此乃要件 請即處理 閣下對本通函或應採取的行動如有疑問，應諮詢 閣下的股票經紀或其他註冊證券交易商、銀行經理、律 師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下中石化煉化工程（集團）股份有限公司的全部股份，應立即將本通函及隨附的委 託代理人表格交予買主或承讓人，或送交經手買賣的銀行、股票經紀或其他代理商，以便轉交買主或承讓 人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不就因本通函全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 中 石 化 煉 化 工 程（ 集 團 ）股 份 有 限 公 司 SINOPEC Engineering (Group) Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） （股份代碼：2386） 修訂《公司章程》及其附件、取消監事會並減少註冊資本 及 臨時股東大會通知 一份由董事會發出的函件載於本通函第3至第5頁。 本公司謹訂於2025年12月23日（星期二）上午10時正在中國北京市西城區安德路甲67號召開2025年第一次 臨時股東大會（「臨時股東大會」） ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 中 石 化 煉 化 工 程（ 集 團 ）股 份 有 限 公 司 SINOPEC Engineering (Group) Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：2386） 關於修訂《公司章程》及其附件、 取消監事會暨減少註冊資本的公告 中石化煉化工程（集團）股份有限公司（「公司」）召開了第五屆董事會第九次會議，審 議通過了《關於修訂<公司章程>及其附件、取消監事會暨減少註冊資本的議案》，有 關詳情如下： 尹鳳兵 財務總監、董事會秘書 中國，北京 2025年11月6日 於本公告日期，本公司的董事為：蔣德軍 # 、張新明 # 、向文武 * 、李成峰 * 、俞仁明 * 、葉政 + 、 趙勁松 + 、章旭彥 + 及謝艷麗 # 。 此外，為維護公司價值及股東權益，公司持續開展H股股份回購。公司自2025年5月 9日修訂後的公司章程生效以來，已註銷3,857,000股回購的H股 ...

Core Viewpoint - Southbound funds increased their holdings in Sinopec Engineering (02386.HK) by 1.3625 million shares on November 4, 2025, indicating a positive sentiment towards the company [1]. Summary by Category Shareholding Changes - In the last five trading days, Southbound funds increased their holdings on three occasions, with a total net increase of 586,000 shares [1]. - Over the past 20 trading days, Southbound funds reduced their holdings on 12 days, resulting in a cumulative net reduction of 2.0735 million shares [1]. - As of now, Southbound funds hold 380 million shares of Sinopec Engineering, accounting for 26.63% of the company's total issued ordinary shares [1]. Company Overview - Sinopec Engineering Co., Ltd. primarily engages in engineering contracting services and operates through four segments: - Design, Consulting, and Technology Licensing, providing services to the refining and chemical industries [2]. - Engineering Contracting, offering comprehensive engineering, procurement, construction, maintenance, and project management services [2]. - Construction, focusing on infrastructure for the refining and chemical industries, including new construction, renovation, expansion, and maintenance services [2]. - Equipment Manufacturing, involved in the design, research and development, manufacturing, and sales of equipment and components needed in refining and chemical facilities [2].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中石化煉化工程（集團）股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02386 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,430,681,000 | RMB | | | 1 RMB | | 1,430,681,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 1,430,681,000 | RMB | | | 1 RMB | | 1,430,681,000 | ...

Core Viewpoint - The chemical industry is entering a downward cycle due to high costs and weak supply-demand dynamics, despite maintaining high capital expenditure and supply growth since the peak in 2021. However, there are "long-termist" companies capable of navigating through the cycle, providing substantial returns to investors through growth and dividends [1][2]. Group 1: Industry Overview - The chemical industry has experienced high capital expenditure and significant supply growth since the peak in 2021, but demand recovery remains relatively weak, leading to a high-cost and weak supply-demand environment [1]. - Long-termist companies in the chemical sector are characterized by strong shareholder backgrounds, excellent management capabilities, reasonable industry chain layouts, continuous R&D investment, and a strong sense of social responsibility, enabling them to achieve stable growth and sustainable development [2]. Group 2: Oil and Gas Sector - The "three major oil companies" (China National Petroleum, Sinopec, and CNOOC) are expected to maintain high capital expenditure and enhance natural gas market development, aiming for long-term growth despite oil price fluctuations [3]. - The domestic oil service companies are benefiting from high upstream capital expenditure, with improved operational quality and international competitiveness, particularly in the context of the Belt and Road Initiative [3]. Group 3: Refining and Chemical Fiber Industry - The refining and chemical fiber industry is anticipated to recover, with the refining expansion nearing completion and supply-demand dynamics expected to improve, leading to high-quality development in the sector [4]. - The polyester sector is seeing limited new capacity, with structural optimization accelerating, which is expected to enhance the market share and competitiveness of leading companies [4]. Group 4: Coal Chemical Industry - The coal chemical industry is projected to improve profitability due to a gradual easing of coal supply and demand, alongside a decline in coal prices. The transition towards modern coal chemical processes is seen as essential for traditional coal enterprises [5]. - The average prices for various coal types have decreased, with main coking coal, thermal coal, and anthracite prices showing declines of -10.5%, -2.0%, and -16.0% respectively compared to the beginning of the year [5]. Group 5: Investment Recommendations - The report suggests focusing on leading companies in the upstream oil and gas sector and oil service companies, including China National Petroleum (601857.SH), Sinopec (600028.SH), CNOOC (600938.SH), and others [6]. - For the refining and chemical fiber sector, companies like Hengli Petrochemical (600346.SH) and Rongsheng Petrochemical (002493.SZ) are recommended due to their potential benefits from industry optimization and upgrades [7]. - In the coal chemical sector, companies such as Hualu Hengsheng (600426.SH) and Baofeng Energy (600989.SH) are highlighted for their expected improvement in profitability [7]. - The report also suggests monitoring cyclical leading companies like Wanhua Chemical (600309.SH) and Satellite Chemical (002648.SZ) as demand recovers and supply-demand dynamics improve [7].

