Financial Performance - The company's operating revenue for Q3 2024 was CNY 22,462,479, a decrease of 9.87% compared to the same period last year[3]. - The net profit attributable to shareholders for Q3 2024 was CNY 6,627, reflecting a significant decline of 97.53% year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 13,632, down 95.22% from the previous year[3]. - The basic earnings per share for Q3 2024 was CNY 0.001, a decrease of 96.00% compared to the same period last year[3]. - Total operating revenue for the first three quarters of 2024 was CNY 65,995,285, a decrease from CNY 69,859,201 in the same period of 2023, representing a decline of approximately 4.0%[14]. - Total operating costs for the first three quarters of 2024 were CNY 65,902,218, down from CNY 70,630,335 in the previous year, indicating a reduction of about 6.0%[14]. - In Q3 2024, the company reported a net profit of CNY 39,916 thousand, a significant recovery from a net loss of CNY 716,658 thousand in the same period last year[15]. - The company's operating profit reached CNY 93,067 thousand, compared to an operating loss of CNY 771,134 thousand in Q3 2023[15]. - The total comprehensive income for the period was CNY 48,476 thousand, recovering from a comprehensive loss of CNY 674,048 thousand in the previous year[15]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 45,189,264, representing an increase of 13.95% from the end of the previous year[4]. - Total assets reached CNY 45,189,264 as of September 30, 2024, compared to CNY 39,658,244 at the end of 2023, representing an increase of approximately 14.0%[13]. - Total liabilities were CNY 20,353,797 as of September 30, 2024, up from CNY 14,715,337 at the end of 2023, indicating an increase of about 38.5%[13]. - The company's total equity as of September 30, 2024, was CNY 24,835,467, slightly down from CNY 24,942,907 at the end of 2023, a decrease of about 0.4%[13]. Cash Flow - The net cash flow from operating activities for the reporting period was CNY 10,083,631, with a decrease in cash outflow compared to the previous year[7]. - Cash flow from operating activities generated a net inflow of CNY 10,425,601 thousand, a turnaround from a net outflow of CNY 888,316 thousand in the previous year[16]. - Cash and cash equivalents as of September 30, 2024, amounted to CNY 15,375,779, significantly higher than CNY 5,607,013 at the end of 2023, marking an increase of about 174.5%[12]. - Cash and cash equivalents at the end of the period totaled CNY 11,516,382 thousand, up from CNY 5,742,344 thousand at the end of Q3 2023[17]. - Investment activities resulted in a net cash outflow of CNY 1,404,314 thousand, contrasting with a net inflow of CNY 2,354,418 thousand in the same period last year[16]. Shareholder Information - The company reported a total of 89,489 common shareholders at the end of the reporting period[8]. - The largest shareholder, China Petroleum & Chemical Corporation, holds 51.14% of the shares[8]. Research and Development - Research and development expenses increased to CNY 193,894 in 2024 from CNY 112,338 in 2023, reflecting a growth of approximately 72.5%[14]. Sales Performance - The company experienced a decline in sales volume and average prices of petroleum products, impacting overall performance[6]. - Total revenue from sales of goods and services was CNY 71,493,690 thousand, down from CNY 77,343,192 thousand year-over-year[16]. Financial Expenses - The company incurred financial expenses of CNY 125,314 thousand, a decrease from CNY 178,659 thousand in the previous year[15]. Borrowings - The company raised CNY 17,500,000 thousand through borrowings, compared to CNY 24,045,000 thousand in Q3 2023[17].

STEIN 1 1955 TYPE IND the state 8784 半 年 度 報 告 ( 於中學人民共和國註冊成立的股份有限公司 ) 股份代號: 00338 香港 600688 上海 中國百化上海口油化工股份有限公司 SINOPEC SHANGHAI PETROCHEMICAL COMPANY LIMITED 2024 目錄 2 重要提示 3 釋義 4 公司簡介和主要財務指標 6 董事會報告 26 重要事項 40 普通股股份變動及股東情況 45 董事、監事、高級管理人員情況及其他 | --- | --- | |-------|------------------------------------------------------------------| | | | | 50 | 中期財務資料的審閱報告 | | A. | 按照《國際財務報告準則》編製的簡明合併中期財務資料（未經審核） | | 51 | 中期簡明合併利潤表 | | 52 | 中期簡明合併綜合收益表 | | 53 | 中期簡明合併資產負債表 | | 56 | 中期簡明合併股東權益變動表 | | 58 | 中期簡明合併現金流量表 | | ...

