading financial liabilities	265,109,520
Derivative financial liabilities	295,071,427	1,031,398,580
Notes payable	4,809,673,065	3,831,364,084
Accounts payable	6,721,937,085	6,283,727,134
Advance from customers
Contract liabilities	3,543,905,365	1,484,500,195
Disposal of repurchased financial assets
Deposit taking and deposit in interbank
market
Customer deposits for trading in
securities
Customer deposits for underwriting
securities
Employee benefits payable	873,354,479	1,283,870,039
Taxes payable	1,550,009,779	1,223,777,131
Other payables	3,922,868,089	3,607,298,011
Including: interests payable
Dividend payable
Handling charges and commissions
payable
Reinsurance accounts payable
Held-for-sale liabilities
Non-current liabilities due within one
year	588,111,768	697,295,559
Other current liabilities	5,393,106,501	3,058,563,443
Total current liabilities	64,055,612,978		56,273,349,483

- 15 -

	31 March	31 December
Item	2021		2020
Non-current liabilities:
Provision for insurance contract
Long-term borrowings	16,836,129,914	14,076,716,799
Bonds payable	500,000,000	500,000,000
Including: preference shares
perpetual bonds
Lease liabilities	304,448,299	369,560,089
Long-term payable	1,703,206,664	1,532,959,669
Long-term employee benefits payable	18,042,742	19,654,231
Accrued liabilities	265,065,203	264,286,781
Deferred income	537,594,956	525,443,469
Deferred income tax liabilities	411,358,411	372,277,441
Other non-current liabilities	88,000,000	88,000,000
Total non-current liabilities	20,663,846,189		17,748,898,479
Total liabilities	84,719,459,167		74,022,247,962

- 16 -

				31 March		31 December
Item				2021		2020
Owners' equity (or shareholders'
equity):
Paid-up capital (or share capital)	3,462,729,405	3,462,729,405
Other equity instruments
Including: preference shares
perpetual bonds
Capital reserve		11,125,778,556	11,125,778,556
Less: treasury stock
Other comprehensive income	8,166,603,495	7,171,494,723
Special reserve		329,465,272	267,051,922
Surplus reserve		15,309,477,610	15,309,477,610
General risk provision
Retained earnings		23,000,004,327	22,573,861,250
Total owners' equity (or shareholders'
equity)		61,394,058,665	59,910,393,466
Minority interests		6,903,255,552	6,948,911,469
Total owners' equity (or shareholders'
equity)		68,297,314,217		66,859,304,935
Total liabilities and owners' equity (or
shareholders' equity)		153,016,773,384		140,881,552,897
Company	Principal accounting	Manager of the
responsible person:	responsible person:	accounting department:
Zheng Gaoqing	Yu Tong					Ai Fuhua

- 17 -

Balance Sheet of the Company

31 March 2021

Prepared by: Jiangxi Copper Company Limited

Unit: Yuan Currency: RMB Type of Audit: Unaudited

	31 March	31 December
Item	2021	2020
Current assets:
Cash and bank	7,787,707,430	10,221,358,035
Held-for-trading financial assets	149,640,953	179,390,139
Derivative financial assets	5,651,602	9,798,400
Notes receivable	686,750,000	273,145,351
Accounts receivable	4,193,439,708	3,863,947,589
Financing receivable	415,525,419	339,689,953
Prepayments	264,325,441	269,910,378
Other receivables	1,132,350,520	736,019,551
Including: interests receivable
dividend receivable
Inventories	13,455,820,032	11,911,502,624
Contract assets
Held-for-sale assets
Non-current assets due within one
year
Other current assets	109,308,462	262,247,144
Total current assets	28,200,519,567		28,067,009,164

