Financial Performance - The company's operating revenue for the first half of 2022 was RMB 45,900,355, an increase of 23.60% compared to RMB 37,136,606 in the same period last year[9]. - The total profit (loss) for the period was a loss of RMB 442,601, a decrease of 129.30% compared to a profit of RMB 1,510,713 in the previous year[9]. - The net loss attributable to shareholders of the parent company was RMB 436,009, a decline of 135.04% from RMB 1,244,189 in the same period last year[9]. - The basic loss per share for the reporting period was RMB -0.040, compared to earnings of RMB 0.115 in the same period last year[10]. - The diluted loss per share for the reporting period was also RMB -0.040, compared to earnings of RMB 0.115 in the previous year[10]. - The weighted average return on net assets decreased by 5.61 percentage points to -1.448% from 4.164% in the previous year[10]. - The net profit (loss) after deducting non-recurring gains and losses for the current reporting period (January to June) was -402,544,000, a decrease of 134.42% compared to the same period last year[87]. - The EBITDA to total debt ratio decreased to 0.11, down 80.00% from 0.55 in the previous year[87]. - The interest coverage ratio fell to -7.84, a decline of 119.38% from 40.45 in the previous year[87]. - The cash interest coverage ratio was -127.87, down 104.95% from -62.39 in the previous year[87]. Cash Flow and Investments - The net cash flow used in operating activities was RMB -6,405,122, an increase of 168.05% compared to RMB -2,389,552 in the previous year[9]. - The company generated a net cash inflow of RMB 1,776,708 thousand from investing activities in the first half of 2022, a significant improvement from a net cash outflow of RMB 3,106,358 thousand in the previous year[33]. - The company's net cash inflow from financing activities was RMB 1,996,321 thousand in the first half of 2022, recovering from a loss of RMB (51,020) thousand in the first half of 2021[198]. - The total cash inflow from operating activities for the first half of 2022 reached RMB 50,632,846 thousand, a 31.1% increase from RMB 38,606,063 thousand in the same period of 2021[197]. - Cash outflow from operating activities totaled RMB 57,037,968 thousand, compared to RMB 40,995,615 thousand in the first half of 2021, resulting in a net cash flow from operating activities of RMB (6,405,122) thousand[197]. Production and Sales - The total production of main products was 5.4317 million tons, a decrease of 8.07% year-on-year[18]. - The company processed 5.7951 million tons of crude oil, a decrease of 6.68% year-on-year[18]. - The production of finished oil was 3.1534 million tons, a year-on-year decrease of 12.85%[18]. - The production of liquefied gas increased by 23.41% year-on-year to 326,300 tons[18]. - The production of ethylene increased by 16.67% year-on-year to 353,500 tons[18]. - The production of paraxylene increased significantly by 116.01% year-on-year to 318,400 tons[18]. - The company's product sales rate was 98.74%, with a collection rate of 100% for accounts receivable excluding related parties[18]. - In the first half of 2022, the company achieved a net sales amount of RMB 40.142 billion, an increase of 26.89% compared to the same period last year[21]. - The sales volume of synthetic fibers decreased by 79.89%, while the sales volume of resins and plastics and petroleum products decreased by 15.07% and 12.89%, respectively[21]. Costs and Expenses - The company's sales cost for the first half of 2022 was RMB 40.681 billion, an increase of 31.95% year-on-year, accounting for 101.34% of net sales[21]. - Operating costs for the first half of 2022 reached RMB 39,118,453 thousand, a 35.59% increase compared to RMB 28,849,768 thousand in the same period of 2021, primarily due to rising raw material and energy costs[33]. - The unit processing cost of crude oil was RMB 4,540.43 per ton, an increase of 59.36% compared to the same period last year[22]. - The company recorded an investment loss of RMB (50,675) thousand in the first half of 2022, compared to a gain of RMB 602,510 thousand in the same period of 2021[194]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 42,481,112, a decrease of 9.69% from RMB 47,038,622 at the end of the previous year[9]. - The total liabilities decreased from RMB 9,400,510,000 as of December 31, 2021, to RMB 7,987,334,000 as of June 30, 2022, a reduction of approximately 15.1%[149]. - The company's total current liabilities amounted to RMB 12,614,058 thousand, a decrease of 20.5% from RMB 15,795,743 thousand at the end of 2021[192]. - The company's total equity attributable to shareholders decreased to RMB 28,858,796 thousand, down 4.3% from RMB 30,242,139 thousand[113]. Environmental and Compliance - The company’s environmental performance showed a 100% compliance rate for wastewater discharge, with ammonia nitrogen and sulfur dioxide emissions decreasing by 58.93% and 8.78%, respectively[20]. - The company achieved a 100% compliance rate for wastewater discharge standards and a 100% compliance rate for hazardous waste disposal during the first half of 2022[77]. - The company has maintained its "Green Enterprise" title from Sinopec Group and continues to implement high standards for environmental management[76]. - The company has not faced any administrative penalties due to environmental issues during the reporting period[84]. Research and Development - The company’s research and development efforts resulted in 55 patent applications, with 39 patents granted during the reporting period[20]. - Research and development expenses (excluding depreciation and amortization) increased to RMB 34,884,000 in 2022 from RMB 25,208,000 in 2021, showing a rise of about 38.4%[130]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period was 105,475[88]. - The largest shareholder, Sinopec Corp., held 5,459,455,000 shares, representing 50.44% of the total shares[90]. - A cash dividend of RMB 0.1 per share was approved for the 2021 fiscal year, totaling RMB 1,082,381,350[57].

