Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) reported a strong financial performance for 2024, with a focus on shareholder returns and strategic growth in oil and gas production, refining, and green energy initiatives [1][2][3][4][5]. Financial Performance - The company achieved a total revenue of RMB 3.07 trillion and a net profit attributable to shareholders of RMB 48.94 billion, resulting in earnings per share of RMB 0.404 [1]. - The expected cash dividend per share is RMB 0.286, leading to a profit distribution ratio of 75% when combined with share buybacks [2]. Oil and Gas Production - Sinopec's total oil and gas equivalent production reached 515.35 million barrels, marking a 2.2% year-on-year increase. Domestic crude oil production was 254 million barrels, up 0.9%, while natural gas production rose by 4.7% to 14,004 billion cubic feet [2]. - The company reported a domestic oil and gas reserve replacement ratio of 144% [2]. Refining and Chemical Operations - Sinopec processed 252 million tons of crude oil, producing 153 million tons of refined products, with gasoline and kerosene production increasing by 2.6% and 8.6%, respectively [3]. - The company achieved a record high in PX production and increased its ethylene output to 13.47 million tons, with total chemical product operations reaching 83.45 million tons, including a 13.1% rise in export volume [3]. Green and Innovative Development - Sinopec is advancing its integrated energy service model, focusing on low-carbon development and expanding its hydrogen and electric service offerings [4]. - The company has made significant strides in technology and innovation, including breakthroughs in deep shale gas exploration and the establishment of a national-level research institution in the energy sector [4]. - Sinopec's carbon capture and methane recovery efforts saw increases of 20.1% and 9.4%, respectively, while comprehensive energy consumption per unit of output decreased by 4.9% [4]. Future Outlook - The chairman of Sinopec indicated that by 2025, the company aims to enhance its transformation and upgrade towards high-end, intelligent, and green development, focusing on high-quality growth [5].

胜利油田探明超亿吨页岩油储量 坚定信心,打开改革发展新天地 读者点题 · 共同关注 "好房子"长啥样?我们何时能住上? 中共中央致电祝贺老挝 人 民 革 命 党 成 立 70 周 年 在理论突破、技术优化、装备提升上下功夫 胜利油田探明超亿吨页岩油储量 加快完善沿江干线公路网络 记者3月22日从中国石化胜利油田获悉：胜利济阳页岩油国家级示范区油气勘探取得重大突破，位于山 东省淄博市高青县内的新兴油田樊页平1区块，页岩层系石油探明地质储量达1.4亿多吨，技术可采储量 达1135.99万吨。这是首个通过自然资源部评审备案的探明地质储量达亿吨级的页岩油田。 2021年10月，习近平总书记在胜利油田勘探开发研究院考察时强调："解决油气核心需求是我们面临的 重要任务。要加大勘探开发力度，夯实国内产量基础，提高自我保障能力。" 牢记殷殷嘱托，胜利油田深入贯彻落实习近平总书记重要指示精神，以理论创新引领勘探突破，以技术 进步推动降本增效，以装备提升促进量质齐升，全力把页岩油勘探开发推向新水平，把能源的饭碗牢牢 端在自己手里。 加强理论研究，解决"富不富、哪里富"的资源潜力问题。"通过15万次室内实验，我们提出了陆相断陷 湖 ...

Key Points - The article emphasizes the Chinese government's commitment to implementing proactive macro policies to support economic stability and growth, including potential new policies if necessary [2] - The article highlights the importance of enhancing the business environment for various enterprises through economic reforms and addressing bottlenecks in economic circulation [2] - The article discusses the upcoming significant events in the global market, including earnings reports from major companies and important economic data releases [4] Macro - Premier Li Qiang met with U.S. senators, stating that trade wars yield no winners and emphasizing the need for cooperation to address trade imbalances [6] - Vice Premier He Lifeng welcomed multinational companies to invest in China, highlighting the resilience and potential of the Chinese economy [6] - The government plans to deepen supply-side structural reforms and regulate competition to promote high-quality development [6] Domestic Stock Market - CITIC Securities identified two critical time points for the market: the first in early April when external risks are expected to materialize, and the second mid-year when U.S. economic and policy cycles may align with China's [9] - The "Leading Enterprise" action plan in Guangzhou aims to enhance the integration of industry and capital, promoting more competitive companies to go public [9] - The report notes a significant increase in new account openings at several securities firms, indicating growing market participation [10] Financial - A surge in the number of funds focusing on free cash flow indicates a market trend towards financial health metrics, driven by demand and policy direction [14] - The head of the Industrial and Commercial Bank of China emphasized the shift from a capital-centric to a technology-centric financial service model [14] Real Estate - Suggestions were made to stabilize asset prices and improve income levels to boost consumer spending, particularly in real estate and equity markets [17] Industry - XPeng Motors' chairman discussed the future of high-level autonomous driving technology, predicting significant advancements in the coming years [19] - The Henan province announced plans for extensive 5G infrastructure development, aiming for over 270,000 5G base stations in the next three years [19] Overseas - The WTO Director-General highlighted the U.S. as a major beneficiary of global trade, countering claims of trade disadvantages [21] - The UK government plans to invest £600 million to address skill shortages in the construction sector, crucial for housing development [22] International Stock Market - SpaceX aims to achieve a weekly launch frequency for its Starship within a year, enhancing its operational capabilities [23] Commodity - The China Iron and Steel Association noted that supply-demand imbalances are a key issue in the industry, advocating for the closure of new production capacity [26] - Methanol port inventories have decreased, indicating a market shift towards destocking [26] - BHP's CEO projected a significant copper supply gap in the next decade, emphasizing the need for substantial investment in mining [26] Bonds - The government plans to issue long-term special bonds to support various initiatives, with a focus on local government debt management [28] - The AI and robotics sectors are identified as key drivers of market growth, with expectations for increased investment opportunities [28]