- 18 -

	31 March	31 December
Item	2021	2020
Non-current assets:
Debt investment
Other debt investment
Long-term receivables
Long-term equity investments	30,748,251,187	29,335,594,569
Investments in other equity
instruments
Other non-current financial assets	2,197,285,339	2,209,476,836
Investment properties	170,544,508	171,542,915
Fixed assets	11,482,705,856	11,692,867,121
Construction in progress	1,621,944,144	1,495,680,919
Biological assets for production
Fuel assets
Right-to-use assets	448,272,083	489,100,494
Intangible assets	3,588,485,571	3,631,149,313
Exploration costs	550,815,724	546,338,497
Development expenses
Goodwill
Long-term deferred expenditure
Deferred income tax assets	295,783,636	306,487,556
Other non-current assets	5,399,013,838	5,505,598,843
Total non-current assets	56,503,101,886		55,383,837,063
Total assets	84,703,621,453		83,450,846,227

- 19 -

	31 March	31 December
Item	2021	2020
Current liabilities:
Short-term borrowings	3,840,949,930	5,046,132,535
Held-for-trading financial liabilities
Derivative financial liabilities	12,219,862	313,348,813
Notes payable	330,992,551	403,864,136
Accounts payable	2,510,471,105	2,620,730,905
Advance from customers
Contract liabilities	452,822,588	182,129,323
Employee benefits payable	510,182,385	762,529,187
Taxes payable	1,326,965,423	808,722,653
Other payables	1,374,899,323	3,705,340,641
Including: interests payable	190,354,896
dividend payable
Held-for-sale liabilities
Non-current liabilities due within one
year	180,329,737	303,714,703
Other current liabilities
Total current liabilities	10,539,832,904		14,146,512,896

- 20 -

				31 March			31 December
Item				2021	2020
Non-current liabilities:
Long-term borrowings			14,017,734,800	12,154,574,789
Bonds payable			500,000,000	500,000,000
Including: preference shares
perpetual bonds
Lease liabilities
Long-term payable			297,199,898	334,966,122
Long-term employee benefits payable	591,187,312	497,384,505
Accrued liabilities				289,842	1,653,567
Deferred income			188,977,597	188,977,597
Deferred income tax liabilities	227,154,632	229,163,099
Other non-current liabilities
Total non-current liabilities	15,822,544,081			13,906,719,679
Total liabilities			26,362,376,985			28,053,232,575
Owners' equity (or shareholders'
equity):
Paid-up capital (or share capital)	3,462,729,405			3,462,729,405
Other equity instruments
Including: preference shares
perpetual bonds
Capital reserve			12,655,384,102	12,655,384,102
Less: treasury stock
Other comprehensive income	-153,359,573	-167,460,018
Special reserve			152,331,449	110,838,390
Surplus reserve			15,186,612,193	15,186,612,193
Retained earnings			27,037,546,892	24,149,509,580
Total owners' equity (or shareholders'
equity)			58,341,244,468			55,397,613,652
Total liabilities and owners' equity (or
shareholders' equity)			84,703,621,453			83,450,846,227
Company	Principal accounting	Manager of the
responsible person:	responsible person:	accounting department:
Zheng Gaoqing	Yu Tong					Ai Fuhua

- 21 -

Consolidated Income Statement

From January to March 2021

Prepared by: Jiangxi Copper Company Limited

	Unit: Yuan Currency: RMB Type of Audit: Unaudited
		First quarter	First quarter
Item		of 2021	of 2020
I.	Total operating revenue	102,036,174,286	56,206,439,242
	Including: Operating revenue	102,036,174,286	56,206,439,242
	Interest income
	Premiums earned
	Handling charges and commission
	income
II.	Total operating costs	99,653,234,509	56,256,058,160
	Including: Operating costs	98,392,790,979	55,176,067,938
	Interest expenses
	Handling charges and commission
	payment
	Surrender payment
	Net expenditure for compensation
	payment
	Net deposits from insurance
	contracts withdrawn
	Policy dividend expenses
	Reinsurance costs
	Tax and surcharges	228,979,207	147,273,612
	Selling expenses	180,421,425	153,861,421
	Administrative expenses	510,746,752	387,338,939
	R&D expenses	130,453,030	102,270,412
	Finance expenses	209,843,116	289,245,838
	Including: interest expenses	331,270,678	462,486,305
	interest income	196,762,950	277,546,932