[Important Notes](index=1&type=section&id=Important%20Notes) This section provides crucial introductory information regarding the report's nature and the company's basic listing details [Report Summary Explanation](index=1&type=section&id=Report%20Summary%20Explanation) This document provides a summary of the company's 2024 semi-annual report for the six months ended June 30, 2024, with investors advised to consult the full report for comprehensive details - This report is a semi-annual report summary, with detailed content requiring consultation of the full report[1](index=1&type=chunk) [Company Profile](index=1&type=section&id=Company%20Profile) This section provides the company's basic information, including stock listing details on the Shanghai Stock Exchange and Hong Kong Stock Exchange, and contact information for the Board Secretary Company Listing Information | Stock Exchange Listed On | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | | Shanghai Stock Exchange | Shanghai Petrochemical | 600688 | | Hong Kong Stock Exchange | Shanghai Petrochemical Co. | 00338 | [Key Financial Data and Shareholder Information](index=2&type=section&id=Key%20Financial%20Data%20and%20Shareholder%20Information) This section presents the company's primary accounting and financial data, along with details on major shareholders and their equity holdings [Key Accounting Data](index=2&type=section&id=Key%20Accounting%20Data) According to China Enterprise Accounting Standards, the company achieved a significant turnaround in the first half of 2024, with net profit attributable to parent company shareholders of **RMB 27.912 million**, compared to a loss of **RMB 988.277 million** in the same period last year, while operating revenue slightly decreased by **3.12%**, and operating cash flow turned positive, with total assets increasing by **8.28%** from the end of the previous year Key Accounting Data (According to China Enterprise Accounting Standards) | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB '000) | 43,532,806 | 44,937,051 | -3.12% | | Net Profit Attributable to Parent Company Shareholders (RMB '000) | 27,912 | -988,277 | Not Applicable (Turned Profit) | | Net Cash Flow from Operating Activities (RMB '000) | 341,970 | -226,882 | Not Applicable (Turned Positive) | | **Asset Status** | **End of Current Period** | **End of Prior Year** | **Period-end vs. Year-start Change (%)** | | Total Assets (RMB '000) | 42,941,617 | 39,658,244 | 8.28% | Key Financial Indicators (According to China Enterprise Accounting Standards) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/Share) | 0.003 | -0.092 | Not Applicable | | Weighted Average Return on Net Assets (%) | 0.113 | -3.818 | Increased by 3.931 percentage points | - There are differences between financial statements prepared under China Enterprise Accounting Standards and International Financial Reporting Standards, with net profit under international standards (**RMB 2.845 million**) significantly lower than under China standards (**RMB 27.912 million**)[7](index=7&type=chunk) - Non-recurring gains and losses totaled **RMB -33.393 million** during the reporting period, primarily due to other non-operating income and expenses[8](index=8&type=chunk) [Major Shareholder Holdings](index=5&type=section&id=Major%20Shareholder%20Holdings) As of the end of the reporting period, China Petroleum & Chemical Corporation is the controlling shareholder, holding **5,459,455,000 A shares**, accounting for **50.51%** of the company's total share capital, with HKSCC Nominees Limited being the second largest holder with **3,303,196,780 overseas listed foreign shares** Top Five Non-Restricted Shareholders' Holdings | Shareholder Name | Number of Shares Held | Type of Shares | | :--- | :--- | :--- | | China Petroleum & Chemical Corporation | 5,459,455,000 | RMB Ordinary Shares | | HKSCC Nominees Limited | 3,303,196,780 | Overseas Listed Foreign Shares | | Hong Kong Securities Clearing Company Limited | 55,167,595 | RMB Ordinary Shares | | Southern Asset Management - Agricultural Bank of China - Southern CSI Financial Asset Management Plan | 39,031,700 | RMB Ordinary Shares | | GF Fund Management - Agricultural Bank of China - GF CSI Financial Asset Management Plan | 38,039,800 | RMB Ordinary Shares | [Major Shareholder Interests and Short Positions](index=7&type=section&id=Major%20Shareholder%20Interests%20and%20Short%20Positions) This section discloses the interests and short positions of major shareholders (holding **5%** or more) in the company's shares as per the Securities and Futures Ordinance, with China Petroleum & Chemical Corporation holding a **51.14%** long position in A shares, and details also provided for Corn Capital Company Limited and Yardley Finance Limited's long and short positions in H shares - Controlling shareholder China Petroleum & Chemical Corporation holds **5,459,455,000 A shares**, representing **51.14%** of the total issued shares[13](index=13&type=chunk)[14](index=14&type=chunk) [Directors' and Supervisors' Interests and Short Positions](index=8&type=section&id=Directors%27%20and%20Supervisors%27%20Interests%20and%20Short%20Positions) This section discloses the company shares held by its directors and supervisors, with Executive Director Huang Xiangyu, Supervisor Zhang Feng, and Supervisor Chen Hongjun holding **140,000**, **10,000**, and **31,400 A shares** respectively as of June 30, 2024 Directors' and Supervisors' Shareholdings | Name | Position | Number of Shares Held | | :--- | :--- | :--- | | Huang Xiangyu | Executive Director and Deputy General Manager | 140,000 A Shares | | Zhang Feng | Supervisor | 10,000 A Shares | | Chen Hongjun | Supervisor | 31,400 A Shares | [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's review and outlook on the company's operating performance, key financial results, investment activities, and profit distribution plans [Operating Performance Review