Investment Rating - The report maintains a "Buy" rating for Sinopec (600028) [1][9][18] Core Views - The rapid decline in crude oil prices has pressured the company's Q3 performance, with a year-on-year revenue decrease of 4.19% and a net profit decline of 16.46% for the first three quarters of 2024 [1][9] - Despite the challenges, the company has initiated share buybacks, reflecting confidence in its long-term value [6][9] Financial Performance Summary - For the first three quarters of 2024, Sinopec achieved revenue of 23,665.41 billion yuan, down 1,034 billion yuan year-on-year, and a net profit of 442.47 billion yuan, down 87 billion yuan year-on-year [1][9] - In Q3 2024, the company reported revenue of 7,904.10 billion yuan, a year-on-year decrease of 9.80%, and a net profit of 85.44 billion yuan, down 52.15% year-on-year [1][9] - The company's oil and gas equivalent production reached 386.06 million barrels, a year-on-year increase of 2.6% [1][9] Segment Performance Summary - Exploration and Production Division: Revenue of 668 billion yuan, down 4% year-on-year; operating profit of 135 billion yuan, down 2% year-on-year [3] - Refining Division: Revenue of 3,740 billion yuan, down 7% year-on-year; operating loss of 5 billion yuan [3] - Marketing and Distribution Division: Revenue of 4,187 billion yuan, down 8% year-on-year; operating profit of 26 billion yuan, down 65% year-on-year [3] - Chemical Division: Revenue of 1,283 billion yuan, up 0.31% year-on-year; operating loss of 17 billion yuan [3] Capital Expenditure Summary - In the first three quarters of 2024, total capital expenditure was 863.50 billion yuan, with significant investments in exploration and development [5] - The exploration and development segment accounted for 507.65 billion yuan of the capital expenditure, focusing on oil and gas production capacity [5] Share Buyback and Stake Increase - As of September 30, 2024, the company has repurchased 7,490,800 A-shares and 111,192,000 H-shares, indicating a commitment to enhancing shareholder value [6][9]

FF305 Instrument: Equity issuer Status: New Submission Name of Issuer: China Petroleum & Chemical Corporation Date Submitted: 11 November 2024 Section I must be completed by a listed issuer where has been a charge in its issued shares or teasury shares which is disoloseable pursuant to rule 13.25A of the Rules Gov .i.sting of Securities on The Stock Exchange of Hong (intied the "Exchange") (the "Main Board Rules") or rule 17.27A of the Rules Governing the Listing of Securities on GEM Exchange (the "GEM Rule ...

北京市海问律师事务所 关于中国石油化工集团有限公司 增持中国石油化工股份有限公司股份的 专项核查意见 本所出具本专项核查意见基于以下假设:中国石化集团向本所提供的文件和所作 出的陈述是完整、真实、准确和有效的,签署文件的主体均具有签署文件的权利能力 和行为能力,所提供文件中的所有签字和印章是真实的,所有已签署的文件均获得相 关当事各方有效授权且由法定代表人或合法授权代表签署,文件的复印件与原件相符, 并且一切足以影响本专项核查意见的事实和文件均已向本所披露,而无任何隐瞒、遗 海问律师事务所 HAIWEN & PARTNERS 北京 BEIJING | 上海 SHANGHAI | 深圳 SHENZHEN | 香港 HONG KONG | 成都 CHENGDU | 海口 HAIKOU 漏、虚假或误导之处,该等事实和文件于提供给本所之日直至本专项核查意见出具之 日,未发生任何变更。 本所依据有关法律的规定,基于在本专项核查意见出具之日以前已经发生或存在 的事实,及本所对有关事实的了解和对有关法律的理解发表意见。 本所仅就与本次增持有关的中国境内法律问题发表法律意见。本所并未就中国境 外的其他司法管辖区域的法律事项进 ...

