智通财经APP讯，中国石化(600028.SH)发布2025年半年度报告，按中国企业会计准则编制，报告期 内，公司实现营业收入1.41万亿元，同比下降10.6%。实现归属于母公司股东的净利润为人民币215亿 元，同比降低39.8%。 ...

Group 1: Company Performance - Sinopec reported a revenue of 1.4 trillion yuan and a net profit of 23.75 billion yuan for the first half of 2025, with a cash dividend of 0.088 yuan per share, representing a payout ratio of 49.7% [1] - GoerTek achieved a net profit of 1.42 billion yuan, marking a year-on-year increase of 15.65%, despite a revenue decline of 7.02% to 37.55 billion yuan [2] - Gree Electric announced a cash dividend of 20 yuan per 10 shares, totaling 11.17 billion yuan, based on a share base of 5.585 billion shares [3] - Jishi Media reported a revenue of 999.7 million yuan, with a net loss of 232 million yuan for the first half of 2025 [4] - Changchun High-tech's subsidiary received approval for a clinical trial of a dual-specific antibody drug, GenSci143, targeting B7-H3 and PSMA [5] - Greenme announced a strategic partnership with Weilan Lithium to develop high-energy battery materials and solid-state battery technologies [6] Group 2: Share Buybacks and Reductions - Sinopec plans to repurchase shares worth between 5 billion and 10 billion yuan through the Shanghai Stock Exchange [26] - Jiangxi Copper intends to reduce its stake in Zhongyin Securities by up to 3%, equating to 83.34 million shares [7] - Hengbang Mining plans to reduce its stake in the Hong Kong-listed company, WanGuo Gold, by up to 3.69% of its total share capital [10] Group 3: New Product Developments - Renhe Pharmaceutical's subsidiary is developing a brain-machine interaction smart glasses product, which is currently in the testing phase and has not yet generated sales revenue [11] - TianTan Bio received a commitment from its controlling shareholders to resolve new competition issues arising from a recent acquisition [12] - XianDao Intelligent has successfully developed a mass production solution for solid-state batteries and received repeat orders for related products [13] - Zejing Pharmaceutical received approval for clinical trials of ZG005 and ZGGS18 in combination with a cancer treatment drug [14] - Wantai Bio received a production approval for its nine-valent HPV vaccine, marking a new revenue stream [15]

Company Profile [Company Overview](index=3&type=section&id=Company%20Overview) Sinopec is one of China's largest integrated energy and chemical companies, with a broad business scope including oil and gas exploration, refining, sales, hydrogen energy, and new energy - Sinopec is one of China's largest integrated energy and chemical companies, with extensive operations in oil and gas exploration, refining, sales, hydrogen energy, and new energy[6](index=6&type=chunk) - The company's H-shares were listed on the Hong Kong Stock Exchange on October 18, 2000, and A-shares on the Shanghai Stock Exchange on August 8, 2001[6](index=6&type=chunk) Company Basic Information | Indicator | Content | | :--- | :--- | | Legal Name | China Petroleum & Chemical Corporation | | Chinese Abbreviation | Sinopec | | English Name | China Petroleum & Chemical Corporation | | English Abbreviation | Sinopec Corp. | | Registered, Office, and Contact Address | 22 Chaoyangmen North Street, Chaoyang District, Beijing, China | | Postal Code | 100728 | | Phone | 86-10-59960028 | | Fax | 86-10-59960386 | | Website | http://www.sinopec.com | | Email | ir@sinopec.com | | A-share Listing Place/Abbreviation/Code | Shanghai Stock Exchange/Sinopec/600028 | | H-share Listing Place/Abbreviation/Code | The Stock Exchange of Hong Kong Limited/Sinopec/00386 | [Definitions](index=3&type=section&id=Definitions) This section defines common terms used in the report, ensuring clear understanding of key terminology and conversion ratios for oil and gas production - The report defines key terms such as "Sinopec", "the Company", and "Sinopec Group Company"[7](index=7&type=chunk) - Conversion ratios for domestic and overseas crude oil and natural gas production are specified, for example, 1 ton of domestic crude oil is approximately 7.1 barrels, and 1 cubic meter of natural gas equals 35.31 cubic feet[7](index=7&type=chunk) Key Financial Data and Indicators [Financial Data and Indicators Prepared Under PRC GAAP](index=5&type=section&id=Financial%20Data%20and%20Indicators%20Prepared%20Under%20PRC%20GAAP) In H1 2025, under PRC GAAP, revenue decreased by 10.6% and net profit attributable to parent company shareholders decreased by 39.8%, mainly due to falling crude oil prices and a sluggish chemical market H1 2025 Key Accounting Data (PRC GAAP) | Item | 2025 (RMB millions) | 2024 (RMB millions) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,409,052 | 1,576,131 | (10.6) | | Total Profit | 28,767 | 50,868 | (43.4) | | Net Profit Attributable to Parent Company Shareholders | 21,483 | 35,703 | (39.8) | | Net Profit Attributable to Parent Company Shareholders After Deducting Non-Recurring Gains and Losses | 21,215 | 35,582 | (40.4) | | Net Cash Flow from Operating Activities | 61,016 | 42,269 | 44.4 | | Equity Attributable to Parent Company Shareholders (2025/6/30 vs 2024/12/31) | 827,449 | 819,922 | 0.9 | | Total Assets (2025/6/30 vs 2024/12/31) | 2,144,939 | 2,084,771 | 2.9 | H1 2025 Key Financial Indicators (PRC GAAP) | Item | 2025 (RMB) | 2024 (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share | 0.177 | 0.296 | (40.2) | | Diluted Earnings Per Share | 0.177 | 0.296 | (40.2) | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses | 0.175 | 0.295 | (40.7) | | Weighted Average Return on Net Assets (%) | 2.61 | 4.37 | (1.76) percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 2.58 | 4.36 | (1.78) percentage points | H1 2025 Non-Recurring Gains and Losses | Item | Amount (RMB millions) | | :--- | :--- | | Net gain from disposal of non-current assets | (557) | | Donation expenses | 42 | | Government subsidies | (453) | | Gains from holding and disposing of various investments | (71) | | Net amount of other non-recurring income and expenses | 330 | | Subtotal | (709) | | Corresponding tax adjustments | 256 | | Total | (453) | | Non-recurring gains and losses affecting net profit attributable to parent company shareholders | (268) | | Non-recurring gains and losses affecting net profit attributable to minority shareholders | (185) | - Accounts receivable increased by **46.0%**, mainly due to increased overseas trade operations[13](index=13&type=chunk) - Investment in other equity instruments increased by **1,064.2%**, primarily due to strategic investment in CATL equity[13](index=13&type=chunk) - Bonds payable increased by **125.2%**, mainly due to the issuance of medium-term notes and technology innovation bonds during the period[13](index=13&type=chunk) - Financial expenses increased by **34.3%**, mainly due to increased net exchange losses on foreign currency loans and decreased interest income from lower deposit rates[14](index=14&type=chunk) - Asset impairment losses increased by **35.5%**, primarily due to increased impairment losses on some petroleum and chemical products and trading crude oil caused by falling crude oil prices[14](index=14&type=chunk) - Cash paid for dividends, profits, or interest increased by **384.0%**, mainly due to differences in dividend payment timing[14](index=14&type=chunk) [Financial Data and Indicators Prepared Under IFRS](index=8&type=section&id=Financial%20Data%20and%20Indicators%20Prepared%20Under%20IFRS) In H1 2025, under IFRS, operating profit decreased by 34.5%, profit attributable to company shareholders decreased by 35.9%, and basic earnings per share decreased by 36.2% H1 2025 Key Accounting Data (IFRS) | Item | 2025 (RMB millions) | 2024 (RMB millions) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Profit | 33,423 | 51,021 | (34.5) | | Profit Attributable to Company Shareholders | 23,752 | 37,079 | (35.9) | | Net Cash Flow from Operating Activities | 61,016 | 42,269 | 44.4 | | Equity Attributable to Company Shareholders (2025/6/30 vs 2024/12/31) | 824,565 | 815,815 | 1.1 | | Total Assets (2025/6/30 vs 2024/12/31) | 2,142,807 | 2,081,440 | 2.9 | H1 2025 Key Financial Indicators (IFRS) | Item | 2025 (RMB) | 2024 (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share | 0.196 | 0.307 | (36.2) | | Diluted Earnings Per Share | 0.196 | 0.307 | (36.2) | | Return on Capital Employed (%) | 2.82 | 4.30 | (1.48) percentage points | Chairman's Statement [Chairman's Statement](index=8&type=section&id=Chairman's%20Statement) Chairman Hou Qijun reviewed Sinopec's 25-year achievements, highlighting its integrated energy and chemical strengths, and outlined future strategies focusing on innovation, value, transformation, resource security, market expansion, and open cooperation, while announcing an interim cash dividend of RMB 0.088 per share - The company overcame challenges such as significant declines in international