Financial Performance - The company's operating revenue for the first half of 2022 was RMB 45,900,355, representing a 23.60% increase compared to RMB 37,136,606 in the same period last year[9]. - The total profit (loss) for the period was a loss of RMB 442,601, a significant decline of 129.30% from a profit of RMB 1,510,713 in the previous year[9]. - The net loss attributable to shareholders of the parent company was RMB 436,009, marking a 135.04% decrease from a profit of RMB 1,244,189 in the same period last year[9]. - Basic and diluted earnings per share were both RMB -0.040, compared to RMB 0.115 in the same period last year, indicating a significant decline[10]. - The weighted average return on net assets decreased by 5.61 percentage points to -1.448% from 4.164% in the previous year[10]. - The company's revenue for the first half of 2022 was RMB 45.859 billion, an increase of RMB 8.771 billion or 23.65% compared to the same period last year[18]. - The pre-tax loss for the first half of 2022 was RMB 433 million, a decrease of RMB 1.976 billion compared to a pre-tax profit of RMB 1.543 billion in the same period last year[18]. - The company's financial net income for the first half of 2022 was RMB 279.3 million, up from RMB 210.5 million in the same period last year[23]. - The company reported a significant increase in cash flow from investment activities, with a net inflow of RMB 1,776,708 thousand compared to an outflow of RMB -3,106,358 thousand in the previous year[33]. - The company reported a total comprehensive income of RMB (157,308) thousand for the first half of 2022, compared to RMB 1,301,800 thousand in the same period of 2021[195]. Cash Flow and Liquidity - The net cash flow used in operating activities was RMB -6,405,122, an increase of 168.05% compared to RMB -2,389,552 in the previous year[9]. - In the first half of 2022, the company's net cash outflow from operating activities was RMB 6.4556 billion, compared to a net cash outflow of RMB 2.4434 billion in the same period last year[24]. - The company generated a net cash inflow of RMB 1.7767 billion from investing activities in the first half of 2022, a significant improvement from a net cash outflow of RMB 3.1064 billion in the previous year, primarily due to net inflows from time deposits and structured deposits of RMB 2.35 billion[24]. - The net cash inflow from financing activities was RMB 1.9968 billion in the first half of 2022, compared to a net cash inflow of RMB 0.0028 billion in the same period last year, mainly due to an increase in cash flow from loans and short-term financing notes[24]. - The company's cash inflow from operating activities for the first half of 2022 was RMB 50,632,846 thousand, an increase of 31.1% compared to RMB 38,606,063 thousand in the same period of 2021[197]. - The ending cash and cash equivalents balance as of June 30, 2022, was RMB 2,438,650 thousand, compared to RMB 1,367,415 thousand at the end of June 30, 2021, showing a significant increase of 78.3%[198]. Production and Sales - The total production of main products was 5.4317 million tons, a decrease of 8.07% year-on-year[18]. - The company processed 5.7951 million tons of crude oil, a decrease of 6.68% year-on-year[18]. - The production of gasoline was 1.4483 million tons, a decrease of 0.88% year-on-year, while diesel production was 1.3112 million tons, a decrease of 15.32% year-on-year[18]. - The production of liquefied gas increased by 23.41% year-on-year to 326,300 tons[18]. - The production of ethylene was 353,500 tons, an increase of 16.67% year-on-year, and paraxylene production was 318,400 tons, an increase of 116.01% year-on-year[18]. - The company's product sales rate was 98.74%, and the collection rate of accounts receivable (excluding related parties) was 100%[18]. - The sales volume of synthetic fibers decreased by 79.89%, while the sales volume of resins and plastics and petroleum products decreased by 15.07% and 12.89%, respectively[21]. - The company's total daily remuneration for 2022 was RMB 9,428,000, an increase of 18.4% from RMB 7,954,000 in 2021[183]. Assets and Liabilities - The net assets attributable to shareholders of the parent company decreased by 4.57% to RMB 28,875,824 from RMB 30,260,172 at the end of the previous year[9]. - Total assets decreased by 9.69% to RMB 42,481,112 from RMB 47,038,622 at the end of the previous year[9]. - The total liabilities decreased to RMB 12,614,058 thousand, reflecting a strategic focus on reducing debt levels[112]. - The company's total liabilities decreased from RMB 9,400,510,000 in December 2021 to RMB 7,987,334,000 in June 2022, a reduction of approximately 15%[149]. - The company's total assets as of June 30, 2022, were RMB 629,576,000, a decrease of 18.8% from RMB 775,007,000 at the end of 2021[185]. - The company's total equity attributable to shareholders decreased to RMB 28,858,796 thousand, down 4.3% from RMB 30,242,139 thousand as of December 31, 2021[113]. Environmental and Compliance - The company’s environmental performance showed a 100% compliance rate for wastewater discharge, with ammonia nitrogen and sulfur dioxide emissions decreasing by 58.93% and 8.78%, respectively[20]. - The company achieved a 100% compliance rate for wastewater discharge standards and a 100% compliance rate for controlled air emissions[77]. - The company has maintained its "Green Enterprise" title from Sinopec Group and continues to implement high standards for environmental management[76]. - The company completed the revision of the emergency response plan for environmental incidents, including 11 aspects such as environmental risk analysis and internal warning mechanisms, with a total of 157 environmental risk sources identified[81]. - The company has complied with all provisions of the Corporate Governance Code as per the Hong Kong Listing Rules during the reporting period[103]. Research and Development - The company’s research and development efforts resulted in 55 patent applications, with 39 patents granted during the reporting period[20]. - Research and development expenses increased to RMB 36,426 thousand in the first half of 2022, up from RMB 27,943 thousand in the first half of 2021[194]. - The group reported a depreciation expense of RMB 716,213,000 for property, plant, and equipment for the six months ended June 30, 2022, down from RMB 800,196,000 in 2021, a decrease of approximately 10.5%[130]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 105,475[88]. - The largest shareholder, Sinopec Limited, holds 5,459,455,000 shares, representing 50.44% of the total shares[90]. - A cash dividend of RMB 0.1 per share was approved for the 2021 fiscal year, totaling RMB 1,082,381,350[57]. - The company proposed dividends of RMB 1,082,381 thousand during the reporting period[116]. Risks and Challenges - The company faced significant challenges due to the pandemic and supply chain disruptions, impacting downstream market demand[14]. - The company plans to focus on safety and environmental issues while ensuring stable production operations in the second half of 2022, amid rising inflation risks and uncertain international oil prices[30]. - The company faces risks related to the cyclical nature of the oil and petrochemical market, which may adversely affect its operations[48].