and Outlook](index=9&type=section&id=Operating%20Performance%20Review%20and%20Outlook) In the first half of 2024, the Group successfully turned losses into profits by focusing on safety production, profitability, and high-quality development, despite a **3.12%** decrease in revenue to **RMB 43.49 billion**, achieving a pre-tax profit of **RMB 12 million** compared to a **RMB 1.19 billion** loss in the prior year, with refined oil product output slightly increasing and jet fuel output significantly growing by **51%**, while the company anticipates continued challenges in the second half and will focus on five key areas - The company successfully turned losses into profits in the first half of 2024, achieving a post-tax profit of **RMB 3 million**, an increase of **RMB 970 million** compared to a **RMB 967 million** loss in the prior year[19](index=19&type=chunk) H1 2024 Key Product Output | Product | Output (Ten Thousand Tons) | YoY Change | | :--- | :--- | :--- | | Total Main Products | 583.07 | -7.70% | | Crude Oil Processed | 665.29 | -6.22% | | Refined Oil Products | 428.47 | +0.43% | | - Jet Fuel | 123.23 | +51.00% | | - Diesel | 138.67 | -24.86% | | Ethylene | 21.98 | -38.47% | Net Sales Composition (Six Months Ended June 30) | Product Category | 2024 Net Sales (RMB Million) | Share (%) | 2023 Net Sales (RMB Million) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Refining Products | 24,948.22 | 66.53 | 24,470.70 | 63.29 | | Chemical Products | 8,757.87 | 23.36 | 9,504.53 | 24.59 | | Petrochemical Product Trading | 3,144.79 | 8.39 | 4,257.24 | 11.01 | | Other | 645.65 | 1.72 | 430.06 | 1.11 | | **Total** | **37,496.53** | **100.00** | **38,662.53** | **100.00** | - Looking ahead to the second half, the company anticipates continued complex and severe production and operating conditions due to global economic growth pressure and the chemical market remaining at a low point in its cycle, with a focus on ensuring safety and stability, achieving profitability, promoting transformation and upgrading, deepening reforms, and talent development[32](index=32&type=chunk)[33](index=33&type=chunk) [Analysis of Key Operating Performance](index=18&type=section&id=Analysis%20of%20Key%20Operating%20Performance) This section provides an in-depth analysis of the reporting period's operating details, showing significant changes in financial statement items such as R&D expenses and other income due to increased R&D projects and government subsidies, a substantial year-on-year improvement in operating performance leading to a turnaround, an increase in refining product gross margin, a decrease in chemical product gross margin, with East China remaining the primary revenue source, and significant changes in assets and liabilities like cash, accounts receivable, and notes payable due to operating activities and funding arrangements - Several financial statement items changed by over **30%**, with net profit attributable to parent company shareholders turning profitable primarily due to increased gross profit from petrochemical products; net cash flow from investing activities turned negative due to reduced recovery of time deposits and increased investment in joint ventures[35](index=35&type=chunk) Main Business by Product Category | Product Category | Operating Revenue (RMB '000) | Gross Margin (%) | YoY Change in Operating Revenue (%) | Change in Gross Margin vs. Prior Year Period | | :--- | :--- | :--- | :--- | :--- | | Refining Products | 30,856,418 | 22.04 | 0.59% | Increased by 2.80 percentage points | | Chemical Products | 8,837,013 | 0.67 | -7.18% | Decreased by 2.89 percentage points | | Petrochemical Product Trading | 3,147,406 | 1.56 | -26.13% | Increased by 0.21 percentage points | - The company's core competitiveness lies in its integrated refining and chemical scale, product quality, advantageous geographical location in the Yangtze River Delta core area, and cost and efficiency advantages from vertically integrated production[42](index=42&type=chunk) [Investment Status Analysis](index=22&type=section&id=Investment%20Status%20Analysis) During the reporting period, the company had no new entrusted wealth management, entrusted loans, or use of raised funds, and analysis of major subsidiaries and associates shows diversified performance, with Shanghai Jinchang's losses decreasing due to cessation of operations, while Shanghai Jinfei's profit declined due to lower product gross margins, and the company is advancing several non-fundraising projects, such as the thermal power unit renovation and thermoplastic elastomer project - During the reporting period, the company had no entrusted wealth management, entrusted loans, or use of raised funds[43](index=43&type=chunk)[44](index=44&type=chunk) - The operating performance of major controlled and associated companies varied significantly compared to the prior year, for example, Shanghai Jinchang's net loss decreased by **60.77%** year-on-year, while Shanghai Jinfei's net profit decreased by **213.80%** year-on-year[48](index=48&type=chunk) Major Non-Fundraising Projects | Major Project | Total Project Investment (RMB '000) | Investment in Reporting Period (RMB '000) | Project Progress | | :--- | :--- | :--- | :--- | | Shanghai Petrochemical Thermal Power Unit Clean Efficiency Improvement Project | 3,287,711 | 62,790 | Basic Design Stage | | 250,000 Tons/Year Thermoplastic Elastomer Supporting Project | 211,326 | 43,850 | Under Construction | [Profit Distribution Plan](index=26&type=section&id=Profit%20Distribution%20Plan) The company's 2023 annual general meeting approved a proposal not to distribute dividends or convert capital reserves into share capital for 2023, and similarly, there is no profit distribution or capital reserve conversion plan for the current reporting period - The company's 2023 profit distribution plan was to not distribute dividends or convert capital reserves into share capital, and