crude oil prices and low chemical market margins in the first half, maintaining stable production and operations, but with a substantial year-on-year decrease in profitability[18](index=18&type=chunk) - The Board of Directors decided to distribute an interim cash dividend of **RMB 0.088 per share**, in line with the upper limit specified in the Articles of Association[18](index=18&type=chunk) - The company will fully and accurately implement new development concepts, adhere to specialized development, market-oriented operations, integrated coordination, and digital intelligence empowerment, promoting the extension of the industrial and value chains towards high-end segments[19](index=19&type=chunk) - Future focus will be on innovation-driven development, increasing reform of the scientific and technological system and mechanisms, and deploying new technologies such as new energy batteries, synthetic biology, and AI applications[19](index=19&type=chunk) - Emphasis will be placed on transformation and upgrading, promoting high-end, intelligent, and green development of existing businesses, fostering new productive forces, and building a "second growth curve"[21](index=21&type=chunk) - Greater attention will be given to resource security, increasing oil and gas exploration and development, and expanding the new energy industry to form a "three-pillar" structure of oil, gas, and new energy[22](index=22&type=chunk) - Focus will also be on market expansion, building an integrated energy service provider for "oil, gas, hydrogen, electricity, and services", expanding the natural gas sales network, and improving the Easy Joy integrated service ecosystem[22](index=22&type=chunk) - The company will prioritize open cooperation, promoting "group overseas expansion" across the entire industry chain, deepening strategic cooperation with international companies, and enhancing international operational capabilities[23](index=23&type=chunk) Operating Performance Review and Outlook [Operating Performance Review](index=11&type=section&id=Operating%20Performance%20Review) In H1 2025, China's economy grew steadily, with GDP up 5.3%, while domestic natural gas demand increased 2.1%, refined oil demand decreased 3.6%, and major chemical product demand grew 10.1%, amidst volatile international crude oil prices - In H1 2025, China's GDP increased by **5.3%** year-on-year[25](index=25&type=chunk) - Domestic natural gas demand increased by **2.1%** year-on-year, refined oil demand decreased by **3.6%** year-on-year (gasoline down 4.6%, diesel down 4.3%), and demand for major chemical products increased by **10.1%** year-on-year[25](index=25&type=chunk) - International crude oil prices fluctuated downwards, with the average spot price of Platts Brent crude oil at **US$71.7/barrel**, a year-on-year decrease of **14.7%**[25](index=25&type=chunk) [Production and Operations](index=11&type=section&id=Production%20and%20Operations) In H1 2025, the company actively responded to market changes across all production and operation segments, achieving a 2.0% increase in oil and gas equivalent production and a 5.1% rise in natural gas output Exploration and Production Operating Performance | Item | 2025 | 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Oil and Gas Equivalent Production (million boe) | 262.81 | 257.66 | 2.0 | | Crude Oil Production (million barrels) | 140.04 | 140.53 | (0.3) | | China | 126.73 | 126.49 | 0.2 | | Overseas | 13.31 | 14.04 | (5.2) | | Natural Gas Production (billion cubic feet) | 736.28 | 700.57 | 5.1 | Refining Operating Performance (million tons) | Item | 2025 | 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Crude Oil Processed | 119.97 | 126.69 | (5.3) | | Gasoline, Diesel, Kerosene Production | 71.40 | 77.30 | (7.6) | | Gasoline | 30.79 | 32.34 | (4.8) | | Diesel | 24.27 | 29.31 | (17.2) | | Kerosene | 16.33 | 15.65 | 4.3 | | Chemical Light Oil Production | 22.06 | 19.79 | 11.5 | Marketing and Distribution Operating Performance (million tons) | Item | 2025 | 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Refined Oil Sales | 112.14 | 119.01 | (5.8) | | Domestic Total Refined Oil Sales | 87.05 | 90.14 | (3.4) | | Retail Sales | 54.53 | 56.96 | (4.3) | | Direct Sales and Distribution | 32.52 | 33.18 | (2.0) | - The total number of Sinopec branded service stations increased to **31,015**, and convenience stores to **28,689**, both showing slight growth[33](index=33&type=chunk) Major Chemical Product Production (thousand tons) | Item | 2025 | 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Ethylene | 7,563 | 6,496 | 16.4 | | Synthetic Resins | 11,041 | 9,784 | 12.8 | | Synthetic Fiber Monomers and Polymers | 5,437 | 4,598 | 18.2 | | Synthetic Fibers | 601 | 633 | (5.1) | | Synthetic Rubber | 804 | 678 | 18.6 | [Safety and Health](index=13&type=section&id=Safety%20and%20Health) The company continuously improved its HSE management system, launched a safety production campaign, and enhanced employee HSE awareness, maintaining overall safe and clean production - Continuously improved the HSE management system and launched the Safety Production Remediation Action 2025, maintaining overall safe and clean production[38](index=38&type=chunk) - Strengthened prevention and control of occupational diseases at the source, focusing on the occupational, physical, and mental health of domestic and overseas employees[38](index=38&type=chunk) [Technological Innovation](index=13&type=section&id=Technological%20Innovation) The company made significant progress in key core technology breakthroughs, including enhanced oil recovery, intelligent drilling software, needle coke applications, POE industrial demonstration units, and seawater hydrogen production - Breakthroughs achieved in heterogeneous composite flooding technology for significantly enhanced oil recovery, and an independent Geodrill intelligent drilling software system was developed[39](index=39&type=chunk) - Needle coke products successfully applied in large-diameter graphite electrodes, and proprietary POE industrial demonstration unit and 400,000 tons/year acrylonitrile unit successfully started up[39](index=39&type=chunk) - Seawater hydrogen production industrial pilot plant completed performance and stability tests, and the Changcheng large model was launched[39](index=39&type=chunk) [Capital Expenditures](index=14&type=section&id=Capital%20Expenditures) In H1 2025, the company's capital expenditures totaled RMB 43.8 billion, primarily allocated to exploration and production, refining, marketing and distribution, and chemical segments H1 2025 Capital Expenditures by Segment | Segment | Capital Expenditures (RMB billions) | Main Uses | | :--- | :--- | :--- | | Exploration and Production | 27.6 | Oil and gas capacity building, storage and transportation facilities | | Refining | 5.5 | Refining transformation and upgrading, technological renovation | | Marketing and Distribution | 2.8 | Integrated energy station network, non-fuel business | | Chemicals | 7.3 | Ethylene, aromatics projects | | Headquarters and Others | 0.5 | Scientific research and development, digitalization | | **Total** | **43.8** | | [Business Outlook](index=14&type=section&id=Business%20Outlook) For H2 2025, China's economy is expected to continue its recovery, with sustained growth in natural gas and chemical product demand, while refined oil demand faces alternative energy impacts and international crude oil prices remain uncertain - In H2 2025, China's economy is expected to continue its recovery, with domestic natural gas and chemical product demand maintaining growth, while refined oil demand will be affected by alternative energy sources[41](index=41&type=chunk) - The company will reduce its full-year capital expenditure plan by approximately **5%**[43](index=43&type=chunk) H2 2025 Key Production and Operation Plans | Segment | Planned Indicator | Value | | :--- | :--- | :--- | | Exploration and Production | Crude Oil Production | 141 million barrels | | | Natural Gas Production | 714.5 billion cubic feet | | Refining | Crude Oil Processed | 130 million tons | | Marketing and Distribution | Domestic Refined Oil Sales | 89.8 million tons | | Chemicals | Ethylene Production | 7.85 million tons | Management Discussion and Analysis [Consolidated Operating Results](index=15&type=section&id=Consolidated%20Operating%20Results) In H1 2025, consolidated operating revenue decreased by 10.6% to RMB 1,409.1 billion, and operating profit decreased by 34.5% to RMB 33.4 billion, primarily due to volatile crude oil prices, declining domestic refined oil demand, and low chemical margins H1 2025 Consolidated Income Statement Key Items (IFRS) | Item | 2025 (RMB millions) | 2024 (RMB millions) | Change Rate (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,409,052 | 1,576,131 | (10.6) | | Revenue from