- 22 -

				First quarter	First quarter
Item				of 2021	of 2020
	Add: Other income	16,834,751	21,437,258
		Investment income (loss stated with
			"-")	-1,126,001,272	1,303,000,173
		Including: Investment income from
			associates and joint ventures	-39,320,908	-33,608,674
		Investment income from derecognition
			of financial assets at amortised
			cost (loss stated with "-")
		Exchange income (loss stated with
			"-")
		Net gain from exposure hedging (loss
			stated with "-")
		Profit arising from changes in fair
			value (loss stated with "-")	22,261,319	-281,984,043
		Impairment losses on credit (loss
			stated with "-")	5,402,524	88,274,398
		Impairment losses on assets (loss
			stated with "-")	-155,340,179	-822,592,034
		Income from disposal of assets (loss
			stated with "-")	349,701
III. Operating profit (loss stated with "-")	1,146,446,621	258,516,834
	Add: non-operating income	14,353,915	26,685,087
	Less: non-operating expenses	23,381,429	4,139,793
IV.	Total profit (total loss stated with "-")	1,137,419,107	281,062,129
	Less: income tax expenses	264,665,521	83,166,449
V.	Net profit (net loss stated with "-")	872,753,586	197,895,680
	(I)	Classified by continuity of operation
		1.	Net profit from continuing
			operation (net loss stated with
			"-")	872,753,586	197,895,680
		2.	Net profit from discontinued
			operation (net loss stated with
			"-")

- 23 -

Item

1. Classified by ownership of equity
2. 1. Net profit attributable to the owners of the Company (net loss stated with "-")
   2. Profit or loss of minority shareholders (net loss stated with "-")

VI. Other net comprehensive income after tax

1. Other net comprehensive income attributable to owners of the Company after tax
2. 1. Other comprehensive income not to be reclassified into profit or loss in subsequent periods
   2. 1. Changes in net liabilities or net assets arising from the re-measurement of defined benefit plans
      2. Share of other comprehensive income that cannot be reclassified to profit or loss under equity method
      3. Change in fair value of other equity instrument investment
      4. Change in fair value of corporate credit risk
   3. Other comprehensive income that will be reclassified to profit or loss in subsequent periods
   4. 1. Share of other comprehensive income that will be reclassified to profit and loss under equity method

First quarter	First quarter
of 2021	of 2020

859,445,869 160,258,204

13,307,717 37,637,476

998,517,342 -4,196,829,023

995,108,772 -4,204,285,901

984,499,344 -4,262,446,628

984,499,344 -4,262,446,628

10,609,428 58,160,727

14,292,479

- 24 -

			First quarter	First quarter
Item			of 2021	of 2020
	(2)	Gains and losses from
		changes in fair value
		of available-for-sale
		financial assets
	(3)	Amount of financial
		assets which can be
		reclassified into other
		comprehensive income
	(4)	Provision for credit
		impairment of other
		debt investment
	(5)	Cash flow hedging reserve
	(6)	Exchange differences
		on foreign currency
		financial statements
		translation	-3,683,051	58,160,727
	(7)	Others
(II) Net other comprehensive income
	attributable to minority
	shareholders after tax	3,408,570	7,456,878
VII. Total comprehensive income	1,871,270,928	-3,998,933,343
(I)	Total comprehensive income
	attributable to owners of the
	Company	1,854,554,641	-4,044,027,697

1. Total comprehensive income
   attributable to minority

shareholders

16,716,287

45,094,354

VIII. Earnings per share:

1. Basic earnings per share

(RMB/share)

0.25

0.05

1. Diluted earnings per share (RMB/share)

For the business combination under common control effected in the current period, the net profit recognized by the merged party before the combination was RMB0, and the net profit recognized by the merged party in the previous period was RMB0.