there is no profit distribution or conversion plan for the current reporting period[50](index=50&type=chunk)[51](index=51&type=chunk) [Other Matters](index=27&type=section&id=Other%20Matters) This section covers various other important matters, including changes in director and supervisor information, securities repurchase activities, and compliance with corporate governance codes [Changes in Directors' and Supervisors' Information](index=27&type=section&id=Changes%20in%20Directors%27%20and%20Supervisors%27%20Information) During the reporting period, significant personnel changes occurred in the company's board of directors, with Mr. Wan Tao resigning as chairman and Mr. Guo Xiaojun appointed as executive director, chairman, and chairman of relevant committees effective June 6, 2024 - Mr. Wan Tao resigned from his positions as executive director and chairman of the company effective April 12, 2024[52](index=52&type=chunk) - Mr. Guo Xiaojun was appointed as the new executive director and chairman of the company effective June 6, 2024[52](index=52&type=chunk) [Purchase, Sale, and Redemption of Company Securities](index=27&type=section&id=Purchase%2C%20Sale%2C%20and%20Redemption%20of%20Company%20Securities) During the reporting period, the company repurchased **53,866,000 H shares** on the Hong Kong Stock Exchange for approximately **RMB 53.425 million** under shareholder authorization, and together with shares repurchased in 2023, a total of **124,058,000 shares** were cancelled on June 17, 2024 H1 2024 H Share Repurchase Details | Repurchase Month | Number of Shares Repurchased | Total Price (HKD) | | :--- | :--- | :--- | | 2024 Jan | 23,840,000 | 26,224,743.4 | | 2024 Feb | 17,358,000 | 18,359,206.6 | | 2024 Apr | 4,646,000 | 5,005,173.6 | | 2024 May | 5,384,000 | 6,188,706.2 | | 2024 Jun | 2,638,000 | 3,023,224.0 | - The company cancelled a total of **124,058,000 H shares** on June 17, 2024, including those repurchased during the current period[55](index=55&type=chunk) [Compliance with Corporate Governance and Dealing Codes](index=28&type=section&id=Compliance%20with%20Corporate%20Governance%20and%20Dealing%20Codes) The company applied and complied with all code provisions of Appendix C1 of the Hong Kong Listing Rules' Corporate Governance Code during the reporting period and adopted the Model Code for Securities Transactions by Directors of Listed Issuers to regulate securities transactions by directors and supervisors, with all directors, supervisors, and senior management confirming compliance - The company complied with the provisions of the Corporate Governance Code and the Model Code for Securities Transactions during the reporting period[56](index=56&type=chunk) [Interim Financial Statements](index=29&type=section&id=Interim%20Financial%20Statements) This section presents the company's interim financial statements prepared under both China Enterprise Accounting Standards and International Financial Reporting Standards [Financial Statements Prepared Under China Enterprise Accounting Standards](index=29&type=section&id=Financial%20Statements%20Prepared%20Under%20China%20Enterprise%20Accounting%20Standards) This section provides the unaudited consolidated and parent company interim financial statements prepared in accordance with China Enterprise Accounting Standards, including the balance sheet, income statement, cash flow statement, and statement of changes in shareholders' equity Consolidated Financial Statement Summary (China Enterprise Accounting Standards) | Item | June 30, 2024 (RMB '000) | December 31, 2023 (RMB '000) | | :--- | :--- | :--- | | **Balance Sheet** | | | | Total Assets | 42,941,617 | 39,658,244 | | Total Liabilities | 18,057,451 | 14,715,337 | | Total Equity Attributable to Parent Company Shareholders | 24,782,456 | 24,824,929 | | **Income Statement (Jan-Jun)** | **2024** | **2023** | | Operating Revenue | 43,532,806 | 44,937,051 | | Total Profit | 37,495 | -1,211,974 | | Net Profit Attributable to Parent Company Shareholders | 27,912 | -988,277 | [Financial Statements Prepared Under International Financial Reporting Standards (Unaudited)](index=40&type=section&id=Financial%20Statements%20Prepared%20Under%20International%20Financial%20Reporting%20Standards%20%28Unaudited%29) This section provides the unaudited consolidated interim financial statements prepared in accordance with International Financial Reporting Standards (IFRS), showing the company achieved a profit of **RMB 2.845 million** during the reporting period compared to a loss of **RMB 967 million** in the prior year, and includes explanations of accounting policy changes and detailed revenue and operating profit information by business segment Consolidated Income Statement Summary (International Financial Reporting Standards) | Item (RMB '000) | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Revenue | 43,489,664 | 44,889,109 | | Profit/(Loss) for the Period | 6,331 | (964,097) | | Profit/(Loss) Attributable to Company Shareholders | 2,845 | (966,688) | Segment Operating Profit/(Loss) (International Financial Reporting Standards) | Segment (RMB '000) | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Refining Products | 752,152 | (475,365) | | Chemical Products | (1,040,475) | (685,398) | | Petrochemical Product Trading | 10,044 | 5,808 | | Other | 110,913 | (51,572) | | **Total Segment Operating Loss** | **(167,366)** | **(1,206,527)** |

中国石化上海石油化工股份有限公司 2024 年半年度报告 1 公司代码：600688 公司简称：上海石化 中国石化上海石油化工股份有限公司 2024 年半年度报告 重要提示 一、中国石化上海石油化工股份有限公司（"公司"或"本公司"）董事会、监事会及董事、监事、 高级管理人员保证 2024 年半年度报告内容的真实、准确、完整，不存在虚假记载、误导性陈述 或重大遗漏，并承担个别和连带的法律责任。 三、 公司截至 2024 年 6 月 30 日止 6 个月（"本报告期"、"报告期"）中期财务报告为未经审计。 | --- | --- | --- | --- | |----------|------------|------------------|--------------| | 董事姓名 | 董事职务 | 未亲身出席的原因 | 被委托人姓名 | | 解正林 | 非执行董事 | 因公外出 | 郭晓军 | 四、公司负责人董事长郭晓军先生、主管会计工作负责人董事、副总经理兼财务总监杜军先生及会 计部门负责人（会计主管人员）财务部总经理傅和娟女士声明：保证 2024 年半年度报告中财务 报告的真实、准确、完整。 五、本 ...