Principal Operations | 1,380,387 | 1,545,920 | (10.7) | | Operating Expenses | (1,375,629) | (1,525,110) | (9.8) | | Operating Profit | 33,423 | 51,021 | (34.5) | | Net Finance Costs | (8,426) | (6,275) | 34.3 | | Investment Income and Share of Profits/(Losses) of Associates and Joint Ventures | 6,120 | 7,576 | (19.2) | | Profit Before Tax | 31,117 | 52,322 | (40.5) | | Income Tax Expense | (5,207) | (9,931) | (47.6) | | Profit for the Period | 25,910 | 42,391 | (38.9) | | Attributable to Company Shareholders | 23,752 | 37,079 | (35.9) | | Attributable to Non-Controlling Interests | 2,158 | 5,312 | (59.4) | - Revenue from principal operations decreased by **10.7%** year-on-year, mainly due to lower prices of petroleum and chemical products and decreased sales volumes of refined oil products[47](index=47&type=chunk) H1 2025 Sales Volume and Average Realized Price of Major External Sales Products | Product | 2025 Sales Volume (thousand tons/million cubic meters) | 2024 Sales Volume (thousand tons/million cubic meters) | Sales Volume Change Rate (%) | 2025 Average Realized Price (RMB/ton/thousand cubic meters) | 2024 Average Realized Price (RMB/ton/thousand cubic meters) | Price Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Crude Oil | 3,867 | 4,254 | (9.1) | 3,563 | 3,981 | (10.5) | | Natural Gas | 31,666 | 31,406 | 0.8 | 2,362 | 2,398 | (1.5) | | Gasoline | 44,306 | 46,597 | (4.9) | 8,462 | 9,043 | (6.4) | | Diesel | 36,057 | 38,647 | (6.7) | 6,433 | 7,009 | (8.2) | | Kerosene | 12,261 | 13,376 | (8.3) | 5,071 | 5,805 | (12.6) | | Basic Chemical Raw Materials | 18,811 | 17,940 | 4.9 | 5,147 | 6,126 | (16.0) | | Synthetic Fiber Monomers and Polymers | 4,031 | 3,377 | 19.4 | 5,262 | 5,926 | (11.2) | | Synthetic Resins | 8,815 | 8,074 | 9.2 | 7,277 | 7,454 | (2.4) | | Synthetic Fibers | 610 | 631 | (3.3) | 7,189 | 7,723 | (6.9) | | Synthetic Rubber | 768 | 669 | 14.8 | 11,734 | 11,721 | 0.1 | - Purchases of crude oil, products, operating supplies, and expenses decreased by **10.8%** year-on-year, accounting for **81.3%** of total operating expenses, mainly due to lower crude oil and refined oil procurement costs[51](index=51&type=chunk) - Exploration expenses increased by **24.3%** year-on-year, mainly due to the company's increased efforts in shale oil and ultra-deep oil and gas exploration[51](index=51&type=chunk) - Taxes other than income tax decreased by **7.0%** year-on-year, mainly due to a **RMB 6.3 billion** reduction in consumption tax from lower refined oil production and a **RMB 2.6 billion** reduction in special oil gains levy and resource tax due to falling oil prices[51](index=51&type=chunk) - Other net income increased by **235.1%** year-on-year, mainly due to increased gains from commodity derivative hedging activities[51](index=51&type=chunk) [Operating Results by Business Segment](index=18&type=section&id=Operating%20Results%20by%20Business%20Segment) In H1 2025, operating results across all business segments were significantly impacted by market conditions, with exploration and production, refining, and marketing and distribution segments experiencing profit declines, and the chemical segment incurring a loss H1 2025 Operating Revenue, Expenses, and Profit by Business Segment (IFRS) | Segment | Operating Revenue (RMB millions) | Operating Expenses (RMB millions) | Operating Profit (RMB millions) | Operating Revenue Change Rate (%) | Operating Expenses Change Rate (%) | Operating Profit Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Exploration and Production | 144,656 | 121,018 | 23,638 | (5.9) | (2.9) | (18.9) | | Refining | 658,324 | 654,789 | 3,535 | (12.2) | (11.8) | (50.4) | | Marketing and Distribution | 752,587 | 744,628 | 7,959 | (12.8) | (12.3) | (45.7) | | Chemicals | 241,938 | 246,162 | (4,224) | (6.0) | (5.5) | — | | Headquarters and Others | 662,975 | 661,330 | 1,645 | (16.8) | (16.5) | (61.8) | - The cash operating cost for oil and gas in the Exploration and Production segment was **RMB 718.0/ton**, a year-on-year decrease of **4.7%**[61](index=61&type=chunk) - The average cost of crude oil and feedstock processed by the Refining segment was **RMB 4,077/ton**, a year-on-year decrease of **10.1%**; refining margin was **RMB 315/ton**, a year-on-year decrease of **0.3%**[65](index=65&type=chunk) - Non-fuel business profit in the Marketing and Distribution segment was **RMB 3.09 billion**, a year-on-year increase of **17.0%**, with convenience store merchandise and service profit at **RMB 2.93 billion** and charging service fees at **RMB 0.5 billion**[71](index=71&type=chunk) - The Chemicals segment incurred an operating loss of **RMB 4.2 billion**, an increase of **RMB 1.1 billion** in loss year-on-year, mainly due to concentrated capacity release, declining profitability of aromatics and other products, and scheduled plant maintenance[75](index=75&type=chunk) [Assets, Liabilities, Equity, and Cash Flows](index=22&type=section&id=Assets,%20Liabilities,%20Equity,%20and%20Cash%20Flows) As of June 30, 2025, total assets increased by RMB 61.4 billion to RMB 2,142.8 billion, total liabilities increased by RMB 52.0 billion to RMB 1,161.3 billion, and net cash inflow from operating activities increased by RMB 18.7 billion to RMB 61.0 billion June 30, 2025 Assets, Liabilities, and Equity (RMB millions) | Item | June 30, 2025 | December 31, 2024 | Change Amount | | :--- | :--- | :--- | :--- | | Total Assets | 2,142,807 | 2,081,440 | 61,367 | | Current Assets | 572,910 | 524,515 | 48,395 | | Non-Current Assets | 1,569,897 | 1,556,925 | 12,972 | | Total Liabilities | 1,161,294 | 1,109,293 | 52,001 | | Current Liabilities | 703,751 | 673,237 | 30,514 | | Non-Current Liabilities | 457,543 | 436,056 | 21,487 | | Equity Attributable to Company Shareholders | 824,565 | 815,815 | 8,750 | | Total Equity | 981,513 | 972,147 | 9,366 | - Current assets increased by **RMB 48.4 billion**, mainly due to a **RMB 20.4 billion** increase in accounts receivable from increased overseas business operations, and a **RMB 16.7 billion** increase in cash and cash equivalents and time deposits[79](index=79&type=chunk) - Current liabilities increased by **RMB 30.5 billion**, mainly due to the company's issuance of ultra-short-term financing bonds and reclassification of some long-term borrowings due within one year, with short-term borrowings increasing by **RMB 34.8 billion**[80](index=80&type=chunk) H1 2025 Consolidated Cash Flow Statement Key Items (RMB millions) | Item | 2025 | 2024 | Change Amount | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 61,016 | 42,269 | 18,747 | | Net Cash Flow Used in Investing Activities | (59,968) | (79,004) | 19,036 | | Net Cash Flow from Financing Activities | 15,095 | 36,862 | (21,767) | | Net Increase in Cash and Cash Equivalents | 16,143 | 127 | 16,016 | - Research and development expenditures in H1 2025 totaled **RMB 8.2 billion**, including **RMB 6.2 billion** in expenses and **RMB 2.0 billion** in investments[86](index=86&type=chunk) - Environmental protection expenditures in H1 2025 totaled **RMB 6.9 billion**[86](index=86&type=chunk) Items Related to Fair Value Measurement (RMB millions) | Item | Beginning Balance | Ending Balance | Fair Value Change Gain/Loss for the Period | | :--- | :--- | :--- | :--- | | Financial assets held for trading | 4 | 3 | (1) | | Derivative financial instruments and cash flow hedges | (858) | (3,723) | 4,580 | | Receivables financing | 2,613 | 7,678 | – | | Investments in other equity instruments | 416 | 4,843 | – | | Total | 2,175 | 8,801 | 4,579 | - Strategic investment in CATL equity, with an ending book value of **RMB 4.424 billion** and investment gain/loss for the period of **RMB 854 million**[89](index=89&type=chunk) [Analysis of Financial Statements Prepared Under PRC GAAP](index=25&type=section&id=Analysis%20of%20Financial%20Statements%20Prepared%20Under%20PRC%20GAAP) In H1 2025, under PRC GAAP, consolidated operating profit decreased by 43.5% to RMB 29.1 billion, and net profit attributable to parent company shareholders decreased by 39.8% to RMB 21.5 billion, with refining gross margin being the lowest at 1.5% H1 2025 Operating Revenue and Operating Profit/(Loss) by Business Segment (PRC GAAP) | Segment | Operating Revenue (RMB millions) | Operating Profit/(Loss) (RMB millions) | | :--- | :--- | :--- | | Exploration and Production | 144,656 | 21,267 | | Refining | 658,324 | 2,597 | | Marketing and Distribution | 752,587 | 7,170 | | Chemicals | 241,938 | (4,518) | | Headquarters and Others | 662,975 | (3,213) | | Consolidated Operating Revenue | 1,409,052 | | | Consolidated Operating Profit | | 29,094 | | Net Profit Attributable to Parent Company Shareholders | | 21,483 | - Consolidated operating profit decreased by **43.5%** year-on-year, and net profit attributable to parent company shareholders decreased by **39.8%** year-on-year, mainly