Financial Performance - The company reported a total revenue of RMB 50,000 million for the first half of 2022, representing a year-on-year increase of 15%[10]. - The net profit attributable to shareholders was RMB 3,500 million, up 20% compared to the same period last year[10]. - The company's revenue for the first half of 2022 was RMB 45.90 billion, an increase of 23.60% compared to RMB 37.14 billion in the same period last year[19]. - The total loss attributable to shareholders for the first half of 2022 was RMB 436.01 million, a decrease of 135.04% from a profit of RMB 1.24 billion in the previous year[19]. - The company achieved a net sales revenue of RMB 40.142 billion in the first half of 2022, an increase of 26.89% compared to the same period last year[37]. - The company reported a net profit of RMB (436,009) thousand for the first half of 2022, compared to a profit of RMB 5,188 thousand in the same period of 2021, reflecting a significant decline[183]. - The total profit for the six months ended June 30, 2022, was a loss of RMB 442,601 thousand, compared to a profit of RMB 1,510,713 thousand in 2021[171]. - The company’s tax expenses for the first half of 2022 were a benefit of RMB (11,780) thousand, compared to an expense of RMB 261,344 thousand in 2021[171]. Cash Flow and Investments - The net cash flow used in operating activities was RMB -6.41 billion, representing a 168.05% increase in cash outflow compared to RMB -2.39 billion in the same period last year[19]. - The total cash inflow from operating activities for the first half of 2022 was RMB 50,632,846 thousand, an increase of 31.1% compared to RMB 38,606,063 thousand in the same period of 2021[177]. - The net cash outflow from operating activities was RMB 6,405,122 thousand, compared to a net outflow of RMB 2,389,552 thousand in the first half of 2021, representing a deterioration of 168.5%[177]. - Cash inflow from investment activities amounted to RMB 6,761,122 thousand, up from RMB 6,037,502 thousand in the same period of 2021, reflecting an increase of 12.0%[179]. - The net cash outflow from investment activities was RMB 4,984,414 thousand, a decrease of 45.5% compared to RMB 9,143,860 thousand in the first half of 2021[179]. - The total cash and cash equivalents at the end of the period were RMB 2,438,650 thousand, compared to RMB 1,367,415 thousand at the end of the same period in 2021, indicating an increase of 78.4%[179]. Operational Highlights - The company processed 5.80 million tons of crude oil, a decrease of 6.68% year-on-year[31]. - The production of main products decreased by 8.07% to 5.43 million tons compared to the same period last year[31]. - The production of aviation kerosene fell by 35.32% to 39.38 thousand tons compared to the previous year[31]. - The company achieved a product sales rate of 98.74% and a cash recovery rate of 100% (excluding related parties) during the reporting period[31]. - The company faced significant challenges due to the pandemic and supply chain disruptions, impacting overall market demand and production capabilities[26]. Research and Development - Research and development expenses increased by 12% year-on-year, totaling RMB 1,200 million, reflecting the company's commitment to innovation[10]. - The company applied for 55 patents and received 39 patent authorizations during the reporting period, emphasizing its commitment to innovation and intellectual property protection[33]. - The company aims to accelerate the development of carbon fiber and composite materials, as well as advance digital transformation initiatives[49]. Sustainability and Environmental Initiatives - The company aims to reduce carbon emissions by 5% by 2025 as part of its sustainability strategy[10]. - The company has achieved a 100% compliance rate for wastewater discharge standards and hazardous waste disposal during the first half of 2022[96]. - The company has maintained a 100% compliance rate for air pollutant emissions from its thermal power boilers, meeting the standards set by local regulations[97]. - The company has actively participated in poverty alleviation efforts, completing consumption assistance of over RMB 3.62 million in impoverished areas of Yunnan Province[106]. - The company has implemented a high standard green enterprise action plan, focusing on pollution prevention and control measures[95]. Market Position and Strategy - The company plans to enhance its market expansion efforts, focusing on increasing production capacity by 10% in the next fiscal year[6]. - The management provided a performance guidance of 8-10% revenue growth for the second half of 2022[10]. - The company is exploring potential mergers and acquisitions to strengthen its market position in the petrochemical sector[10]. - The company is actively adjusting its product structure and improving product quality to enhance competitiveness in the market[25]. Risks and Challenges - The company has identified key risks including fluctuating oil prices and regulatory changes that may impact operations[5]. - The company faces risks related to environmental regulations that may impose additional costs on its operations[73]. - The company is subject to currency fluctuations, particularly the impact of RMB depreciation on costs and profitability, as a significant portion of its procurement is denominated in foreign currencies[74]. - The company’s ability to pass on increased crude oil costs to customers is limited by market conditions and government regulations[71]. - The company’s business operations may be adversely affected by cyclical characteristics of the oil and petrochemical markets[70]. Shareholder Information - The company approved a cash dividend of RMB 0.1 per share for the fiscal year 2021, totaling RMB 1,082,381,350 based on 10,823,813,500 shares[81]. - The largest shareholder, China Petroleum & Chemical Corporation, held 5,459,455,000 A shares, representing 50.44% of the total shares[141]. - The total number of ordinary shareholders as of the end of the reporting period was 105,475[140]. - The company did not issue any new securities during the reporting period[137]. Financial Ratios and Metrics - The company's current ratio was 132.40%, a slight decrease of 0.12% compared to the previous year[152]. - The quick ratio decreased by 14.48% to 80.15%, attributed to increased inventory due to rising international crude oil prices[152]. - The debt-to-asset ratio improved by 3.66% to 31.72% compared to the end of the previous year[152]. - The interest coverage ratio fell by 119.38% to -7.84, indicating a substantial decline in the company's ability to cover interest expenses[153]. - The EBITDA interest coverage ratio dropped by 85.10% to 9.68, highlighting the financial strain faced by the company[153].