Financial Performance - For the year ended December 31, 2024, the total operating revenue was RMB 3,074,562 million, a decrease of 4.3% compared to RMB 3,212,215 million in 2023[12]. - The net profit attributable to shareholders of the parent company was RMB 50,313 million, down 16.8% from RMB 60,463 million in 2023[12]. - The cash flow from operating activities for the year was RMB 149,360 million, a decrease of 7.5% from RMB 161,475 million in 2023[12]. - The basic earnings per share for 2024 decreased by 17.8% to RMB 0.415 from RMB 0.505 in 2023[13]. - The net profit attributable to shareholders of the company for 2024 was RMB 48,939 million, down from RMB 58,310 million in 2023, representing a decline of 16.5%[25]. - The operating profit for 2024 was RMB 70.69 billion, representing an 18.6% decrease year-on-year[91]. - The profit attributable to the company's shareholders was RMB 48.94 billion, down 16.1% compared to the previous year[91]. - The total operating revenue for the company was RMB 307.5 billion, with a decrease of 4.3% year-on-year, while the gross profit margin was 6.8%[157]. Assets and Liabilities - The total assets as of December 31, 2024, amounted to RMB 2,084,771 million, reflecting a 2.9% increase from RMB 2,026,674 million in 2023[12]. - The total liabilities increased by 3.8% to RMB 1,108,478 million in 2024, compared to RMB 1,068,019 million in 2023[12]. - The asset-liability ratio increased to 53.17% in 2024 from 52.70% in 2023, reflecting a rise of 0.47 percentage points[14]. - As of December 31, 2024, total assets amounted to RMB 2,081.44 billion, an increase of RMB 56.74 billion compared to the previous year[130]. - Total liabilities rose to RMB 1,109.293 billion, an increase of RMB 40.406 billion, with current liabilities increasing by RMB 26.161 billion[134]. Dividends and Shareholder Returns - The company proposed a final cash dividend of RMB 0.14 per share (tax included), in addition to the interim dividend of RMB 0.146 per share, totaling RMB 0.286 per share for the year 2024[8]. - The company has implemented a high cash dividend policy and announced a three-year shareholder return plan for 2024-2026[161]. Operational Highlights - The company reported a quarterly operating revenue of RMB 789,967 million in Q1, RMB 786,164 million in Q2, RMB 790,410 million in Q3, and RMB 708,021 million in Q4 for the year 2024[12]. - The company achieved a revenue of 3.07 trillion RMB for the year 2024, with a net profit attributable to shareholders of 48.94 billion RMB[32]. - The company achieved an oil and gas equivalent production of 515.35 million barrels, a year-on-year increase of 2.2%[55]. - Domestic crude oil production reached 254.00 million barrels, reflecting a 0.9% increase compared to the previous year[55]. - The total crude oil processing volume for 2024 was 252.30 million tons, a decrease of 2.0% compared to 257.52 million tons in 2023[67]. Investment and Capital Expenditure - The company plans to invest capital expenditures of 164.3 billion yuan in 2025, focusing on high-quality exploration and development, refining business transformation, and new energy projects[48]. - In 2024, the company achieved a capital expenditure of RMB 175 billion, with RMB 82.3 billion allocated to exploration and development, RMB 29.3 billion to refining, RMB 14.1 billion to marketing and distribution, and RMB 44.7 billion to the chemical sector[78]. Market and Industry Position - The company aims to strengthen its market position in the LNG sector, with a leading domestic market share and over 10,000 charging and hydrogen stations established[35]. - The company plans to enhance its marketing and distribution capabilities, aiming for a domestic refined oil sales volume of 178 million tons in 2025[83]. Corporate Governance and Social Responsibility - The company is committed to ESG governance, with ongoing efforts to reduce energy consumption and pollutant emissions[38]. - Sinopec's board has implemented a diversity policy, ensuring a balanced mix of skills, experiences, and backgrounds among its members[186]. - The company achieved a female employee ratio of 29.9% in 2024, promoting gender equality and equal employment opportunities[181]. - The company has initiated a second phase of its green enterprise action plan, focusing on ecological protection and carbon peak actions[161].