due to inventory losses from continuously falling crude oil and product prices, as well as declining domestic gasoline and diesel sales volumes and price spreads[92](index=92&type=chunk)[93](index=93&type=chunk) June 30, 2025 Financial Data (PRC GAAP) | Item | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | Change Amount (RMB millions) | | :--- | :--- | :--- | :--- | | Total Assets | 2,144,939 | 2,084,771 | 60,168 | | Non-Current Liabilities | 456,756 | 435,241 | 21,515 | | Shareholders' Equity | 984,432 | 976,293 | 8,139 | - The increase in total assets was mainly due to a **RMB 20.4 billion** increase in accounts receivable, a **RMB 16.7 billion** increase in monetary funds, and a **RMB 13.1 billion** increase in external equity investments[95](index=95&type=chunk) - The increase in non-current liabilities was mainly due to the issuance of medium-term notes and technology innovation bonds, leading to an increase in low-cost bond financing[95](index=95&type=chunk) H1 2025 Gross Profit Margin by Principal Business Segment (PRC GAAP) | Segment | Operating Revenue (RMB millions) | Operating Costs (RMB millions) | Gross Profit Margin (%) | YoY Operating Revenue Change (%) | YoY Operating Costs Change (%) | YoY Gross Profit Margin Change (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Exploration and Production | 144,656 | 102,055 | 23.8 | (5.9) | (1.4) | (1.7) | | Refining | 658,324 | 535,484 | 1.5 | (12.2) | (13.3) | (0.2) | | Marketing and Distribution | 752,587 | 712,628 | 5.1 | (12.8) | (12.6) | (0.3) | | Chemicals | 241,938 | 238,373 | 1.1 | (6.0) | (5.5) | (0.5) | | Headquarters and Others | 662,975 | 656,511 | 1.0 | (16.8) | (16.1) | (0.7) | | Total | 1,409,052 | 1,192,753 | 6.6 | (10.6) | (10.2) | (0.8) | [Reasons and Impact of Changes in Accounting Policies, Estimates, and Methods](index=26&type=section&id=Reasons%20and%20Impact%20of%20Changes%20in%20Accounting%20Policies,%20Estimates,%20and%20Methods) This section refers to Note 2 of the financial statements prepared under International Financial Reporting Standards for details on changes in the company's accounting policies, estimates, and methods - Details on changes in the company's accounting policies, accounting estimates, and accounting methods can be found in Note 2 to the financial statements prepared under International Financial Reporting Standards[98](index=98&type=chunk) Corporate Governance, Environment, and Society [Improvements in Corporate Governance](index=27&type=section&id=Improvements%20in%20Corporate%20Governance) The company continuously improved its corporate governance, complied with regulations, and emphasized shareholder returns, internal control, risk management, information disclosure, and ESG management - The company complies with its Articles of Association and domestic and overseas securities regulatory requirements, improving corporate governance and continuously enhancing the quality of listed companies[99](index=99&type=chunk) - The Board of Directors and its specialized committees diligently reviewed and decided on matters, with independent directors actively conducting special research and providing advice[99](index=99&type=chunk) - The company values shareholder returns, strengthens market value management, formulated and issued the "Sinopec Market Value Management Measures", and continued to implement share repurchases[99](index=99&type=chunk) - Continuously improved ESG management, solidly carried out the Safety Production Remediation Action, deepened systematic environmental protection governance, and steadily advanced carbon peaking actions[99](index=99&type=chunk) [Directors, Supervisors, and Other Senior Management](index=27&type=section&id=Directors,%20Supervisors,%20and%20Other%20Senior%20Management) During the reporting period, several directors, supervisors, and senior management resigned due to work adjustments or age, while new non-executive directors were elected - Mr. Zhang Shaofeng, Mr. Yu Baocai, Mr. Ma Yongsheng, Mr. Tan Wenfang, and Mr. Zhang Chunsheng resigned from their positions due to work adjustments or age[100](index=100&type=chunk)[101](index=101&type=chunk) - Mr. Hou Qijun was elected as a non-executive director and chairman of Sinopec, and Mr. Cai Yong was elected as a non-executive director of Sinopec[101](index=101&type=chunk) - As of June 30, 2025, the company's directors, supervisors, and other senior management and their associates did not hold any disclosable interests or short positions in shares, related shares, or debentures[102](index=102&type=chunk) [Dividend Distribution](index=27&type=section&id=Dividend%20Distribution) The company distributed a final cash dividend of RMB 0.14 per share for 2024 and approved an interim dividend of RMB 0.088 per share for H1 2025, payable by September 25, 2025 - The 2024 final cash dividend of **RMB 0.14/share** (tax inclusive) was distributed on or before June 27, 2025[103](index=103&type=chunk) - The total cash dividend distributed for the full year 2024 was **RMB 0.286/share** (tax inclusive)[103](index=103&type=chunk) - The H1 2025 dividend distribution plan is a dividend of **RMB 0.088/share** (tax inclusive), to be paid on or before September 25, 2025[104](index=104&type=chunk) - Dividends for H-share shareholders will be paid in Hong Kong Dollars, with the exchange rate based on the average benchmark exchange rate of RMB to HKD published by the People's Bank of China in the week prior to the dividend declaration date (i.e., HKD 1 to RMB 0.909564)[105](index=105&type=chunk) - The company is obligated to withhold and pay 10% corporate income tax for non-resident enterprise H-share shareholders, and varying rates of individual income tax for individual H-share shareholders[106](index=106&type=chunk) [Employee Information](index=28&type=section&id=Employee%20Information) As of June 30, 2025, the company had 348,654 employees, with major subsidiaries Sinopec Sales Co. and China International United Petroleum & Chemicals Co. Ltd. employing 116,005 and 621 staff, respectively - As of June 30, 2025, the company had **348,654** employees[107](index=107&type=chunk) - Major subsidiaries Sinopec Sales Co. Ltd. had **116,005** employees, and China International United Petroleum & Chemicals Co. Ltd. had **621** employees[107](index=107&type=chunk) [Compensation Policy](index=28&type=section&id=Compensation%20Policy) The company has established a compensation system based on job value, performance contribution, and capability enhancement, continuously improving employee performance evaluation and incentive mechanisms - The company has established a compensation distribution system based on job value, performance contribution, and capability enhancement[108](index=108&type=chunk) - Continuously improved employee performance evaluation and incentive and restraint mechanisms[108](index=108&type=chunk) [Training Overview](index=28&type=section&id=Training%20Overview) During the reporting period, the company strengthened training management, improved its high-quality training system, and conducted over 29 million hours of online training - In the first half, the headquarters trained **1,700** key talents, focusing on management personnel, expert talents, skilled talents, and international talents[109](index=109&type=chunk) - Deepened the application of Sinopec Online Academy to enhance the intelligence and precision of training, with over **29 million** online training hours in the first half[110](index=110&type=chunk) [Implementation of Share Incentive Scheme](index=29&type=section&id=Implementation%20of%20Share%20Incentive%20Scheme) The company did not implement any share incentive scheme during the reporting period - The company did not implement any share incentive scheme during the reporting period[111](index=111&type=chunk) [Compliance with Corporate Governance Code](index=29&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) During the reporting period, the company complied with all code provisions of the Corporate Governance Code set out in Appendix C1 of the Hong Kong Listing Rules - During the reporting period, Sinopec complied with all code provisions of the Corporate Governance Code set out in Appendix C1 of the Hong Kong Listing Rules[112](index=112&type=chunk) [Review of Interim Report](index=29&type=section&id=Review%20of%20Interim%20Report) The Audit Committee of Sinopec's Board of Directors has reviewed and confirmed this report - The Audit Committee of Sinopec's Board of Directors has reviewed and confirmed this report[113](index=113&type=chunk) [Work on Ecological Protection, Pollution Prevention, and Environmental Responsibility](index=29&type=section&id=Work%20on%20Ecological%20Protection,%20Pollution%20Prevention,%20and%20Environmental%20Responsibility) The company deepened systematic environmental protection governance, advanced