Financial Performance - The estimated net profit attributable to shareholders for the first half of 2024 is expected to be between RMB 24.57 million and RMB 36.85 million, marking a turnaround from a loss in the same period last year[2] - The estimated net profit attributable to shareholders, excluding non-recurring gains and losses, is expected to be between RMB 49.53 million and RMB 74.29 million, also indicating a turnaround from a loss in the previous year[2] - The net profit attributable to shareholders for the same period last year was a loss of RMB 988.28 million[4] - The net profit attributable to shareholders, excluding non-recurring gains and losses, for the same period last year was a loss of RMB 972.15 million[5] Factors Influencing Profitability - The primary reason for the expected profit in the first half of 2024 is the overall increase in international oil prices and steady recovery in market demand, leading to higher average product prices compared to crude oil processing costs[6] - The company has optimized production operations, contributing to increased product gross margins and profitability[6] Forecast Accuracy - There are no significant uncertainties affecting the accuracy of this earnings forecast[7] - The forecast data is preliminary and subject to confirmation in the official 2024 semi-annual report[7]

Financial Performance - For the fiscal year 2023, the net loss attributable to shareholders of the company was RMB 1,405,876 thousand under Chinese accounting standards, and RMB 1,346,147 thousand under International Financial Reporting Standards[4]. - The company reported a pre-tax loss of RMB (1,655.41) million for 2023, an improvement from a loss of RMB (3,573.65) million in 2022, indicating a reduction in losses by about 53.7%[11]. - The net loss attributable to shareholders for 2023 was RMB (1,346.15) million, compared to a loss of RMB (2,846.05) million in 2022, reflecting a decrease in losses by approximately 52.7%[11]. - The company's total assets as of December 31, 2023, were RMB 39,564.23 million, down from RMB 41,136.76 million in 2022, marking a decline of about 3.8%[11]. - The total liabilities decreased slightly to RMB 14,635.34 million in 2023 from RMB 14,781.36 million in 2022, a reduction of approximately 1.0%[11]. - The company's operating revenue for 2023 was RMB 93,013.60 million, up 12.72% from RMB 82,518.32 million in 2022[14]. - The net cash flow from operating activities improved significantly to RMB 806.996 million in 2023, compared to a cash outflow of RMB (7,337.50) million in 2022[14]. - The company's total equity attributable to shareholders decreased to RMB 24,810.92 million in 2023 from RMB 26,227.72 million in 2022, a decline of approximately 5.4%[11]. - The company reported a consolidated net profit of RMB -1.35 billion for the year, compared to RMB -2.84 billion in the previous year[67]. - The total sales cost was RMB 81.83 billion, resulting in an operating loss of RMB -1.75 billion for the year[67]. Dividends and Shareholder Information - The board of directors recommended not to distribute dividends for the fiscal year 2023 and also not to increase capital from reserves[4]. - The company reported a total of 93,789 common stock shareholders as of the end of the reporting period, an increase from 93,550 at the end of the previous month[29]. - The company executed a share cancellation of 24.528 million H-shares in February 2023, reducing the total share capital[13]. - The top shareholder, China Petroleum & Chemical Corporation, holds 5,459,455,000 shares, representing 50.55% of total shares[30]. - Hong Kong Central Clearing (Agent) Limited has a holding of 3,451,406,030 shares, accounting for 31.96% of total shares, with a decrease of 1,109,000 shares during the reporting period[30]. Market Position and Strategy - The company is positioned as a leading integrated petrochemical enterprise in China, focusing on refining and chemical production, primarily serving the domestic market with significant sales in the East China region[9]. - The company aims to continuously improve operational efficiency and strives to become a "domestically leading, world-class" energy, chemical, and new materials company[9]. - The company plans to continue expanding its market presence and product offerings, focusing on both refining and chemical products[22]. - The majority of the company's sales revenue comes from the East China region, which is one of the fastest-growing areas in China[50]. - The company is exploring market expansion opportunities and potential mergers and acquisitions to strengthen its market position[149]. Product and Sales Performance - The company's net sales for the year ended December 31, 2023, reached RMB 80,077.76 million, an increase from RMB 72,654.56 million in 2022, representing a growth of approximately 10.5%[11]. - The main products contributing to sales in 2023 included gasoline (26.38%), diesel (22.38%), and aviation kerosene (9.62%), collectively accounting for 64.79% of total sales[25]. - The net sales of refining products amounted to RMB 51.88 billion, up 25.18% from RMB 41.44 billion in the previous year, driven by a 35.17% increase in sales volume[69]. - The net sales of chemical