Group 1: Company Overview - Sinopec Engineering (02386) is a leading international energy and chemical construction enterprise under Sinopec, demonstrating strong competitive strength and full-process engineering service capabilities [1] - The company has shown stable operations with a revenue and profit CAGR of 4% and 5% respectively from 2021 to 2024, and a revenue growth of 10% in H1 2025 [1] - The company has a robust order backlog of 215.5 billion yuan, which is 3.4 times its expected revenue for 2024, indicating strong earnings stability [1] Group 2: Financial Performance - The projected net profits for Sinopec Engineering from 2025 to 2027 are 2.56 billion, 2.91 billion, and 3.27 billion yuan, reflecting year-on-year growth of 4%, 14%, and 12% respectively [1] - The expected dividend yields for 2025 and 2026 are 5.6% and 6.3%, showcasing strong investment attractiveness [1] - The company maintains a high dividend payout ratio of over 63% since 2021, with ample cash reserves of 34.3 billion yuan as of H1 2025 [1] Group 3: Industry Trends - The petrochemical industry is experiencing pressure on profitability, leading to a reduction in capital expenditure, but recent policies are aimed at enhancing growth and investment in the sector [2] - The "Petrochemical Industry Stabilization and Growth Work Plan" aims for an average annual growth of over 5% in added value from 2025 to 2026, with a focus on upgrading old facilities [2] - The coal chemical sector is witnessing an upward trend in investment, with significant projects in resource-rich regions like Xinjiang, which are expected to enter a peak phase of bidding and construction starting in 2026 [3] Group 4: International Expansion - The company is benefiting from strong demand in emerging markets such as the Middle East and Africa, with overseas new orders growing by 80% in 2024 and 39% in Q1-Q3 2025 [2] - The contribution of overseas revenue is increasing, with a projected rise from 10% in 2023 to 24% in H1 2025, indicating substantial growth potential in international markets [2]

Group 1: Company Overview - Sinopec Engineering (02386) is expected to achieve net profits of 2.56 billion, 2.91 billion, and 3.27 billion yuan for 2025-2027, representing year-on-year growth of 4%, 14%, and 12% respectively, with current PE ratios of 12, 10, and 9 times [1] - The company has a strong order reserve of 215.5 billion yuan, which is 3.4 times its expected revenue for 2024, indicating robust performance stability [1] - The company has maintained a high dividend payout ratio of over 63% since 2021, with expected dividend yields of 5.6% and 6.3% for 2025 and 2026, respectively [1] Group 2: Industry Trends - The petrochemical industry is facing profitability pressures in 2023, but policies aimed at reducing competition and enhancing supply-side reforms are being implemented, with a target of over 5% average annual growth in added value for the industry from 2025 to 2026 [2] - The company benefits from the resource support of its major shareholder, Sinopec Group, which strengthens its core domestic business [2] Group 3: International Market Opportunities - There is strong demand for petrochemical construction in emerging markets such as the Middle East, Africa, and Southeast Asia, with the company targeting over one-third of its business from international markets [3] - New overseas orders are expected to grow significantly, with a year-on-year increase of 80% in 2024 and 39% in the first three quarters of 2025 [3] - The contribution of overseas revenue is projected to rise from 10% in 2023 to 24% in the first half of 2025 [3] Group 4: Coal Chemical Sector - The importance of coal chemical construction is increasing due to China's resource characteristics and energy security needs, with a clear trend of accelerated investment [4] - Major coal chemical projects in resource-rich regions like Xinjiang are progressing, with total planned investments nearing 900 billion yuan [4] - The company secured new contracts worth 12.4 billion yuan in 2024 for new coal chemical projects, significantly increasing its order proportion [4]

Group 1 - The core point of the article is that Sinopec Engineering (02386.HK) reported a significant increase in new contract values and uncompleted contracts for the period ending September 30, 2025 [1] Group 2 - The total value of new contracts signed by the company reached RMB 91.347 billion, representing a 24.4% increase compared to RMB 73.457 billion for the same period ending September 30, 2024 [1] - As of September 30, 2025, the company's uncompleted contract amount was RMB 215.470 billion, which is a 24.8% increase from RMB 172.677 billion as of December 31, 2024 [1]

Group 1 - The core viewpoint of the article highlights that Sinopec Engineering (02386) has signed new contracts worth RMB 91.347 billion for the nine months ending September 30, 2025, representing a 24.4% increase compared to RMB 73.457 billion for the same period ending September 30, 2024 [1] - As of September 30, 2025, the company's uncompleted contract amount stands at RMB 215.47 billion, which is a 24.8% increase from RMB 172.677 billion as of December 31, 2024 [1]

Group 1 - The core point of the article is that Sinopec Engineering (02386) reported a significant increase in new contract values and uncompleted contracts for the period ending September 30, 2025, indicating strong business growth [1] Group 2 - The total value of new contracts signed by the company reached RMB 91.347 billion for the nine months ending September 30, 2025, which is an increase of 24.4% compared to RMB 73.457 billion for the same period in 2024 [1] - As of September 30, 2025, the company's uncompleted contract amount was RMB 215.470 billion, reflecting a 24.8% increase from RMB 172.677 billion as of December 31, 2024 [1]