its Green Enterprise Action Plan, and initiated a "Waste-Free Group" three-year action, achieving stable COD emissions and reduced SO2 emissions - Deepened systematic environmental protection governance, fully promoted the second phase of the Green Enterprise Action Plan, and launched the "Waste-Free Group" three-year action[114](index=114&type=chunk) - COD emissions in discharged wastewater remained largely flat year-on-year, sulfur dioxide emissions decreased by **2%** year-on-year, and solid waste proper disposal rate reached **100%**[114](index=114&type=chunk) [Measures and Effects of Carbon Emission Reduction](index=29&type=section&id=Measures%20and%20Effects%20of%20Carbon%20Emission%20Reduction) The company actively and steadily advanced its "dual carbon" actions, reducing greenhouse gas emissions by 1.456 million tons of CO2 equivalent through energy saving and consumption reduction, and recovering 550 million cubic meters of methane - Reduced greenhouse gas emissions by **1.456 million tons of CO2 equivalent** through energy saving and consumption reduction[115](index=115&type=chunk) - Recovered and utilized **0.961 million tons of CO2**, with **0.398 million tons** injected for enhanced oil recovery[115](index=115&type=chunk) - Recovered **550 million cubic meters of methane**, equivalent to reducing greenhouse gas emissions by **8.25 million tons of CO2 equivalent**[115](index=115&type=chunk) [Number and Names of Enterprises Included in the List of Legally Disclosed Environmental Information, and Inquiry Index for Environmental Information Disclosure Reports](index=29&type=section&id=Number%20and%20Names%20of%20Enterprises%20Included%20in%20the%20List%20of%20Legally%20Disclosed%20Environmental%20Information,%20and%20Inquiry%20Index%20for%20Environmental%20Information%20Disclosure%20Reports) As of June 30, 2025, Sinopec and its major subsidiaries had 12 entities on the list of legally disclosed environmental information enterprises, with their environmental data disclosed through official systems - As of June 30, 2025, Sinopec and its important subsidiaries had **12** entities included in the list of enterprises legally required to disclose environmental information[117](index=117&type=chunk) - These enterprises have legally disclosed environmental information through the enterprise environmental information legal disclosure system established by environmental protection authorities[116](index=116&type=chunk) [Company's Work on Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=30&type=section&id=Company's%20Work%20on%20Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization) During the reporting period, the company actively promoted new achievements in rural revitalization, deepening educational and industrial assistance, and completing consumer assistance totaling RMB 830 million - Deepened educational assistance, with **82** enterprises partnering with **72** schools, promoting projects such as "Academicians in Classroom", "Sinopec Accompanying Study", and "Chunlei Gas Station"[118](index=118&type=chunk) - Implemented industrial assistance, building demonstration industrial projects such as Dongxiang Quinoa and Yuexi Cuilan tea[118](index=118&type=chunk) - Completed consumer assistance totaling **RMB 830 million**[118](index=118&type=chunk) Significant Matters [Major Construction Projects](index=31&type=section&id=Major%20Construction%20Projects) The company continued to advance several major construction projects in H1, including shale oil, LNG, refining upgrades, and ethylene projects, with significant investments aimed at enhancing capacity and new material production - Shengli Shale Oil project completed **174** new wells, added **1.145 million tons/year** of new capacity, with cumulative investment of **RMB 15.4 billion**[119](index=119&type=chunk) - Longkou LNG project Phase I has a designed processing capacity of **6 million tons/year**, with cumulative investment of **RMB 5.9 billion**[120](index=120&type=chunk) - Maoming Refining Transformation and Upgrading and Ethylene Quality Improvement project accumulated investment of **RMB 9.3 billion**, including a 3 million tons/year catalytic cracking unit and 1 million tons/year ethylene plant[121](index=121&type=chunk) - Zhenhai 1.5 million tons/year Ethylene and Downstream High-end New Materials Industrial Cluster project accumulated investment of **RMB 4.4 billion**[122](index=122&type=chunk) - Henan Refining & Chemical 1 million tons/year Ethylene project accumulated investment of **RMB 2.6 billion**[123](index=123&type=chunk) [Analysis of Core Competencies](index=31&type=section&id=Analysis%20of%20Core%20Competencies) The company's core competencies stem from its integrated upstream, midstream, and downstream position as a large energy and chemical company, possessing strong overall scale, risk resistance, and sustained profitability - The company is China's largest supplier of refined oil and petrochemical products, a major oil and gas producer, the world's largest refining company, and the second-largest chemical company, with the second-largest number of service stations globally[124](index=124&type=chunk) - Its integrated business structure generates strong synergies, helping to improve resource utilization efficiency and providing strong risk resistance and sustained profitability[124](index=124&type=chunk) - Possesses market-proximate geographical advantages, a professional talent team, refined management capabilities, and world-leading technological strength, with overall technology reaching advanced international levels[126](index=126&type=chunk) - Formulated a future-oriented green transformation and development strategy, accelerating the development of new energy with a focus on hydrogen energy and high-end chemical materials, aiming to build a world-leading clean energy chemical company[127](index=127&type=chunk) [Continuing Connected Transactions During the Reporting Period](index=32&type=section&id=Continuing%20Connected%20Transactions%20During%20the%20Reporting%20Period) During the reporting period, the company engaged in a series of continuing connected transactions with Sinopec Group Company, including mutual supply, leasing, intellectual property licensing, and financial services, all within approved limits - During the reporting period, the company entered into a series of continuing connected transaction agreements with Sinopec Group Company, including mutual supply agreements, land use right lease contracts, property lease contracts, intellectual property licensing contracts, security fund documents, and financial service agreements[128](index=128&type=chunk) H1 2025 Continuing Connected Transaction Amounts | Transaction Type | Amount (RMB billions) | | :--- | :--- | | Total Purchase Amount | 110.165 | | Of which: Procurement of products and services | 103.464 | | Payment of property rent | 0.607 | | Payment of land rent | 5.591 | | Interest expense | 0.503 | | Total Sales Amount | 67.163 | | Of which: Sales of goods | 65.805 | | Agency commission income | 0.033 | | Interest income | 1.325 | - All continuing connected transaction amounts did not exceed the limits approved by the shareholders' meeting and the Board of Directors[129](index=129&type=chunk) [Connected Debts and Credits](index=33&type=section&id=Connected%20Debts%20and%20Credits) As of the end of the reporting period, the company had connected debts and credits with Sinopec Group Company and its associates, primarily due to loans and other receivables/payables, with no significant adverse impact on operations or financial position H1 2025 Connected Debts and Credits (RMB millions) | Related Party | Relationship | Ending Balance of Funds Provided to Related Parties | Ending Balance of Funds Provided by Related Parties to the Company | | :--- | :--- | :--- | :--- | | Sinopec Group | Parent company and its subsidiaries | 18,960 | 16,877 | | Other Related Parties | Associates and joint ventures | 4,019 | 8,421 | | Total | | 22,979 | 25,298 | - The connected debts and credits arose from loans and other receivables and payables[137](index=137&type=chunk) - The connected debts and credits had no significant adverse impact on the company's operating results and financial position[137](index=137&type=chunk) [Daily Connected Transactions with China Oil & Gas Piping Network Corporation During the Reporting Period](index=33&type=section&id=Daily%20Connected%20Transactions%20with%20China%20Oil%20%26%20Gas%20Piping%20Network%20Corporation%20During%20the%20Reporting%20Period) In H1 2025, the company's daily connected transactions with China Oil & Gas Piping Network Corporation for refined oil pipeline transportation services amounted to RMB 2.484 billion, within the approved annual limit - From January 1 to June 30, 2025, the actual amount of daily connected transactions with