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 26,006,070, representing a year-on-year increase of 27.61%[4] - The net profit attributable to shareholders of the listed company was CNY 213,510, showing a significant decline of 81.81% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 241,668, down 79.14% year-on-year[4] - The basic earnings per share for the period was CNY 0.020, a decrease of 81.48% compared to the previous year[4] - Total operating revenue for Q1 2022 was CNY 26,006,070, an increase of 27.5% compared to CNY 20,379,079 in Q1 2021[15] - Net profit for Q1 2022 was CNY 214,850, a decrease of 81.7% from CNY 1,175,274 in Q1 2021[15] - Operating profit for Q1 2022 was CNY 311,893, down 79.2% from CNY 1,504,446 in Q1 2021[15] - Total comprehensive income for Q1 2022 was CNY 420,646, a decrease of 64.3% from CNY 1,177,086 in Q1 2021[16] - Basic earnings per share for Q1 2022 were CNY 0.020, down from CNY 0.108 in Q1 2021[16] Cash Flow and Assets - The net cash flow from operating activities was CNY -1,785,568, indicating a significant cash outflow[4] - Cash flow from operating activities showed a net outflow of CNY 1,785,568, compared to a net outflow of CNY 322,532 in Q1 2021[18] - Cash and cash equivalents at the end of Q1 2022 were CNY 4,987,376, a decrease from CNY 6,916,408 at the end of Q1 2021[19] - Cash inflow from financing activities in Q1 2022 was CNY 6,454,975, compared to CNY 890,000 in Q1 2021[18] - The total assets at the end of the reporting period were CNY 47,038,622, an increase of 14.24% from the end of the previous year[4] - As of March 31, 2022, total assets amounted to RMB 53,737,111, an increase from RMB 47,038,622 as of December 31, 2021, representing a growth of approximately 14.4%[12] - Current assets totaled RMB 25,755,453, up from RMB 20,932,276, indicating a rise of about 23.5% year-over-year[12] - Inventory increased significantly to RMB 9,479,927 from RMB 5,923,525, reflecting a growth of approximately 60.5%[12] - Total liabilities reached RMB 22,897,700, compared to RMB 16,643,191, marking an increase of around 37.5%[13] - The company's short-term borrowings rose to RMB 3,040,000 from RMB 1,540,000, which is an increase of about 97.4%[12] - The total equity attributable to shareholders was RMB 30,702,812, up from RMB 30,260,172, indicating a growth of about 1.5%[13] - The company reported a significant increase in accounts receivable, which rose to RMB 1,978,371 from RMB 1,169,405, representing a growth of approximately 69%[12] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 106,105[9] - The largest shareholder, Sinopec Limited, held 50.44% of the shares, while the second-largest shareholder, Hong Kong Central Clearing Limited, held 31.91%[9] Operational Insights - The company experienced a substantial increase in product costs due to a sharp rise in crude oil prices, impacting overall performance negatively[7] - The company has not indicated any new product launches or technological advancements during this reporting period[11] - There are no significant mergers or acquisitions reported in the current quarter[11] - Research and development expenses for Q1 2022 were CNY 11,867, slightly down from CNY 12,236 in Q1 2021[15] - Total operating costs for Q1 2022 were CNY 25,599,241, an increase of 33.6% from CNY 19,157,566 in Q1 2021[15] - The weighted average return on equity was 0.700%, a decrease of 3.24 percentage points compared to the previous year[4]

Financial Performance - The company's operating revenue for Q1 2022 was RMB 26,006,070, representing a year-on-year increase of 27.61%[4] - Net profit attributable to shareholders for the same period was RMB 213,510, reflecting a significant decrease of 81.81% compared to the previous year[4] - The basic earnings per share for Q1 2022 was RMB 0.020, down 81.48% year-on-year[4] - Net profit attributable to ordinary shareholders of the parent company decreased by 81.81% due to significant increases in crude oil prices and rising product costs[8] - Net profit attributable to ordinary shareholders of the parent company, after deducting non-recurring gains and losses, decreased by 79.14% for the same reasons[8] - Basic and diluted earnings per share for Q1 2022 were both RMB 0.020, down from RMB 0.108 in Q1 2021[13] - Net profit for Q1 2022 was RMB 214,850 thousand, a decrease from RMB 1,175,274 thousand in Q1 2021, indicating a decline of approximately 81.8%[13] Assets and Shareholder Information - The total assets at the end of the reporting period amounted to RMB 53,737,111, an increase of 14.24% from the end of the previous year[4] - The total number of shareholders at the end of the reporting period was 106,105[6] - The largest shareholder, Sinopec Limited, held 5,459,455,000 shares, accounting for 50.44% of the total shares[6] - Total assets as of March 31, 2022, amounted to RMB 53,737,111 thousand, an increase from RMB 47,038,622 thousand at the beginning of the year[11] Cash Flow Analysis - The company reported a net cash flow from operating activities of RMB -1,785,568, which is not applicable for year-on-year comparison[4] - Net cash flow from operating activities increased by 453.61%, indicating a significant outflow due to declining operational performance[8] - In Q1 2022, cash inflow from operating activities was CNY 27,467,908 thousand, up from CNY 20,475,530 thousand in Q1 2021, representing a growth of approximately 34.5%[14] - Cash outflow from operating activities increased to CNY 29,253,476 thousand in Q1 2022 from CNY 20,798,062 thousand in Q1 2021, resulting in a net cash flow from operating activities of -CNY 1,785,568 thousand, compared to -CNY 322,532 thousand in the previous year[14] - The ending cash and cash equivalents balance as of March 31, 2022, was CNY 4,987,376 thousand, compared to CNY 1,241,576 thousand at the end of Q1 2021, reflecting a significant increase[15] Investment and Financing Activities - Cash inflow from investing activities decreased to CNY 1,625,609 thousand in Q1 2022 from CNY 2,100,402 thousand in Q1 2021, while cash outflow remained relatively stable at CNY 4,450,012 thousand[15] - The net cash flow from investing activities was -CNY 2,824,403 thousand in Q1 2022, compared to -CNY 2,334,042 thousand in Q1 2021, indicating a worsening investment cash flow situation[15] - Cash inflow from financing activities significantly increased to CNY 6,454,975 thousand in Q1 2022 from CNY 890,000 thousand in Q1 2021, showing a growth of over 627%[15] - The net cash flow from financing activities was CNY 4,485,169 thousand in Q1 2022, a substantial improvement from -CNY 3,024,860 thousand in Q1 2021[15] - The cash flow from financing activities included CNY 3,455,000 thousand from loans obtained in Q1 2022, compared to CNY 890,000 thousand in Q1 2021, highlighting increased borrowing activity[15] Operational Costs and Tax Obligations - Total operating costs for Q1 2022 were RMB 25,599,241 thousand, compared to RMB 19,157,566 thousand in Q1 2021, reflecting a year-on-year increase of about 33.6%[12] - The company incurred CNY 5,589,134 thousand in tax payments in Q1 2022, which is an increase from CNY 3,491,795 thousand in Q1 2021, indicating a rise in tax obligations[14] Product Development and Market Strategy - The company has not disclosed any new product developments or market expansion strategies in the current report[3]