Financial Performance - The total operating revenue for 2024 was RMB 3,074,562 million, a decrease of 4.3% compared to RMB 3,212,215 million in 2023[8] - The net profit attributable to shareholders of the parent company for 2024 was RMB 50,313 million, down 16.8% from RMB 60,463 million in 2023[8] - The basic earnings per share for 2024 was RMB 0.415, a decline of 17.8% compared to RMB 0.505 in 2023[9] - The cash flow from operating activities for 2024 was RMB 149,360 million, down 7.5% from RMB 161,475 million in 2023[8] - The company's net profit attributable to shareholders was RMB 48,939 million, down 16.0% from RMB 58,310 million in 2023[21] - The operating profit for 2024 was RMB 70.69 billion, representing an 18.6% decrease year-on-year[87] - The profit attributable to the company's shareholders was RMB 48.94 billion, down 16.1% year-on-year[87] - The main business revenue for 2024 was RMB 3,015.32 billion, down 4.2% compared to 2023, primarily due to declines in product prices and sales volumes[88] Assets and Liabilities - The total assets as of December 31, 2024, increased to RMB 2,084,771 million, reflecting a growth of 2.9% from RMB 2,026,674 million in 2023[8] - The total liabilities as of December 31, 2024, rose to RMB 1,108,478 million, an increase of 3.8% from RMB 1,068,019 million in 2023[8] - The company reported a debt-to-asset ratio of 53.17% as of December 31, 2024, up from 52.70% in 2023[10] - Non-current liabilities amounted to RMB 435.24 billion, up RMB 14.3 billion from the previous year, mainly attributed to the issuance of low-cost long-term bonds[150] - The company's equity attributable to shareholders increased to RMB 815.815 billion, up RMB 12.826 billion[130] Dividends - The company proposed a final cash dividend of RMB 0.14 per share for 2024, in addition to an interim dividend of RMB 0.146 per share already distributed[4] - The board proposed a final cash dividend of 0.14 RMB per share, resulting in a total annual cash dividend of 0.286 RMB per share, with a profit distribution ratio of 75% when combined with the interim dividend[28] - The company has implemented a three-year shareholder dividend plan (2024-2026) to maintain a high cash dividend ratio[156] Operational Highlights - The company achieved a revenue of 3.07 trillion RMB and a net profit attributable to shareholders of 48.94 billion RMB, with operating cash flow of 149.36 billion RMB and a debt-to-asset ratio of 53.3%[28] - The company achieved an oil and gas equivalent production of 515.35 million barrels, a year-on-year increase of 2.2%[51] - Domestic crude oil production reached 254.00 million barrels, reflecting a 0.9% increase compared to the previous year[51] - The total crude oil processing volume for 2024 was 252.30 million tons, a decrease of 2.0% compared to 257.52 million tons in 2023[63] - The total sales volume of refined oil products was 239.33 million tons in 2024, slightly up by 0.1% from 239.05 million tons in 2023[67] Investment and Expenditures - The company plans to invest CNY 164.3 billion in capital expenditures for 2025, focusing on high-quality exploration, refining upgrades, and new energy projects[44] - In 2024, the company achieved a capital expenditure of RMB 175 billion, with RMB 82.3 billion allocated to exploration and development, RMB 29.3 billion to refining, RMB 14.1 billion to marketing and distribution, and RMB 44.7 billion to the chemical sector[74] ESG and Sustainability - The company is focusing on ESG governance, with a commitment to carbon peak actions and a reduction in comprehensive energy consumption and major pollutant emissions[34] - The company is advancing its digital transformation with the launch of an intelligent operation center 2.0 and a digital twin-based smart ethylene plant[31] - The company is set to focus on sustainable development and the promotion of high-quality growth as it approaches its 25th anniversary of listing in 2025[34] - The company emphasizes the integration of ESG (Environmental, Social, and Governance) factors into its development strategy and major decision-making processes[199] Governance and Management - Sinopec's board consists of 12 members, including 6 executive directors and 6 non-executive directors, with independent non-executive directors making up approximately 33% of the board[180] - The company has established a performance evaluation and incentive mechanism for senior management to ensure transparency and fairness[166] - Sinopec's governance framework aims to create long-term value for stakeholders through strategic planning and execution[172] - The independent non-executive directors have confirmed their independence in accordance with Hong Kong listing rules[180] - Sinopec has purchased liability insurance for directors to mitigate potential losses arising from their duties[185]