China Oil & Gas Piping Network Corporation for refined oil pipeline transportation services was **RMB 2.484 billion**[132](index=132&type=chunk) - This transaction amount complied with the 2025 annual limit approved by the Board of Directors[132](index=132&type=chunk) [Sinopec, Fujian Refining & Petrochemical, and Aramco Singapore Establish Joint Venture](index=33&type=section&id=Sinopec,%20Fujian%20Refining%20%26%20Petrochemical,%20and%20Aramco%20Singapore%20Establish%20Joint%20Venture) Sinopec, Fujian Refining & Petrochemical, and Aramco Singapore signed a joint venture agreement on April 28, 2025, to establish a new company with an estimated registered capital of RMB 28.8009 billion, with Sinopec and Fujian Refining & Petrochemical holding 25% and 50% equity respectively, and Aramco Singapore holding 25% - Sinopec, Fujian Refining & Petrochemical, and Aramco Singapore signed a joint venture agreement on April 28, 2025, to jointly establish a joint venture company[133](index=133&type=chunk) - The registered capital of the joint venture company is estimated to be **RMB 28,800,906,667**, with Sinopec, Fujian Refining & Petrochemical, and Aramco Singapore holding **25%**, **50%**, and **25%** equity respectively[133](index=133&type=chunk) - Sinopec will provide corresponding financial support for Fujian Refining & Petrochemical's capital contribution obligations under the joint venture agreement, based on its **50%** equity interest in Fujian Refining & Petrochemical[133](index=133&type=chunk) - Sinopec and Fujian Refining & Petrochemical were granted a call option to acquire Aramco Singapore's equity in the joint venture, and Aramco Singapore was granted a put option to sell its equity in the joint venture[133](index=133&type=chunk) [Sinopec's Issuance of A-Shares to Specific Subscribers](index=33&type=section&id=Sinopec's%20Issuance%20of%20A-Shares%20to%20Specific%20Subscribers) In 2024, the company completed the issuance of 2,390,438,247 A-shares to Sinopec Group Company, raising RMB 12 billion, with 25% of the funds invested in projects as of the reporting period end - In 2024, the company completed the issuance of **2,390,438,247 A-shares** to Sinopec Group Company, raising a total of **RMB 12 billion**[134](index=134&type=chunk)[135](index=135&type=chunk) Overall Use of Raised Funds (RMB millions) | Source of Raised Funds | Total Raised Funds | Net Raised Funds After Issuance Expenses | Total Committed Investment in Prospectus | Cumulative Investment as of End of Reporting Period | Cumulative Investment Progress (%) | Amount Invested During Reporting Period | Percentage of Amount Invested During Reporting Period (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Issuance of shares to specific subscribers | 12,000 | 11,987 | 11,987 | 3,049 | 25 | 1,182 | 10 | Details of Projects Funded by Raised Capital (RMB millions) | Project Name | Planned Investment Amount from Raised Funds | Cumulative Investment Amount from Raised Funds as of End of Reporting Period | Cumulative Investment Progress (%) | Date Project is Expected to Reach Usable State | | :--- | :--- | :--- | :--- | :--- | | Tianjin LNG Project Phase III Stage I | 4,500 | 281 | 6 | 2027 | | Yanshan Branch Hydrogen Purification Facility Improvement Project | 187 | 143 | 76 | 2024 | | Maoming Branch Refining Transformation and Upgrading and Ethylene Quality Improvement Project | 4,800 | 1,261 | 26 | 2027 | | Maoming Branch 50,000 tons/year Polyolefin Elastomer (POE) Industrial Pilot Plant Project | 900 | 836 | 93 | 2025 | | Sino-Kuwait (Guangdong) Petrochemical Co., Ltd. No. 2 EVA Project | 1,600 | 528 | 33 | 2026 | | Total | 11,987 | 3,049 | 25 | | - During the reporting period, there were no changes or terminations of projects funded by raised capital[140](index=140&type=chunk) - During the reporting period, the company did not use idle raised funds to temporarily supplement working capital or for cash management or investment in related products[141](index=141&type=chunk) [Implementation of the Company's 'Quality Improvement, Efficiency Enhancement, and High Returns' Action Plan](index=35&type=section&id=Implementation%20of%20the%20Company's%20'Quality%20Improvement,%20Efficiency%20Enhancement,%20and%20High%20Returns'%20Action%20Plan) The company formulated an action plan for 2024 and a three-year dividend return plan (2024-2026), maintaining dividend continuity and stability, and continuing share repurchases to prioritize investor returns - The company formulated the 2024 "Quality Improvement, Efficiency Enhancement, and High Returns" action plan and a three-year (2024-2026) shareholder dividend return plan[142](index=142&type=chunk) - In H1 2025, the company maintained dividend continuity and stability, and continued to implement share repurchases, focusing on investor returns[142](index=142&type=chunk) [Major Litigation and Arbitration Matters](index=35&type=section&id=Major%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had no major litigation or arbitration matters - During the reporting period, the company had no major litigation or arbitration matters[143](index=143&type=chunk) [Statement on the Integrity of the Company, its Controlling Shareholder, and Actual Controller](index=35&type=section&id=Statement%20on%20the%20Integrity%20of%20the%20Company,%20its%20Controlling%20Shareholder,%20and%20Actual%20Controller) During the reporting period, the company and its controlling shareholder had no unfulfilled obligations from effective legal documents or large overdue debts - During the reporting period, the company and its controlling shareholder had no unfulfilled obligations determined by effective legal documents or large overdue debts[144](index=144&type=chunk) [Major Contracts and Their Performance](index=35&type=section&id=Major%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no major contracts that should have been disclosed but were not - During the reporting period, the company had no major contracts that should have been disclosed but were not[145](index=145&type=chunk) [Major Equity Investments](index=35&type=section&id=Major%20Equity%20Investments) During the reporting period, the company did not undertake any major equity investment matters - During the reporting period, the company did not undertake any major equity investment matters[146](index=146&type=chunk) [Major Asset and Equity Disposals](index=35&type=section&id=Major%20Asset%20and%20Equity%20Disposals) During the reporting period, the company did not undertake any major asset and equity disposal matters - During the reporting period, the company did not undertake any major asset and equity disposal matters[147](index=147&type=chunk) [Business with Finance Company and Shengjun Company](index=36&type=section&id=Business%20with%20Finance%20Company%20and%20Shengjun%20Company) The company conducts deposit, loan, and credit businesses with Sinopec Finance Co., Ltd. and Sinopec Shengjun International Investment Co., Ltd., with total deposits of RMB 81.72 billion and loans of RMB 30.257 billion as of June 30, 2025 H1 2025 Deposit Business (RMB millions) | Related Party | Maximum Daily Deposit Limit | Deposit Interest Rate Range | Beginning Balance | Ending Balance | | :--- | :--- | :--- | :--- | :--- | | Finance Company | Total not exceeding RMB 90 billion | Demand: 0.25%-1.05% Time: 0.60%-7.40% | 7,722 | 14,945 | | Shengjun Company | Total not exceeding RMB 90 billion | Demand: 0%-4.10% Time: 0.15%-5.50% | 58,711 | 66,775 | H1 2025 Loan Business (RMB millions) | Related Party | Loan Limit | Loan Interest Rate Range | Beginning Balance | Ending Balance | | :--- | :--- | :--- | :--- | :--- | | Shengjun Company | 118,078 | 1.67%-5.42% | 2,669 | 2,759 | | Finance Company | 56,347 | 2.35%-4.20% | 25,309 | 27,498 | H1 2025 Credit Business or Other Financial Business (RMB millions) | Related Party | Business Type | Ending Balance | Actual Amount Incurred | | :--- | :--- | :--- | :--- | | Finance Company | Issuance of acceptance bills | 19,258 | 19,840 | | | Bill discounting | — | 4,128 | - The company formulated the "Sinopec Risk Disposal Plan for Financial Business with Sinopec Finance Co., Ltd. and Sinopec Shengjun International Investment Co., Ltd.", to ensure fund safety[152](index=152&type=chunk) [Major Guarantee Contracts and Their Performance](index=38&type=section&id=Major%20Guarantee%20Contracts%20and%20Their%20Performance) As of June 30, 2025, the company's total external guarantees amounted to RMB 3.962 billion (excluding guarantees to controlled subsidiaries), and guarantees to controlled subsidiaries totaled RMB 3.579 billion, with the total guarantee amount representing 0.9% of net assets June 30, 2025 Company Total Guarantee Amount (RMB millions) | Item | Amount | | :--- | :--- | | Total external guarantees by the company (A) | 3,962 | | Total guarantees to controlled