Financial Performance - The net profit attributable to shareholders for 2021 was RMB 2,000,506 thousand according to Chinese accounting standards, and RMB 2,073,431 thousand according to International Financial Reporting Standards[3]. - The company's profit before tax for 2021 was RMB 2,721.1 million, significantly up from RMB 590.8 million in 2020, marking a 360.5% increase[7]. - The net profit attributable to shareholders for 2021 was RMB 2,073.4 million, compared to RMB 645.1 million in 2020, representing a 221.5% increase[7]. - The company's operating income for 2021 was RMB 89,280,415 thousand, reflecting a 19.51% increase from RMB 74,705,183 thousand in 2020[10]. - The net cash flow from operating activities in 2021 was RMB 4,060,026 thousand, a 131.84% increase from RMB 1,751,217 thousand in 2020[10]. - The basic earnings per share for 2021 was RMB 0.192, up from RMB 0.060 in 2020, indicating a 213.33% increase[11]. - The company's total liabilities increased to RMB 16,543.2 million in 2021 from RMB 15,284.2 million in 2020[7]. - The weighted average return on equity for 2021 was 6.727%, up from 2.127% in 2020, showing a significant improvement[11]. - The company's revenue for 2021 was RMB 89.198 billion, an increase of 19.53% compared to the previous year[49]. - The company's net profit for 2021 was RMB 2.004 billion, representing a significant increase of 213.35% from RMB 639.436 million in 2020[103]. Dividends and Shareholder Information - The proposed final dividend for 2021 is RMB 0.1 per share (including tax), pending approval at the annual general meeting[3]. - The company plans to pay the final dividend to H-share shareholders around July 28, 2022, based on the share register as of July 5, 2022[4]. - The company will suspend H-share transfer registration from June 30, 2022, to July 5, 2022, to confirm the rights to receive the final dividend[4]. - The company had a total of 104,031 common shareholders at the end of the reporting period, an increase from 102,649 at the end of the previous month[22]. - The top ten shareholders held a total of 50.44% of the shares, with China Petroleum & Chemical Corporation being the largest shareholder[24]. - The controlling shareholder is China Petroleum & Chemical Corporation, holding 68.31% of the shares[32]. - The actual controller is China Petroleum Group, which holds 68.83% of the shares[33]. Operational Highlights - In 2021, the company's net sales amounted to RMB 75,888.8 million, a 23.3% increase from RMB 61,560.9 million in 2020[7]. - The company generated 55.19% of its sales from petroleum products, with gasoline contributing 22.70% and diesel 18.13%[16][18]. - The sales of synthetic fibers accounted for 1.81% of total sales, with polyester short fibers at 0.22% and acrylic short fibers at 1.52%[17]. - The company reported a net gain from the disposal of non-current assets of RMB 48,671 thousand in 2021, down from RMB 72,296 thousand in 2020[14]. - The company processed a total of 13.76 million tons of crude oil in 2021, a decrease of 6.18% year-on-year, and produced 7.97 million tons of refined oil, down 4.90%[49]. - The company achieved a product sales rate of 100.05% and a receivables turnover rate of 100% in 2021, maintaining high product quality[49]. Risk Management and Compliance - The company has detailed risk descriptions regarding potential future development risks in the management discussion and analysis section of the report[5]. - The company does not have any violations of decision-making procedures for external guarantees[5]. - The company is continuously evaluating its accounting estimates and judgments, which may affect its financial performance[56]. - The company is assessing the recoverable amount of non-current assets to determine any impairment losses[59]. - The company is subject to stringent environmental regulations, which may lead to additional compliance costs in the future[141]. - The company faces risks related to the cyclical nature of the oil and petrochemical markets, which can significantly impact revenue and pricing[138]. Research and Development - The company has a strong focus on research and development in alternative energy products and technologies[29]. - Research and development expenses for 2021 amounted to RMB 0.0943 billion, a decrease from RMB 0.1106 billion in 2020[93]. - The company is focused on R&D innovation as part of its strategic initiatives[160]. - The company is exploring a new compensation distribution mechanism for research personnel and has implemented a project responsibility incentive plan[55]. - The company employed 169 R&D personnel, representing 2.02% of total staff, with 12 holding doctoral degrees and 30 holding master's degrees[114]. Environmental and Safety Initiatives - The company emphasizes safety and environmental protection as foundational elements of its operational strategy[132]. - The total environmental protection investment was RMB 393 million, accounting for 0.50% of operating revenue[173]. - The company is committed to achieving carbon neutrality goals by reducing coal consumption and increasing the use of renewable energy sources[136]. - The company is adapting to the "plastic limit order" and increasing the application of biodegradable plastics in response to environmental regulations[147]. - The company reported that there were no significant safety production accidents during the period[173]. Strategic Initiatives and Future Plans - The company plans to continue optimizing its product structure and enhancing the quality and variety of existing products to meet the growing market demand for petrochemical products in China[6]. - The company aims to enhance its competitive advantage by integrating upstream and downstream operations and optimizing product structures[130]. - The company has initiated several major capital projects, including a 2.4 million tons/year carbon fiber project and a 400,000 tons/year clean gasoline project, with varying stages of completion[126]. - The projected capital expenditure for 2022 is approximately RMB 3.5 billion[127]. - The company plans to process a total of 13.65 million tons of crude oil in 2022, with production targets of 7.57 million tons for refined oil, 825,200 tons for ethylene, and 1,021,000 tons for polypropylene[132]. Related Party Transactions - The company engaged in related party transactions with Sinopec Group, with raw material procurement amounting to RMB 51,521,921, representing 74.21% of similar transactions[191]. - The sales of petroleum and petrochemical products to Sinopec Group amounted to RMB 60,926,642, accounting for 68.30% of similar transactions[191]. - The independent non-executive directors confirmed that the related party transactions were conducted on normal commercial terms and did not significantly affect the company's independence[192]. - The auditors did not find any issues that would lead them to believe that the disclosed related party transactions were not approved by the company's board[192].