或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 股票代码：600028 股票简称：中国石化 公告编号：2024-49 中国石油化工股份有限公司 关于控股股东中国石化集团 增持公司股份计划实施完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 在本次增持实施期间，中国石化集团及其全资子公司未减持其持有的公司股 份。 特此公告。 承董事会命 副总裁、董事会秘书 黄文生 2024 年 11 月 11 日 1 按 1 港元=0.91906 人民币折算 2 中国石油化工股份有限公司（简称"公司"或"本公司"）于2024年11月11日接 到公司控股股东中国石油化工集团有限公司（简称"中国石化集团"）的通知，截 至2024年11月10日，中国石化集团通过自身及其全资子公司增持本公司A股和H 股股份的计划（简称"本次增持"）已经实施完成，现将有关情况公告如下： 根据公司于2023年11月11日披露的《中国石油化工股份有限公司关于控股股 东中国石化集团增持公司股份计划的公告》（公告编号：2023-48），基于对公司 未来发展前景的信心，中国石化集团拟自2023年11月11日起的12个 ...

Section I must be completed by a listed issuer where has been a charge in its issued shares or teasury shares which is disoloseable pursuant to rule 13.25A of the Rules Gov .i.sting of Securities on The Stock Exchange of Hong (intied the "Exchange") (the "Main Board Rules") or rule 17.27A of the Rules Governing the Listing of Securities on GEM Exchange (the "GEM Rules"). | Section I | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. Class of shares | Ordinary shares | H Type of shares | | Listed ...

Investment Rating - The report maintains a "Buy" investment rating for Sinopec (600028.SH) [1] Core Views - Sinopec's Q3 performance is under pressure due to declining oil prices and reduced profit margins in petrochemical products, leading to a significant year-on-year decrease in net profit [1] - The company emphasizes shareholder returns, committing to a cash dividend payout ratio of no less than 65% over the next three years, indicating a stable high dividend expectation for investors [1] - The chemical sector continues to face challenges, but Sinopec has made notable progress in reducing losses, with expectations for a potential turnaround as oil prices decline and demand improves [1] Summary by Sections Financial Performance - For the first nine months of 2024, Sinopec reported revenue of 23,665.41 billion yuan, a year-on-year decline of 4.19%, and a net profit attributable to shareholders of 44.247 billion yuan, down 16.46% [1] - In Q3 2024, the company achieved revenue of 7,904.1 billion yuan, a year-on-year decrease of 9.8%, and a net profit of 8.544 billion yuan, reflecting a year-on-year decline of 52.15% [1] Shareholder Returns - The board has proposed a cash dividend of 0.146 yuan per share (tax included) for the year, reinforcing the company's commitment to shareholder returns [1] Chemical Sector Performance - The domestic chemical market remains in a downturn, with a total operating volume of 62.17 million tons, a year-on-year decrease of 1.26 million tons [1] - Despite the challenges, Sinopec's chemical segment has shown significant improvement in reducing losses, with a pre-tax loss of 4.787 billion yuan, a reduction of 1.92 billion yuan compared to the previous year [1]

| Section I | | | | | | | --- | --- | --- | --- | --- | --- | | 1. Class of shares Ordinary shares | H Type of shares | | Listed on the Exchange | Yes | + | | Stock code (if listed) 00386 | Description | | | | | | A. Changes in issued shares or treasury shares | Changes in issued shares | | Changes in treasury | | | | | (excluding treasury shares) | | shares | | | | Events | Number of issued shares (excluding treasury shares) | As a % of existing number of issued shares (excluding treasury shares) before th ...

FF305 Next Day Disclosure Return (Equity issuer - changes in issued shares or treasury shares, share buybacks andlor on-market sales of treasury shares) Instrument: Equity issuer Status: New Submission Name of Issuer: China Petroleum & Chemical Corporation Date Submitted: 05 November 2024 Section I must be completed by a listed issuer where has been a charge in its issued shares or teasury shares which is disoloseable pursuant to rule 13.25A of the Rules Gov .i.sting of Securities on The Stock Exchange of H ...

FF305 Next Day Disclosure Return (Equity issuer - changes in issued shares or treasury shares, share buybacks andlor on-market sales of treasury shares) Instrument: Equity issuer Status: New Submission Name of Issuer: China Petroleum & Chemical Corporation Date Submitted: 04 November 2024 Section I must be completed by a listed issuer where has been a charge in its issued shares or teasury shares which is disoloseable pursuant to rule 13.25A of the Rules Gov .i.sting of Securities on The Stock Exchange of H ...