subsidiaries by the company (B) | 3,579 | | Total guarantee amount (A+B) | 7,541 | | Percentage of total guarantee amount to company's net assets (%) | 0.9 | | Of which: Debt guarantees provided to guaranteed parties with asset-liability ratio exceeding 70% (D) | 3,962 | | Total of the above three guarantee amounts (C+D+E) | 3,962 | - On June 17, 2025, the company signed a "Financing Guarantee Agreement" with China Construction Bank (Asia) Corporation Limited to provide joint and several liability guarantees for the relevant financing arrangements of the Kazakhstan Gas Chemical Project Company; as of the end of the reporting period, the project company had not yet incurred actual financing[156](index=156&type=chunk) [Performance of Major Commitments by Related Parties](index=39&type=section&id=Performance%20of%20Major%20Commitments%20by%20Related%20Parties) The company and Sinopec Group Company strictly fulfilled various commitments during the reporting period, including those related to IPO, other commitments, and share lock-up commitments for refinancing Performance of Major Commitments by Related Parties | Commitment Background | Commitment Type | Committing Party | Summary of Commitment Content | Performance Period | Strictly Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Commitments related to initial public offering | Initial Public Offering | Sinopec Group Company | Comply with connected transaction agreements; resolve legality issues of land and property ownership certificates within a time limit; implement "Restructuring Agreement"; intellectual property licensing; avoid horizontal competition; waive business competition and conflicts of interest with Sinopec | — | Yes | | Other commitments | Other | Sinopec Group Company | Grant Sinopec a ten-year option to require Sinopec Group Company to sell overseas oil and gas assets invested after the date of this commitment letter | Within 10 years from the date Sinopec Group Company obtains relevant rights and interests | Yes | | Commitments related to refinancing | Share Lock-up | Sinopec Group Company | Not to transfer the A-shares subscribed in this issuance within 36 months from the completion date of this issuance | 36 months from the completion date of this issuance | Yes | - As of the disclosure date of this report, the company has no unfulfilled performance commitments, unfulfilled asset injection or asset integration commitments, nor any profit forecasts for assets or projects[158](index=158&type=chunk) [Structured Entities Controlled by the Company](index=39&type=section&id=Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company had no controlled structured entities - None[159](index=159&type=chunk) [Share Repurchases, Sales, and Redemptions](index=40&type=section&id=Share%20Repurchases,%20Sales,%20and%20Redemptions) The company was authorized to repurchase up to 10% of its issued A-shares or H-shares on June 28, 2024, and has repurchased and canceled 36,180,000 H-shares during the reporting period - The company was authorized to repurchase up to **10%** of its issued A-shares or H-shares, respectively[160](index=160&type=chunk) - During the reporting period, the company cumulatively repurchased **36,180,000 H-shares**, accounting for approximately **0.03%** of the company's total issued share capital as of June 30, 2025[160](index=160&type=chunk) - The total amount paid was **HKD 149,221,546**, and the repurchased H-shares that had not yet been canceled were canceled on June 3, 2025[160](index=160&type=chunk) March 2025 H-Share Repurchase Information | Repurchase Month | Number of Shares Repurchased | Highest Price Per Share (HKD/share) | Lowest Price Per Share (HKD/share) | Total Price (HKD) | | :--- | :--- | :--- | :--- | :--- | | March 2025 | 36,180,000 | 4.17 | 4.09 | 149,221,546 | - Controlled subsidiary Sinopec Shanghai Petrochemical Company Limited also implemented H-share repurchases[162](index=162&type=chunk) [Information on Major Subsidiaries or Associates](index=40&type=section&id=Information%20on%20Major%20Subsidiaries%20or%20Associates) During the reporting period, Sinopec Sales Co., Ltd. and China International United Petroleum & Chemicals Co., Ltd. were major subsidiaries, with their net profits or investment income significantly impacting the company's net profit H1 2025 Major Subsidiaries Information (RMB millions) | Company Name | Company Type | Registered Capital | Equity Held (%) | Total Assets | Net Assets | Net Profit | Operating Revenue | Operating Profit | Principal Business | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sinopec Sales Co., Ltd. | Controlled Subsidiary | 28,403 | 70 | 546,868 | 265,254 | 6,942 | 750,908 | 8,441 | Refined oil sales | | China International United Petroleum & Chemicals Co., Ltd. | Wholly-owned Subsidiary | 5,000 | 100 | 225,040 | 72,052 | 5,547 | 659,327 | 6,554 | Crude oil and petrochemical product trading | [Risk Factors](index=41&type=section&id=Risk%20Factors) The company faces multiple operational risks, including macroeconomic changes, industry cyclical fluctuations, policy and regulatory shifts, environmental regulations, oil and gas resource uncertainties, crude oil procurement price volatility, production and natural disaster risks, investment risks, overseas business expansion, exchange rate fluctuations, and cybersecurity risks - Macroeconomic changes risk: Global economic growth momentum is insufficient, increasing uncertainty, potentially affected by carbon tariffs, trade protectionism, geopolitical factors, and international oil price changes[165](index=165&type=chunk) - Industry cyclical changes risk: A significant portion of the company's revenue comes from refined oil and petrochemical products, and its business is cyclical, easily affected by macroeconomic conditions, policies, supply and demand, and price factors[165](index=165&type=chunk) - Macroeconomic policy and government regulation risk: The Chinese government is gradually relaxing industry access and strengthening regulation; policy changes such as opening up crude oil import rights, tightening refined oil export quotas, natural gas price reforms, support for new energy industries, and reforms in resource and environmental taxes may affect the company's operations[166](index=166&type=chunk) - Risk of changes in environmental regulations: Stricter environmental regulations may increase the company's environmental protection expenditures[167](index=167&type=chunk) - Crude oil procurement risk: Most of the crude oil required by the company needs to be purchased externally, and significant fluctuations in crude oil prices and localized supply disruptions may pose risks[168](index=168&type=chunk) - Overseas business expansion and operation risk: Overseas operations are affected by local laws and regulations, geopolitical factors, economic uncertainties, sanctions, unstable fiscal and tax policies, and other factors[170](index=170&type=chunk) - Exchange rate risk: Fluctuations in the RMB exchange rate will impact the revenue of the upstream segment and the profitability of the refining segment[170](index=170&type=chunk) - Cybersecurity risk: Cyberattacks may lead to production interruptions, data loss, damage to personnel, property, environment, and reputation, requiring continuous increased investment in security[171](index=171&type=chunk) Share Changes and Shareholder Information [Statement of Changes in Shares](index=43&type=section&id=Statement%20of%20Changes%20in%20Shares) As of June 30, 2025, the company's total shares decreased by 36,318,000 to 121,245,237,698 shares, primarily due to the cancellation of H-shares, with no change in restricted shares Statement of Changes in Shares | Item | Number Before Change | Percentage Before Change (%) | Change in Number | Number After Change | Percentage After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 2,390,438,247 | 1.97 | — | 2,390,438,247 | 1.97 | | II. Unrestricted Tradable Shares | 118,891,117,451 | 98.03 | (36,318,000) | 118,854,799,451 | 98.03 | | Of which: Overseas listed foreign shares | 24,049,292,600 | 19.83 | (36,318,000) | 24,012,974,600 | 19.81 | | III. Total Shares | 121,281,555,698 | 100 | (36,318,000) | 121,245,237,698 | 100 | - During the reporting period, Sinopec canceled **36,318,000 H-shares**[172](index=172&type=chunk) - Share repurchases increased basic earnings per share and net assets per share attributable to ordinary shareholders in the most recent year and period[173](index=173&type=chunk) [Number of Shareholders and Shareholding Information](index=44&type=section&id=Number%20of%20Shareholders%20and%20Shareholding%20Information) As of June 30, 2025, the company had 456,099 shareholders, meeting Hong Kong Listing Rules' minimum public float, with Sinopec Group Company as the largest shareholder holding 68.53% - As of June 30, 2025, the company