products were RMB 19.03 billion, a 4.17% increase from RMB 18.27 billion in 2022, accounting for 23.77% of total sales[70]. - The net sales from petrochemical trading decreased by 31.93% to RMB 8.17 billion, down from RMB 12.01 billion, representing 10.20% of total sales[71]. Environmental and Social Responsibility - The company achieved a 100% compliance rate for wastewater discharge standards in 2023, with a total of 632.38 tons of chemical oxygen demand reported[190]. - The company reported a 100% compliance rate for air pollutant emissions, with a total of 180.41 tons of sulfur dioxide emitted in 2023[188]. - The company invested a total of RMB 2.8995 million in poverty alleviation and rural revitalization projects, benefiting 1,740 individuals[198]. - The company has been continuously promoting the ISO 14001 environmental management system certification since 2013[186]. - The company was recognized as a "Green Enterprise" by China Petroleum in 2022 and again in 2023, maintaining its status as an environmentally friendly enterprise[186]. Risks and Challenges - The company faces risks from the cyclical nature of the oil and petrochemical markets, with potential adverse effects on operations due to price volatility of crude oil and petrochemical products[135]. - The company relies on imports for over 95% of its crude oil, facing risks related to procurement and the inability to fully pass on rising crude oil costs to customers due to market conditions and government regulations[136]. - Fluctuations in the RMB exchange rate against foreign currencies could adversely affect the company’s business and profitability, especially since a significant portion of crude oil procurement is priced in foreign currencies[139]. - Related party transactions with Sinopec and its affiliates may impact the company’s business and economic benefits if agreements are modified unfavorably[140]. Governance and Compliance - The company has implemented a modernized governance system to enhance management efficiency and promote talent development[59]. - The company has no significant litigation or arbitration matters during the reporting period[172]. - There were no penalties or regulatory actions against the company or its executives during the reporting period[173]. - The company has adopted new accounting standards effective from January 1, 2023, impacting the financial reporting framework[167]. - The domestic auditor, KPMG Huazhen LLP, has been retained for the 2023 fiscal year with a fee of RMB 3,418,500, and the audit term is set for three years[171].

Financial Performance - The company's operating revenue for Q1 2024 was RMB 21,282,263 thousand, representing a decrease of 3.17% compared to the same period last year[4]. - Total operating revenue for Q1 2024 was RMB 21,282,263, a decrease of 3.16% compared to RMB 21,978,009 in Q1 2023[15]. - Total operating costs decreased to RMB 21,153,044 in Q1 2024 from RMB 22,139,134 in Q1 2023, representing a reduction of 4.44%[15]. - Net profit for Q1 2024 was RMB 85,195, a significant recovery from a net loss of RMB 162,346 in Q1 2023[16]. - Operating profit for Q1 2024 was RMB 129,219, compared to an operating loss of RMB 161,125 in the same period last year[15]. - Net profit attributable to shareholders was RMB 84,061 thousand, while net profit excluding non-recurring gains and losses was RMB 98,108 thousand[4]. - The weighted average return on net assets increased by 0.96 percentage points to 0.338%[4]. - The company achieved earnings per share of RMB 0.008 in Q1 2024, recovering from a loss per share of RMB -0.015 in Q1 2023[16]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at RMB -718,251 thousand[4]. - Cash flow from operating activities showed a net outflow of RMB 718,251 in Q1 2024, worsening from a net outflow of RMB 29,479 in Q1 2023[17]. - Cash flow from financing activities generated a net inflow of RMB 1,416,191 in Q1 2024, down from RMB 3,464,658 in Q1 2023[18]. - Cash and cash equivalents increased by 54.29%, mainly due to an increase in time deposits maturing within one year[8]. - The company reported cash and cash equivalents of RMB 5,344,773 at the end of Q1 2024, an increase from RMB 3,953,405 at the end of Q1 2023[18]. - Cash and cash equivalents increased to 8,651,248,000 RMB from 5,607,013,000 RMB[13]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 39,544,994 thousand, a decrease of 0.29% from the end of the previous year[5]. - The company's total assets as of March 31, 2024, are 39,544,994,000 RMB, slightly decreased from 39,658,244,000 RMB[14]. - Current assets as of March 31, 2024, amount to 18,535,268,000 RMB, an increase from 15,454,832,000 RMB as of December 31, 2023[13]. - Total liabilities as of March 31, 2024, are 14,560,818,000 RMB, down from 14,715,337,000 RMB at the end of 2023[14]. - Shareholders' equity attributable to the company increased by 0.21% to RMB 24,877,304 thousand[5]. - The retained earnings increased to 6,601,233,000 RMB from 6,517,172,000 RMB[14]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 93,561[9]. - The largest shareholder, China Petroleum & Chemical Corporation, holds 5,459,455,000 shares, accounting for 50.55% of total shares[9]. - The second largest