Company	Principal accounting	Manager of the
responsible person:	responsible person:	accounting department:
Zheng Gaoqing	Yu Tong	Ai Fuhua

- 25 -

Income Statement of the Company

From January to March 2020

Prepared by: Jiangxi Copper Company Limited

	Unit: Yuan Currency: RMB Type of Audit: Unaudited
		First quarter	First quarter
Item		of 2021	of 2020
I.	Operating revenue	25,763,438,826	17,519,104,494
	Less: Operating costs	23,756,115,329	16,552,487,670
	Tax and surcharges	168,314,996	118,197,968
	Selling expenses	65,234,886	65,796,308
	Administrative expenses	181,904,570	125,389,791
	R&D expenses	88,229,997	82,036,489
	Finance expenses	5,522,042	98,396,651
	Including: interest expenses	69,192,263	155,871,670
	interest income	74,714,306	97,382,291
	Add: Other income	7,152,550	8,429,419
	Investment income (loss stated with
	"-")	-218,926,205	67,175,177
	Including: Investment income from
	associates and joint ventures	-3,678,668	-9,072,874
	Investment income from derecognition
	of financial assets measured at
	amortised cost
	Net gain from exposure hedging (loss
	stated with "-")
	Profit arising from changes in fair
	value (loss stated with "-")	2,432,755	55,075,238
	Impairment losses on credit (loss	-14,710
	stated with "-")
	Impairment losses on asset (loss stated
	with "-")	-110,866,063	-355,537,712
	Income from disposal of assets (loss
	stated with "-")	6,283

- 26 -

		First quarter	First quarter
Item		of 2021	of 2020
II.	Operating profit (loss stated with "-")	1,177,901,616	251,941,739
	Add: non-operating income	1,705,518	2,035,372
	Less: non-operating expenses	9,175,381	691,094
III.	Total profit (total loss stated with "-")	1,170,431,753	253,286,017
	Less: income tax expenses	181,325,529	39,290,029
IV.	Net profit (net loss stated with "-")	989,106,224	213,995,988

1. Net profit from continuing operation

(net loss stated with "-")

989,106,224

213,995,988

1. Net profit from discontinued operation (net loss stated with "-")

V.

Other net comprehensive income after tax

14,100,445

999,581

1. Other comprehensive income that cannot be reclassified to profit or loss in subsequent periods
2. 1. Changes in net liabilities or net assets arising from the re-measurement of defined benefit plans
   2. Share of other comprehensive income that cannot be reclassified to profit or loss under equity method
   3. Change in fair value of other equity instrument investment
   4. Change in fair value of corporate credit risk

- 27 -

	First quarter	First quarter
Item	of 2021	of 2020

1. Other comprehensive income that will be reclassified to profit or loss in

	subsequent periods	14,100,445	999,581
1.	Share of other comprehensive
	income that will be reclassified
	to profit and loss under equity
	method	14,100,445
2.	Gains and losses from changes in
	fair value of available-for-sale
	financial assets
3.	Amount of financial assets which
	can be reclassified into other
	comprehensive income
4.	Provision for credit impairment
	of other debt investment
5.	Cash flow hedging reserve
6.	Exchange differences on foreign
	currency financial statements
	translation		999,581
7.	Others
VI. Total comprehensive income	1,003,206,669	214,995,569

VII. Earnings per share:

1. Basic earnings per share (RMB/share)

1. Diluted earnings per share (RMB/share)

Company	Principal accounting	Manager of the
responsible person:	responsible person:	accounting department:
Zheng Gaoqing	Yu Tong	Ai Fuhua