Financial Performance - The net profit attributable to the parent company's shareholders for 2021 was RMB 2,000,506 thousand, while the net profit according to International Financial Reporting Standards was RMB 2,073,431 thousand[2]. - In 2021, the company's operating revenue reached RMB 89,280,415 thousand, an increase of 19.51% compared to RMB 74,705,183 thousand in 2020[12]. - The total profit for 2021 was RMB 2,648,161 thousand, reflecting a significant increase of 361.50% from RMB 573,816 thousand in the previous year[12]. - The net profit attributable to shareholders of the parent company was RMB 2,000,506 thousand, up by 218.50% from RMB 628,110 thousand in 2020[12]. - The company's total assets at the end of 2021 amounted to RMB 47,038,622 thousand, a 5.12% increase from RMB 44,749,173 thousand in 2020[12]. - The basic earnings per share for 2021 was RMB 0.185, representing a 213.56% increase from RMB 0.059 in 2020[12]. - The net cash flow from operating activities for 2021 was RMB 4,060,026 thousand, compared to RMB 1,751,217 thousand in 2020, indicating a substantial improvement[12]. - The company's net assets attributable to shareholders reached RMB 30,260,172 thousand at the end of 2021, a 3.57% increase from RMB 29,218,033 thousand in 2020[12]. - The weighted average return on equity for 2021 was 6.727%, an increase of 4.60 percentage points from 2.127% in 2020[12]. - The company reported a net profit of RMB 2,076,606 thousand under International Financial Reporting Standards (IFRS) for 2021, compared to RMB 656,398 thousand in 2020[15]. Dividends and Shareholder Returns - The proposed dividend for the 2021 fiscal year is RMB 0.1 per share (including tax), pending approval at the annual general meeting[2]. - The cash dividend amount for 2021 was RMB 1,082,381.35 thousand, representing 54.11% of the net profit attributable to the parent company's shareholders[131]. - The company plans to maintain a cash dividend policy, distributing at least 30% of the annual net profit as cash dividends when conditions are met[129]. Operational Highlights - The company processed a total of 13.76 million tons of crude oil in 2021, a decrease of 6.18% year-on-year, primarily due to the largest maintenance in its history[20]. - The company achieved a production and sales rate of 100.05% and a receivables turnover rate of 100%[20]. - The company increased gasoline production by 12.34 thousand tons despite a decrease in overall crude processing volume[25]. - The company exported 39.1 thousand tons of 92 gasoline and 46.5 thousand tons of low-sulfur aviation kerosene for the first time[25]. - The company maintained a stable operation rate of 97.84% for its facilities, with unplanned shutdowns decreasing by 52.94%[21]. Cost and Revenue Analysis - The total sales cost and expenses for 2021 were RMB 74.4566 billion, up 20.04% from RMB 62.0271 billion in 2020[40]. - The sales cost for the company was RMB 74.298 billion, an increase of 20.03% from RMB 61.9011 billion in the previous year, primarily due to rising crude oil prices[41]. - The total procurement amount from the top five suppliers was RMB 48.0106 billion, accounting for 69.01% of the total procurement[64]. - The total sales amount from the top five customers was RMB 57.1698 billion, representing 64.09% of the total revenue[65]. Environmental and Social Responsibility - The company achieved a comprehensive wastewater discharge compliance rate of 99.95% and a compliance rate of 100% for controlled waste gas emissions in 2021[150]. - The company recycled 91,654 tons of CO2 in 2021 from its ethylene glycol unit, contributing to its carbon reduction efforts[155]. - The company has been recognized as a "Green Enterprise" for multiple consecutive years, reinforcing its commitment to environmental protection[150]. - The company contributed 7.766 million yuan to poverty alleviation efforts, focusing on regions in Yunnan and Gansu[156]. - The company allocated 1.821 million yuan for public welfare projects in 53 villages in collaboration with local governments[156]. Strategic Initiatives and Future Plans - The company plans to process 13.65 million tons of crude oil in 2022, with production targets of 7.57 million tons of refined oil, 825,200 tons of ethylene, and 453,000 tons of polyethylene[92]. - The company aims to strengthen its core industry of carbon fiber and develop high-end new materials, focusing on polyester, polyolefins, and elastomers[91]. - The company is actively participating in the global transition towards low-carbon and renewable energy, aligning with national goals for carbon neutrality[90]. - The company is committed to enhancing its carbon asset management and exploring carbon capture, utilization, and storage (CCUS) technologies to improve its environmental impact[96]. - The company is focusing on achieving carbon peak and carbon neutrality as part of its green transformation strategy, which is essential for high-quality development in the petrochemical industry[106]. Risks and Challenges - The company is highly sensitive to fluctuations in crude oil and petrochemical product prices, which can significantly impact its revenue and financial performance due to their cyclical nature[98]. - Over 95% of the crude oil required for production is imported, exposing the company to risks associated with price volatility and potential supply disruptions[99]. - The company faces risks from potential stricter environmental regulations that could lead to increased operational costs[101]. - Currency fluctuations, particularly the depreciation of the RMB against foreign currencies, could adversely affect the company's costs and profitability[102]. Corporate Governance and Compliance - The company has not reported any significant litigation or arbitration matters during the reporting period[136]. - There were no penalties or administrative measures taken against the company or its executives during the reporting period[137]. - The company has adopted new accounting standards effective from January 1, 2021, including the interpretation of accounting standards related to COVID-19 rent concessions[133]. - The company appointed KPMG Huazhen as the domestic auditor and KPMG as the overseas auditor for the 2021 fiscal year, with fees of RMB 3,418,500 each[134][135]. - The company has not identified any violations of commitments made by its controlling shareholders or related parties during the reporting period[132].