shareholder, Hong Kong Central Clearing Limited, holds 3,427,154,780 shares, representing 31.74% of total shares[9]. - There are no significant related party transactions among the top shareholders[10]. - The company has no significant changes in the number of shares lent or returned due to margin trading[11]. Other Financial Metrics - Non-recurring losses totaled RMB -14,047 thousand, primarily due to severance benefits[6]. - Research and development expenses increased to RMB 35,083 in Q1 2024 from RMB 30,776 in Q1 2023, reflecting a growth of 13.00%[15]. - The company reported a significant increase in government subsidies, contributing to a 74.01% rise in other income[8]. Future Outlook - The company plans to continue focusing on market expansion and new technology development to enhance future performance[15].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 21,282,263, representing a decrease of 3.17% compared to the same period last year[4] - Total operating revenue for Q1 2024 was CNY 21,282,263, a decrease of 3.16% from CNY 21,978,009 in Q1 2023[18] - Total operating costs for Q1 2024 were CNY 21,153,044, down 4.44% from CNY 22,139,134 in Q1 2023[18] - Net profit for Q1 2024 was CNY 85,195, compared to a net loss of CNY 162,346 in Q1 2023, indicating a significant turnaround[20] - The total comprehensive income for the first quarter of 2024 was CNY 85,195 million, a decrease from CNY -162,346 million in the same period of 2023[21] - The company reported a basic and diluted earnings per share of CNY 0.008, recovering from CNY -0.015 in the previous year[21] Cash Flow - The net cash flow from operating activities was negative at CNY -718,251, indicating a cash outflow[4] - The net cash flow from operating activities was CNY -718,251 million, compared to CNY -29,479 million in Q1 2023, indicating a decline in operational cash flow[22] - Cash inflow from sales of goods and services was CNY 22,426,062 million, down from CNY 24,882,513 million year-over-year[22] - The company experienced a decrease in cash inflow from operating activities, totaling CNY 22,537,847 million, down from CNY 24,974,608 million year-over-year[22] - The company’s total cash outflow from operating activities was CNY 23,256,098 million, a decrease from CNY 25,004,087 million in the previous year[22] - Cash flow from investing activities showed a net outflow of CNY -259,552 million, an improvement from CNY -386,507 million in Q1 2023[23] - Cash flow from financing activities generated a net inflow of CNY 1,416,191 million, down from CNY 3,464,658 million in the same quarter last year[23] - The company raised CNY 12,500,000 million from borrowings, an increase from CNY 10,518,000 million in Q1 2023[23] - The ending cash and cash equivalents balance was CNY 5,344,773 million, compared to CNY 3,953,405 million at the end of Q1 2023[23] Assets and Liabilities - Total assets at the end of the reporting period were CNY 39,544,994, a decrease of 0.29% from the end of the previous year[4] - Total assets as of March 31, 2024, were CNY 39,544,994, slightly down from CNY 39,658,244 at the end of 2023[17] - Total liabilities decreased to CNY 14,560,818 from CNY 14,715,337 at the end of 2023[17] - The company reported a decrease in inventory to CNY 7,099,189 from CNY 7,751,687 at the end of 2023, reflecting improved inventory management[16] - The company’s short-term borrowings increased to CNY 4,500,000 from CNY 3,000,000 at the end of 2023, indicating a potential increase in leverage[17] Shareholder Information - The net profit attributable to shareholders was CNY 84,061, while the net profit after deducting non-recurring gains and losses was CNY 98,108[4] - The total number of ordinary shareholders at the end of the reporting period was 93,561[9] Other Financial Metrics - The weighted average return on equity increased by 0.96 percentage points to 0.338%[4] - The company’s cash and cash equivalents increased by 54.29% due to an increase in time deposits maturing within one year[6] - Accounts receivable financing rose by 73.81%, attributed to a significant increase in third-party receivables in the trading segment[6] - Other receivables increased by 43.51%, mainly due to an increase in the refund of consumption tax on naphtha[6] - The company received government subsidies amounting to CNY 3,340 during the reporting period, contributing to a 74.01% increase in other income[8] - The company’s gross profit margin improved, with gross profit for Q1 2024 at CNY 5,542,791, compared to CNY 3,365,864 in Q1 2023[20] - The company’s R&D expenses for Q1 2024 were CNY 35,083, compared to CNY 30,776 in Q1 2023, indicating a focus on innovation[20]