- 28 -

Consolidated Cash Flow Statement

From January to March 2021

Prepared by: Jiangxi Copper Company Limited
	Unit: Yuan Currency: RMB Type of Audit: Unaudited
			First quarter	First quarter
Item			of 2021	of 2020
I.	Cash flows from operating activities:
	Cash received from sale of goods and
	rendering of services	115,976,495,400	63,774,161,759
	Net increase in deposits from customers
	and placements from banks and other
	financial institutions
	Net increase in borrowings from central
	bank
	Net increase in placements from other
	financial institutions
	Cash received from premiums of original
	insurance contracts
	Net cash received from reinsurance business
	Net increase in deposits from policyholders
	and investments
	Cash received from interests, handling
	charges and commissions
	Net increase in placements from banks and
	other financial institutions
	Net increase in funds for repurchases of
	businesses
	Net cash received from trading in securities
	Cash received from refunds of taxes	59,807,595	83,644,926
	Cash received relating to other operating
	activities	1,773,673,299	818,002,596
	Sub-total of cash inflow from operating
	activities	117,809,976,294		64,675,809,281

- 29 -

		First quarter	First quarter
Item	of 2021	of 2020
Cash paid for purchase of goods and receipt
of services	117,060,989,102	61,531,350,106
Net increase in loans and advances to
customers
Net increase in placements with central bank
and other financial institutions
Cash paid for claims on original insurance
contracts
Net increase in placement to banks and other
financial institutions
Cash payment for interests, handling charges
and commissions
Cash payment for policyholder dividend
Cash paid to and on behalf of employees	1,284,084,820	1,248,507,339
Taxes payment	753,801,588	909,493,955
Cash paid relating to other operating
activities	497,814,381	528,491,349
Sub-total of cash outflow from operating
activities	119,596,689,891		64,217,842,749
Net cash flows from operating activities	-1,786,713,597		457,966,532

- 30 -

			First quarter	First quarter
Item			of 2021	of 2020
II.	Cash flows from investment activities:
	Cash received from disposal of investments	1,918,967,233	5,227,772,019
	Cash received from investments income	190,331,469	253,719,077
	Net cash received from disposal of fixed
	assets, intangible assets and other long-
	term assets	6,786,409	143,102
	Net cash received from disposal of
	subsidiaries and other business units
	Cash received relating to other investment
	activities
	Sub-total of cash inflow from investment
	activities	2,116,085,111		5,481,634,198
	Cash paid for acquisition and construction of
	fixed assets, intangible assets and other
	long-term assets	518,349,836		556,392,437
	Cash paid for investments	3,887,057,086		6,413,886,009
	Net increase in pledged loans
	Net cash paid for acquisition of subsidiaries
	and other business units
	Cash paid relating to other investment
	activities
	Sub-total of cash outflow from investment
	activities	4,405,406,922		6,970,278,446
	Net cash flows from investment activities	-2,289,321,811		-1,488,644,248

- 31 -

	First quarter	First quarter
Item	of 2021	of 2020

1. Cash flows from financing activities: Cash received from capital contribution Including: cash received from capital

	contributions by minority
	shareholders of subsidiaries
	Cash received from borrowings	22,845,190,323	15,432,008,023
	Cash received relating to other financing
	activities			1,759,736,971	5,322,663,410
	Sub-total of cash inflow from financing
	activities			24,604,927,294		20,754,671,433
	Cash repayments of borrowings	15,150,220,346		13,733,721,579
	Cash payments for distribution of dividends
	and profits or interest expenses		315,279,219		471,017,302
	Including: dividends and profit paid
	to minority shareholders by
	subsidiaries
	Cash paid relating to other financing
	activities			2,204,990,390		3,179,344,468
	Sub-total of cash outflow from financing
	activities			17,670,489,955		17,384,083,349
	Net cash flows from financing activities	6,934,437,339		3,370,588,084
IV.	Effect of foreign exchange rate changes on
	cash and cash equivalents		33,077,630	194,257,316
V.	Net increase in cash and cash equivalents	2,891,479,561	2,534,167,684
	Add: Balance of cash and cash equivalents
	at the beginning of the period	14,451,776,165	18,730,338,108
VI.	Balance of cash equivalents at the end of
	the period			17,343,255,726	21,264,505,792
	Company	Principal accounting	Manager of the
responsible person:	responsible person:	accounting department:
Zheng Gaoqing	Yu Tong				Ai Fuhua