Revenue and Profitability - Revenue for the third quarter reached ¥24,726,487, an increase of 28.18% year-over-year[4] - Net profit attributable to shareholders decreased by 32.87% to ¥720,861 compared to the same period last year[4] - Basic earnings per share for the quarter were ¥0.067, down 33.00% year-over-year[4] - Total operating revenue for the first three quarters of 2021 reached CNY 61,863,093, an increase of 12.5% compared to CNY 54,953,968 in the same period of 2020[18] - Net profit attributable to shareholders of the parent company was CNY 1,965,050, compared to a net loss of CNY 642,219 in the first three quarters of 2020[18] - Operating profit for the first three quarters of 2021 was CNY 2,513,798, a significant recovery from an operating loss of CNY 945,416 in the same period of 2020[18] - The total comprehensive income for the first three quarters of 2021 was CNY 2,048,850, compared to a loss of CNY 640,557 in the same period of 2020[19] - Basic and diluted earnings per share for the first three quarters of 2021 were CNY 0.182, recovering from a loss of CNY 0.059 in the same period of 2020[19] Cash Flow and Investments - Operating cash flow for the quarter increased significantly by 159.18% to ¥2,045,941[4] - Cash flow from operating activities showed a net outflow of CNY 343,611, an improvement from a net outflow of CNY 2,114,789 in the same period of 2020[20] - Cash flow from investing activities resulted in a net outflow of CNY 3,877,409, compared to a net outflow of CNY 4,985,913 in the previous year[20] - Cash flow from financing activities generated a net inflow of CNY 534,316, a decrease from CNY 3,123,031 in the same period of 2020[21] Assets and Liabilities - Total assets at the end of the quarter were ¥47,225,715, reflecting a 5.53% increase from the previous year[4] - Current assets totaled RMB 23,432,359 thousand, up from RMB 17,304,843 thousand, indicating a significant increase of about 35.5% year-over-year[16] - Inventory increased to RMB 6,254,512 thousand from RMB 3,888,746 thousand, representing a rise of approximately 60.7%[16] - Short-term borrowings rose to RMB 3,540,000 thousand, compared to RMB 1,548,000 thousand, marking an increase of about 128.7%[17] - Total liabilities reached RMB 16,868,177 thousand, up from RMB 15,394,155 thousand, which is an increase of approximately 9.6%[17] - The total non-current assets decreased to RMB 23,793,356 thousand from RMB 27,444,330 thousand, reflecting a decline of about 13.4%[16] Shareholders' Equity - Shareholders' equity attributable to the parent company was ¥30,219,104, up 3.43% from the end of the previous year[4] - The company's equity attributable to shareholders was RMB 30,219,104 thousand, compared to RMB 29,218,033 thousand, reflecting a growth of about 3.4%[17] Research and Development - The company increased R&D investment, which contributed to the decline in net profit for the quarter[7] - Research and development expenses increased to CNY 75,153, up from CNY 58,596 in the previous year, reflecting a focus on innovation[18] Operational Performance - The demand for petroleum and petrochemical products significantly improved, leading to better operating performance year-to-date[7] - The company reported a government subsidy of ¥22,132 for the quarter, with a total of ¥33,544 year-to-date[5] - The company plans to continue focusing on improving operational efficiency and cash flow management[7] Accounts Receivable and Contract Liabilities - Accounts receivable increased to RMB 1,587,960 thousand from RMB 1,145,504 thousand, showing a growth of about 38.5%[16] - The company reported a significant increase in contract liabilities, which rose to RMB 794,321 thousand from RMB 496,521 thousand, indicating a growth of approximately 60.1%[17] Cash and Cash Equivalents - Cash and cash equivalents decreased to RMB 6,040,627 thousand from RMB 7,920,852 thousand, a decline of approximately 23.7%[16] - The cash and cash equivalents at the end of the period stood at CNY 3,227,641, down from CNY 3,469,317 at the end of the same period in 2020[21]

Financial Performance - The company's operating revenue for the first half of 2021 was RMB 37,136,606 thousand, representing a 4.13% increase compared to RMB 35,663,352 thousand in the same period last year[7]. - The total profit for the reporting period was RMB 1,510,713 thousand, a significant recovery from a loss of RMB 2,354,618 thousand in the previous year[7]. - Net profit attributable to shareholders of the parent company was RMB 1,244,189 thousand, compared to a loss of RMB 1,716,072 thousand in the same period last year[7]. - Basic earnings per share for the reporting period were RMB 0.115, a recovery from a loss of RMB 0.159 in the same period last year[9]. - The weighted average return on net assets increased to 4.164%, up 10.75 percentage points from -6.588% in the previous year[9]. - The net profit attributable to shareholders was RMB 1.2765 billion, up RMB 2.9473 billion from a loss of RMB 1.6708 billion in the previous year[16]. - The gross profit margin for oil products was 31.9%, reflecting an increase of 8.39 percentage points year-on-year[36]. - The net profit for the six months ended June 30, 2021, was RMB 1,276,462 thousand, contributing to a total comprehensive income of RMB 1,328,893 thousand[115]. Revenue and Sales - The company's revenue for the first half of 2021 was RMB 37.0885 billion, an increase of RMB 1.461 billion or 4.10% year-on-year[16]. - In the first half of 2021, the company achieved a net sales amount of RMB 31.636 billion, an increase of 5.71% compared to the same period last year[21]. - The sales revenue for synthetic fibers, resins and plastics, and petroleum products increased by 1.55%, 5.58%, and 15.84% respectively, while intermediate petrochemical products and petrochemical product trading decreased by 6.23% and 11.43%[21]. - Oil product sales revenue reached RMB 19,501,406 thousand for the six months ended June 30, 2021, an increase from RMB 18,977,693 thousand in the same period of 2020[183]. Production and Operations - The total production of main products decreased by 11.19% year-on-year to 5.9085 million tons due to major maintenance activities[16]. - The crude oil processing volume was 6.2101 million tons, a decrease of 11.52% compared to the same period last year[16]. - The production of finished oil was 3.6183 million tons, down 8.34% year-on-year, with gasoline production decreasing by 0.86% and diesel by 15.67%[16]. - Ethylene production fell by 25.92% to 303,000 tons, while synthetic fiber polymer production increased by 3.80% to 171,900 tons[16]. - The company completed its largest historical maintenance project, involving 58 units over a period of nearly three and a half months[16]. Cash Flow and Financial Position - The net cash flow from operating activities improved to RMB -2,389,552 thousand, a 17.72% reduction in cash outflow compared to RMB -2,904,166 thousand in the previous year[7]. - The company's cash and cash equivalents decreased significantly to RMB 1,367,415 thousand from RMB 6,916,408 thousand, a decrease of about 80.24%[110]. - The company's cash and cash equivalents included short-term deposits of RMB 9,087,104,000 as of June 30, 2021, down from RMB 11,092,283,000 as of December 31, 2020[142]. - The company's operating cash outflow was RMB 2.4434 billion, an improvement from RMB 2.9389 billion in the same period last year[24]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 46,829,792 thousand, reflecting a 4.65% increase from RMB 44,749,173 thousand at the end of the previous year[7]. - The total liabilities increased to RMB 17,224,087 thousand, an increase from RMB 15,394,155 thousand, which is a rise of about 11.9%[200]. - The asset-liability ratio as of June 30, 2021, was 36.65%, up from 35.92% on June 30, 2020[27]. - The company's total liabilities increased to RMB 10,199,742,000 as of June 30, 2021, from RMB 6,476,924,000 as of December 31, 2020, indicating a growth of 57.0%[153]. Environmental and Regulatory Compliance - The company maintained a 100% compliance rate for wastewater discharge in the first half of the year, with significant reductions in emissions of COD, ammonia nitrogen, and nitrogen oxides by 32.36%, 39.59%, and 18.79% respectively[17]. - The company has received multiple environmental certifications, including ISO 14001, and continues to promote green development initiatives[68]. - The company has established a comprehensive emergency response plan for environmental incidents, which includes 11 aspects such as risk analysis and emergency response measures[72]. - The company has not faced any administrative penalties due to environmental issues during the reporting period[76]. Investment and Capital Expenditure - The group's capital expenditure in the first half of 2021 was RMB 1.193 billion, primarily for projects including 24,000 tons/year raw silk and 12,000 tons/year 48K tow carbon fiber[26]. - The capital expenditure for 2021 is estimated to be around RMB 3.25 billion, funded through self-owned funds and bank loans[47]. - The company has ongoing projects including a 24,000 tons/year carbon fiber project with an investment of RMB 3.489638 billion, which is currently under construction[43]. Risks and Challenges - The company has outlined potential risks in its report, advising investors to be aware of investment risks[5]. - The company faces risks from the cyclical nature of the oil and petrochemical market, which may adversely affect its operations due to price fluctuations[45]. - The company relies on imported crude oil for over 95% of its needs, exposing it to procurement risks and potential cost increases due to rising oil prices[46]. - Currency fluctuations, particularly the depreciation of the RMB, could negatively impact the company's costs and profitability, especially since a portion of its procurement is denominated in foreign currencies[49]. Shareholder Structure and Governance - The company has a controlling shareholder, Sinopec Limited, holding 5.46 billion shares, accounting for 50.44% of the total shares, which may influence the company's operations and financial distribution negatively for minority shareholders[51]. - The company maintained a stable shareholder structure with no new major shareholders entering during the reporting period[86]. - The top ten shareholders include China Petroleum & Chemical Corporation holding 50.44% of shares, and Hong Kong Central Clearing Limited holding 31.91%[83]. - The company has complied with all provisions of the Corporate Governance Code as per the Hong Kong Listing Rules during the reporting period[102].