Financial Performance - The net loss attributable to shareholders for 2023 was RMB 1,405,876 thousand according to Chinese accounting standards, and RMB 1,346,147 thousand according to International Financial Reporting Standards[3]. - The total operating revenue for 2023 was RMB 93,013,595 thousand, an increase of 12.72% compared to RMB 82,518,315 thousand in 2022[13]. - The total loss for the year was RMB (1,715,136) thousand, a decrease of 52.35% from RMB (3,599,570) thousand in 2022[13]. - The net loss attributable to shareholders of the parent company was RMB (1,405,876) thousand, down 51.05% from RMB (2,871,969) thousand in the previous year[13]. - The net cash flow from operating activities was RMB 806,996 thousand, a significant recovery from RMB (7,337,499) thousand in 2022[13]. - The company's operating loss for 2023 was RMB 1.753 billion, an improvement of RMB 2.090 billion compared to the previous year's loss of RMB 3.843 billion[44]. - The company's financial income was RMB 238.68 million, down from RMB 443.33 million in the previous year[37]. - The company's total borrowings increased by RMB 1.450 billion to RMB 3.700 billion, primarily due to new short-term borrowings[51]. - The company's debt-to-asset ratio as of December 31, 2023, was 36.99%, up from 35.93% in the previous year[52]. - The company reported a significant decrease in financial expenses, which fell by 50.24% to RMB -228.63 million in 2023 from RMB -459.44 million in 2022[63]. Dividends and Share Capital - The board of directors proposed not to distribute dividends for the year and not to increase share capital from reserves[3]. - The company reported a reserve available for distribution to shareholders of RMB 6,070.476 million as of December 31, 2023, down from RMB 7,339.170 million in 2022[131]. - The company repurchased a total of 70,192,000 H shares during the reporting period, with a total cost of RMB 70.579 million[135]. - The board has approved a dividend payout of 5 billion RMB, reflecting a commitment to returning value to shareholders[176]. Operational Highlights - In 2023, the company processed a total of 14.12 million tons of crude oil, representing a year-on-year increase of 35.17%[23]. - The company produced 8.67 million tons of refined oil, which is a 46.69% increase year-on-year[23]. - The total sales volume for refined products reached 9,747.76 thousand tons, generating a net sales revenue of RMB 51,881.58 million, accounting for 64.79% of total sales[36]. - The company achieved a product sales rate of 100.14% and a cash collection rate of 100%[23]. - The company has completed 65% of the progress on a 250,000 tons/year thermoplastic elastomer project[28]. Research and Development - Research and development expenses rose to RMB 187 million in 2023 from RMB 131 million in 2022, reflecting increased material costs for technology development[53]. - The company's research and development expenses increased by 43.26% to RMB 186.98 million in 2023, up from RMB 130.52 million in 2022[62]. - The company plans to invest 1 billion RMB in R&D for new technologies aimed at reducing carbon emissions by 30% over the next five years[172]. - The company is focused on enhancing its R&D capabilities focusing on key petrochemical products to improve market competitiveness[103]. Market and Sales - The average price of refined and chemical products decreased by 6.51% and 8.30% respectively compared to the previous year[24]. - The company's total revenue for the year reached RMB 92.93 billion, an increase of 12.72% compared to the previous year[23]. - The company's net sales for 2023 reached RMB 80.078 billion, an increase of 10.22% from RMB 72.655 billion in the previous year[39]. - The revenue from refined oil products was RMB 64,642,544 thousand, with a year-on-year increase of 26.37%[72]. - The revenue from chemical products was RMB 19,111,302 thousand, with a year-on-year increase of 4.23%[72]. Risk Management - The company has detailed potential risks in its report, particularly regarding future development challenges[5]. - The report emphasizes the importance of investment risk awareness for investors regarding forward-looking statements[4]. - The company engages in related party transactions with its controlling shareholder, Sinopec Corp, which may affect business operations and economic benefits if agreements are modified unfavorably[96]. - The company is subject to strict environmental regulations in China, which may lead to additional costs if new, stricter standards are implemented[95]. Corporate Governance - The annual report was audited by KPMG Huazhen and KPMG, both providing standard unqualified audit opinions[2]. - The company has established a strategic and ESG committee to enhance its focus on environmental, social, and governance issues[162]. - The company plans to continue enhancing its corporate governance structure in compliance with relevant regulations, aiming for sustainable development[159]. - The independent non-executive directors confirmed that the related party transactions were conducted at fair market prices and did not significantly impact the company's independence[124]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[172]. - The company plans to enhance its supply chain efficiency, aiming for a 15% reduction in operational costs by the end of the next fiscal year[181]. - The company aims to achieve a 20% reduction in carbon emissions by 2025 as part of its ESG initiatives[176]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[181].

智通财经APP讯，上海石油化工股份(00338)发布公告，公司第十一届董事会审计与合规管理委员会第三 次会议审议通过了《关于续聘2024年度境内及境外会计师事务所并建议授权董事会决定其酬金的议 案》。董事会审计与合规管理委员会认为:毕马威华振和毕马威香港具备应有的专业胜任能力、投资者 保护能力、独立性及良好的诚信状况，并同意将该提案提交董事会审议。 公司于2024年3月20日召开公司第十一届董事会第六次会议，以11票同意、0票反对、0票弃权审议通过 了《关于续聘2024年度境内及境外会计师事务所并授权董事会决定其酬金的议案》。 ...