had a total of **456,099** shareholders, including **450,892** domestic A-share shareholders and **5,207** overseas H-share shareholders[174](index=174&type=chunk) - Sinopec's minimum public float complied with the requirements of the Hong Kong Listing Rules[174](index=174&type=chunk) June 30, 2025 Top Ten Shareholders' Shareholding Information | Shareholder Name | Number of Shares Held at Period End | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | China Petrochemical Group Co., Ltd. | 83,090,545,996 | 68.53 | State-owned shares | | HKSCC Nominees Limited | 23,874,861,206 | 19.69 | H-shares | | China Securities Finance Corporation Limited | 2,325,374,407 | 1.92 | A-shares | | China National Petroleum Corporation | 2,165,749,530 | 1.79 | A-shares | | Hong Kong Securities Clearing Company Limited | 883,084,973 | 0.73 | A-shares | - As of June 30, 2025, Sinopec Group Company and its wholly-owned subsidiaries cumulatively increased their holdings of Sinopec A-shares by **28,486,900 shares** and H-shares by **302,004,000 shares**[176](index=176&type=chunk) June 30, 2025 H-Share Shareholder Information Disclosed Under the Securities and Futures Ordinance | Shareholder Name | Capacity in which Shares are Held | Number of Shares in which Interests are Held (shares) | Approximate Percentage of Sinopec's Interests (H-shares) (%) | | :--- | :--- | :--- | :--- | | BlackRock, Inc. | Interests of a corporation controlled by a substantial shareholder | 1,666,916,417(L) | 6.94(L) | | Shengjun Company | Beneficial owner | 1,344,668,000(L) | 5.60(L) | [Changes in Controlling Shareholder and Actual Controller](index=45&type=section&id=Changes%20in%20Controlling%20Shareholder%20and%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder and actual controller - During the reporting period, there were no changes in Sinopec's controlling shareholder and actual controller[182](index=182&type=chunk) Bond-Related Information [Non-Financial Enterprise Debt Financing Instruments in the Interbank Bond Market](index=46&type=section&id=Non-Financial%20Enterprise%20Debt%20Financing%20Instruments%20in%20the%20Interbank%20Bond%20Market) The company issued multiple tranches of medium-term notes, technology innovation bonds, and ultra-short-term financing bonds in the interbank market, with all proceeds used as specified and timely interest payments made Overview of Non-Financial Enterprise Debt Financing Instruments in the Interbank Bond Market | Bond Abbreviation | Code | Issue Date | Maturity Date | Issue Size (RMB billions) | Bond Balance (RMB billions) | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 21 Sinopec MTN001 | 102101386 | 2021/7/23 | 2026/7/27 | 5.0 | 5.0 | 3.2 | | 24 Sinopec MTN001 | 102483276 | 2024/7/30 | 2034/7/31 | 3.5 | 3.5 | 2.24 | | 24 Sinopec MTN002 | 102483277 | 2024/7/30 | 2034/7/31 | 3.5 | 3.5 | 2.24 | | 24 Sinopec MTN003 | 102485444 | 2024/12/16 | 2026/12/17 | 6.0 | 6.0 | 1.7 | | 24 Sinopec MTN004 | 102485443 | 2024/12/16 | 2027/12/17 | 4.0 | 4.0 | 1.75 | | 25 Sinopec MTN001 | 102580205 | 2025/1/13 | 2030/1/14 | 12.0 | 12.0 | 1.75 | | 25 Sinopec MTN002 | 102580206 | 2025/1/13 | 2035/1/14 | 10.0 | 10.0 | 1.96 | | 25 Sinopec MTN003 | 102580639 | 2025/2/18 | 2045/2/19 | 5.0 | 5.0 | 2 | | 25 Sinopec SCP001 (Tech Innovation Bond) | 012581163 | 2025/5/19 | 2025/11/18 | 5.0 | 5.0 | 1.5 | | 25 Sinopec SCP002 (Tech Innovation Bond) | 012581165 | 2025/5/19 | 2025/11/18 | 5.0 | 5.0 | 1.5 | | 25 Sinopec SCP003 (Tech Innovation Bond) | 012581167 | 2025/5/19 | 2025/11/18 | 5.0 | 5.0 | 1.5 | | 25 Sinopec MTN004 (Tech Innovation Bond) | 102582100 | 2025/5/20 | 2028/5/21 | 5.0 | 5.0 | 1.62 | | 25 Sinopec SCP004 | 012581715 | 2025/7/18 | 2025/12/16 | 6.0 | 6.0 | 1.45 | - All bond proceeds have been used as specified in the prospectus[184](index=184&type=chunk) - The bonds are unsecured, the debt repayment plan remains unchanged, and the bond trustee has fulfilled its responsibilities as required by regulations[184](index=184&type=chunk) [Company's Accounting Data and Financial Indicators as of the End of the Reporting Period (PRC GAAP)](index=47&type=section&id=Company's%20Accounting%20Data%20and%20Financial%20Indicators%20as%20of%20the%20End%20of%20the%20Reporting%20Period%20(PRC%20GAAP)) As of the reporting period end, the company's current and quick ratios increased, while the asset-liability ratio

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) plans to repurchase its A-shares to maintain company value and protect shareholder interests, with a budget of no less than RMB 500 million and no more than RMB 1 billion [1] Summary by Relevant Categories Repurchase Plan - The company intends to use its own funds and special loans for the repurchase, executing the buyback through the Shanghai Stock Exchange via centralized bidding [1] - The maximum repurchase price is set at RMB 8.72 per share, inclusive of this price [1]

EF001 免責聲明 | 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的內容概不負責，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 | | | --- | --- | | 公告全部或任何部份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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 中國石油化工股份有限公司 | | 股份代號 | 00386 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年六月三十日止年度之中期股息 | | 公告日期 | 2025年8月21日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.088 RMB | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.0967 HKD | | 匯率 | 1 RM ...

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，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 （在中華人民共和國註冊成立的股份有限公司） （證券代號：00386） 2025年半年度業績公告 中國石油化工股份有限公司（「中國石化」或「本公司」）董事會謹此宣佈中國石 化及其附屬公司截至2025年6月30日止六個月之未經審計業績。本公告列載中 國石化2025年半年度報告全文，並符合香港聯合交易所有限公司證券上市規則 中有關中期業績初步公告附載資料之要求。中國石化2025年半年度報告全文 同時刊載於香港聯合交易所有限公司網站( www.hkexnews.hk )及中國石化網站 ( www.sinopec.com/listco /)。 發佈業績公告 本業績公告的中英文版本可在中國石化網站(www.sinopec.com/listco /)及香港聯合 交易所有限公司網站(www.hkexnews.hk)查閱。在對中英文版本理解上發生歧義 時，以中文為準。 承董事會命 中國石油化工股份有限公司 黃文生 副總裁、 ...

Core Insights - China Petroleum & Chemical Corporation (Sinopec) reported strong performance in its 2025 interim results, with revenue reaching 1.4 trillion yuan and a net profit attributable to shareholders of 23.75 billion yuan [1] - The company announced an interim dividend of 0.088 yuan per share, with a cash dividend payout ratio of 49.7%, and approved a new share buyback plan to enhance company value [1] Financial Performance - Revenue for the first half of the year was 1.4 trillion yuan, with a net profit of 23.75 billion yuan [1] - Operating cash flow remained robust, indicating a stable financial condition [1] Production and Operations - The company achieved an oil and gas equivalent production of 262.81 million barrels, a year-on-year increase of 2.0% [1] - Domestic crude oil production was 126.73 million barrels, while natural gas production reached 736.28 billion cubic feet, reflecting a year-on-year growth of 5.1% [1] - Crude oil processing amounted to 120 million tons, with refined oil products totaling 71.4 million tons and chemical light oil at 22.06 million tons, marking an 11.5% increase year-on-year [1] - Ethylene production was recorded at 7.563 million tons, with total chemical product operations reaching 40.08 million tons, indicating a full production and sales cycle [1]

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，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 （在中華人民共和國註冊成立的股份有限公司） （證券代號：00386） 海外監管公告 中國石油化工股份有限公司 2025年半年度募集資金存放與實際使用情況的專項報告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 承董事會命 中國石油化工股份有限公司 黃文生 根据中国证券监督管理委员会《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），本公司向中国石化集团发行人民币普通股（A 股）2,390,438,247 股，募集资金总额为人民币 11,999,999,999.94 元，募集资金净额为人 民币 11,987,328,778.90 元。募集资金总额扣除承销保荐费用后的募集资金已于 2024 年 3 月 12 日汇入本公司开立的募集资金专用账户。 （二）募集资金使用和结余情况 副總裁、董事會秘書 中國北京 2025年8月21日 根据《上 ...

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，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 （在中華人民共和國註冊成立的股份有限公司） （證券代號：00386） 海外監管公告 中國石油化工股份有限公司 關於中國石化與財務公司和盛駿公司2025年 上半年關聯交易的風險持續評估報告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 承董事會命 中國石油化工股份有限公司 黃文生 副總裁、董事會秘書 中國北京 2025年8月21日 於本公告日期，本公司的董事為：侯啟軍 * 、趙東 # 、鐘韌 * 、李永林 # 、呂亮功 # 、牛 栓文 # 、萬濤 # 、蔡勇 * 、徐林 + 、張麗英 + 、廖子彬 + 及張希良 + 。 # 執行董事 * 非執行董事 + 獨立非執行董事 附件 关于中国石化与财务公司和盛骏公司 2025 年 上半年关联交易的风险持续评估报告 2025 年上半年，中国石油化工股份有限公司（简称"中国石 化"或"公司"）与中国石化财务有限责任公司（简称"财务公 司"）和中 ...

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，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 （在中華人民共和國註冊成立的股份有限公司） （證券代號：00386） 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 承董事會命 中國石油化工股份有限公司 黃文生 副總裁、董事會秘書 海外監管公告 中國石油化工股份有限公司 關於回購股份通知債權人的公告 股票代码：600028 股票简称：中国石化 公告编号：2025-36 中國北京 2025年8月21日 於本公告日期，本公司的董事為：侯啟軍 * 、趙東 # 、鐘韌 * 、李永林 # 、呂亮功 # 、 牛栓文 # 、萬濤 # 、蔡勇 * 、徐林 + 、張麗英 + 、廖子彬 + 及張希良 + 。 # 執行董事 * 非執行董事 + 獨立非執行董事 2025年5月28日，中国石油化工股份有限公司（简称"中国石化"或"公司"） 2024年度股东会、2025年第一次A股类别股东会和2025年第一次H股类别股东会 （合称"股东会"）审议通过了《授 ...