Financial Performance - The company reported a total revenue of RMB 50,000 million for the first half of 2021, representing a year-on-year increase of 15%[19]. - The net profit attributable to shareholders was RMB 3,500 million, up 20% compared to the same period last year[19]. - The company's revenue for the first half of the year reached RMB 37.137 billion, an increase of 4.13% compared to RMB 35.663 billion in the same period last year[20]. - The net profit attributable to shareholders was RMB 1.244 billion, a significant turnaround from a loss of RMB 1.716 billion in the previous year[20]. - The total comprehensive income for the first half of 2021 was RMB 1,301,800 thousand, recovering from a total comprehensive loss of RMB 1,717,574 thousand in the first half of 2020[155]. - The basic and diluted earnings per share for the first half of 2021 were both RMB 0.115, compared to a loss per share of RMB 0.159 in the same period of 2020[155]. - The company reported a net profit of RMB 1,244,189 thousand for the six months ended June 30, 2021, compared to a net profit of RMB 1,249,369 thousand in the same period of 2020, showing a slight decrease of 0.41%[164]. Operational Efficiency - The company plans to enhance its market expansion strategies, focusing on increasing production capacity and improving operational efficiency[5]. - The company achieved a product sales rate of 100.66% and a cash collection rate of 99.59% for the first half of the year[32]. - The company reported a decrease in operating costs to RMB 28,849,768 thousand in the first half of 2021 from RMB 30,909,800 thousand in the same period of 2020, reflecting improved operational efficiency[151]. - The company’s operating cash outflow was RMB 2.4434 billion, an improvement from RMB 2.9389 billion in the previous year[41]. Cash Flow and Financial Position - The company has maintained a strong cash flow position, with cash and cash equivalents amounting to RMB 10,000 million as of June 30, 2021[19]. - As of June 30, 2021, cash and cash equivalents decreased by 59.94% to RMB 3,173,126 thousand from RMB 7,920,852 thousand as of December 31, 2020, due to increased inventory and net cash outflow from operating activities[60]. - The total cash and cash equivalents at the end of the period was RMB 1,367,415 thousand, down from RMB 2,865,267 thousand at the end of June 2020[160]. - The net cash outflow from operating activities was RMB 2,389,552 thousand, a decrease from RMB 2,904,166 thousand in the previous year, indicating an improvement of 17.74%[158]. Investments and Capital Expenditure - Capital expenditure for the first half of 2021 was RMB 1.193 billion, primarily for projects including 24,000 tons/year raw silk and 12,000 tons/year 48K large tow carbon fiber[43]. - The company plans to continue its capital expenditure projects in the second half of 2021, including hydrogen energy demonstration projects and upgrades to refining equipment[43]. - The company expects capital expenditures of approximately RMB 3,250 million for 2021, funded through internal resources and bank loans[72]. Environmental and Sustainability Efforts - The company is committed to green and low-carbon transformation strategies in response to national carbon neutrality goals[26]. - The company achieved a 100% compliance rate for wastewater discharge standards in the first half of the year, with significant reductions in COD, ammonia nitrogen, and nitrogen oxides emissions[34]. - The company has been recognized as a "Green Enterprise" by Sinopec Group, reflecting its commitment to environmental protection and sustainable practices[98]. - The company implemented 17 energy-saving technical transformation projects in 2021, with an expected annual energy savings of 70,000 tons of standard coal, of which 12 projects were completed by the end of June[109]. Risk Management - The company emphasized the importance of risk management and has detailed potential risks in the management discussion section of the report[4]. - The company is subject to various environmental regulations in China, which may lead to additional expenses if stricter standards are implemented in the future[74]. - The company has ongoing related party transactions with its controlling shareholder, Sinopec Corp., which may impact its business and economic benefits if agreements are modified unfavorably[75]. Shareholder Information - The controlling shareholder, Sinopec Corp., holds 54.6 billion shares, representing 50.44% of the total shares, indicating absolute control over the company[76]. - The company distributed a total dividend of RMB 1,082,381,350, amounting to RMB 1.00 per 10 shares for the fiscal year 2020[80]. - The company has not faced any penalties or investigations from the China Securities Regulatory Commission during the reporting period[86]. Corporate Governance - The company has complied with all provisions of the Corporate Governance Code as per the Hong Kong Listing Rules during the reporting period[136]. - The audit committee reviewed the financial reports and discussed risk management and internal reporting matters during its sixth meeting on August 24, 2021[134]. - The company's financial statements were approved by the board on August 25, 2021, ensuring compliance with accounting standards[170].