中国石油化工股份有限公司 (于中华人民共和国注册成立的股份有限公司） 合并财务报表 載至 2024 年 12 月 31 日止 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行 。 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China +86 (10) 8508 5000 Telephone +86 (10) 8518 5111 Fay kpmg.com/cn Internet 出马威华振会计师事务所 (特殊普通合伙) 中国北京 矢长安街 1 号 矢方广场毕马威大楼 8 层 邮政编码:100738 +86 (10) 8508 5000 +86 (10) 8518 5111 kpmg.com/cn 审计报告 毕马威华振审字第 2501667 号 中国石油化工股份有限公司全体股东: 一、审计意见 毕马威华振审字第 ...

广发证券股份有限公司 关于中国石油化工股份有限公司 2024 年度持续督导报告书 根据中国证券监督管理委员会（以下简称"中国证监会"）《关于同意中国 石油化工股份有限公司向特定对象发行股票注册的批复》（证监许可〔2024〕110 号），中国石油化工股份有限公司（以下简称"中国石化"或"公司"）向中国 石油化工集团有限公司发行人民币普通股（A 股）2,390,438,247 股，募集资金总 额为 11,999,999,999.94 元，募集资金净额为 11,987,328,778.90 元。 广发证券股份有限公司（以下简称"广发证券"或"保荐人"）作为中国石 化本次向特定对象发行 A 股股票的保荐人和持续督导机构，根据《证券发行上 市保荐业务管理办法》《上海证券交易所上市公司自律监管指引第 11 号——持 续督导》等有关法律法规的规定，出具 2024 年度持续督导报告书。 1 序号 工作内容 实施情况 1 建立健全并有效执行持续督导工作制度， 并针对具体的持续督导工作制定相应的 工作计划。 保荐人已建立健全并有效执行了持续督 导制度，并制定了相应的工作计划。 2 根据中国证监会相关规定，在持续督导工 作开始前， ...

广发证券股份有限公司 关于中国石油化工股份有限公司 2024 年度涉及财务公司关联交易的存款、贷款等金融业务 的专项核查意见 广发证券股份有限公司（以下简称"广发证券"或"保荐人"）作为中国石 油化工股份有限公司（以下简称"中国石化"或"公司"）2023 年度向特定对象 发行 A 股股票的保荐人和持续督导机构，根据《证券发行上市保荐业务管理办 法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引 第 5 号——交易与关联交易》等有关规定，对中国石化 2024 年度涉及财务公司 关联交易的存款、贷款等金融业务进行了专项核查，核查情况及核查意见如下： 一、财务公司基本情况 （一）中国石化财务有限责任公司 中国石化财务有限责任公司（以下简称"中石化财务公司"）成立于 1988 年，是经中国人民银行批准成立的非银行金融机构，受国家金融监督管理总局北 京监管局直接监管。公司控股股东中国石油化工集团有限公司（以下简称"中国 石化集团"）持股 51%，公司持股 49%。 中石化财务公司经营范围是企业集团财务公司服务，其中包括《企业集团财 务公司管理办法》规定的全部本外币业务，主营业务为：吸收成员单位存款； ...

中国石油化工股份有限公司 内部控制审计报告 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 内部控制审计报告 毕马威华振审字第 2505204 号 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制 评价指引》的规定，建立健全和有 ...

中国石油化工股份有限公司 独立董事 2024 年度试职报告 作为中国石油化工股份有限公司(简称"中国石化"或"公 司")第八届董事会独立董事,履职期内,本人遵守境内外法律 法规、规范性文件以及《中国石化公司章程》(简称"《公司章程》")、 《中国石化独立董事工作规则》等相关规定,勤勉尽责,发挥参 与决策、监督制衡、专业咨询作用,积极了解投资者关切,切实 维护了公司和全体股东的合法权益。现将履职情况报告如下: 独立董事 吴嘉宁 一、个人基本情况 各位股东: 吴嘉宁,2018年5月至2024年6月担任中国石化独立董事, 现已离任。履职期内,本人符合境内外上市地证券监管机构关于 独立董事的任职资格和独立性等要求,亦不存在影响身份和履职 独立性的其他情况。 二、2024年度履职概况 (一)出席会议及提出的意见建议情况 履职期内,本人以现场和电子通讯方式出席董事会会议 4 次、 薪酬与考核委员会会议2次、提名委员会会议3次,作为主任委 员主持召开审计委员会会议 3次;经全体独立董事一致推举,作 - 1 - 履 职期内,本人组织独立董事围绕落实境内独立董事制度改 革要求进行了讨论交流,审议了有关改革精神的落实情况;定期 ...