- 32 -

Cash Flow Statement of the Company

From January to March 2021

Prepared by: Jiangxi Copper Company Limited

	Unit: Yuan	Currency: RMB Type of Audit: Unaudited
			First quarter	First quarter
Item			of 2021	of 2020
I.	Cash flows from operating activities:
	Cash received from sale of goods and
	rendering of services		31,384,954,496	20,466,366,255
	Cash received from refunds of taxes	7,089,789	2,103,106
	Cash received relating to other operating
	activities		78,050,331	107,768,082
	Sub-total of cash inflow from operating
	activities		31,470,094,616		20,576,237,443
	Cash paid for purchase of goods and receipt
	of services		30,832,661,781		18,390,378,651
	Cash paid to and on behalf of employees	966,664,532		943,322,248
	Taxes payment		238,366,645		529,836,108
	Cash paid relating to other operating
	activities		222,553,952		344,779,308
	Sub-total of cash outflow from operating
	activities		32,260,246,910		20,208,316,315
	Net cash flows from operating activities	-790,152,294		367,921,128

- 33 -

		First quarter	First quarter
Item		of 2021	of 2020
II.	Cash flows from investment activities:
	Cash received from disposal of investments
	Cash received from investments income
	Net cash received from disposal of fixed
	assets, intangible assets and other long-
	term assets	200,789	133,702
	Net cash received from disposal of
	subsidiaries and other business units
	Cash received relating to other investment
	activities	2,008,467	1,774,521,399
	Sub-total of cash inflow from investment
	activities	2,209,256		1,774,655,101
	Cash paid for acquisition and construction of
	fixed assets, intangible assets and other
	long-term assets	223,752,613		417,879,693
	Cash paid for investments	1,427,220,877		4,024,622,714
	Net cash paid for acquisition of subsidiaries
	and other business units
	Cash paid relating to other investment
	activities	2,172,791,700		13,376,810
	Sub-total of cash outflow from investment
	activities	3,823,765,190		4,455,879,217
	Net cash flows from investment activities	-3,821,555,934		-2,681,224,116

- 34 -

	First quarter	First quarter
Item	of 2021	of 2020

1. Cash flows from financing activities: Cash received from capital contribution

	Cash received from borrowings	2,925,025,649	9,449,857,384
	Cash received relating to other financing
	activities			2,318,844,000	1,362,537,312
	Sub-total of cash inflow from financing
	activities			5,243,869,649		10,812,394,696
	Cash repayments of borrowings	2,759,862,902		5,512,141,230
	Cash payments for distribution of dividends
	and profits or interest expenses		131,516,020		128,888,341
	Cash paid relating to other financing
	activities				189,145,000		913,497,627
	Sub-total of cash outflow from financing
	activities			3,080,523,922		6,554,527,198
	Net cash flows from financing activities	2,163,345,727		4,257,867,498
IV.	Effect of foreign exchange rate changes on
	cash and cash equivalents		-10,870,416		20,510,895
V.	Net increase in cash and cash equivalents	-2,459,232,917	1,965,075,405
	Add: Balance of cash and cash equivalents
	at the beginning of the period	10,107,444,562	9,563,360,053
VI.	Balance of cash equivalents at the end of
	the period			7,648,211,645	11,528,435,458
	Company	Principal accounting	Manager of the
responsible person:	responsible person:	accounting department:
Zheng Gaoqing	Yu Tong				Ai Fuhua

- 35 -

4.2 Relevant particulars on adjustment to in the financial statements as at the beginning of the year according to initial application of new lease standards in 2021

Applicable ✓ Not applicable

4.3 Description of retrospective adjustment to the previous comparison data according to initial application of the new lease standards in 2021

Applicable ✓ Not applicable

4.4 Audit report

Applicable ✓ Not applicable

- 36 -