股票代码：600028 股票简称：中国石化 公告编号：2025-34 重要内容提示： 每股分配比例：2025年半年度A股每股派发现金股利人民币0.088元（含税）。 本次利润分配以股权登记日2025年9月11日（星期四）当日登记的总股本为 基数。 如股权登记日前公司总股本发生变动的，拟维持每股分配比例不变，相应调 整分配总额，并将在相关公告中披露。 一、利润分配方案内容 按照中国企业会计准则，截至2025年6月30日，中国石油化工股份有限公司（简 称"中国石化"或"公司"）母公司报表中期末未分配利润为人民币1,060.43亿元。 经公司第九届董事会第八次会议决议，公司2025年半年度拟以实施分红派息股权登 记日即2025年9月11日（星期四）（简称"股权登记日"）当日登记的总股本为基数 进行利润分配。本次利润分配方案如下： 公司拟以股权登记日当日登记的总股本为基数，每股派发现金股利人民币0.088 元（含税）。若根据截至本公告日的总股本121,245,237,698股计算，2025年半年度公 司合计拟派发现金股利人民币106.70亿元（含税）。 1 中国石油化工股份有限公司 2025年半年度A股利润分配方案公 ...

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) reported a solid performance in the first half of 2025, showcasing strong revenue and profit figures while maintaining a robust financial position [1] Financial Performance - The company achieved a revenue of 1.4 trillion yuan in the first half of the year [1] - Shareholder profit amounted to 23.75 billion yuan, indicating a healthy profit margin [1] - Operating cash flow remained abundant, reflecting a stable financial condition [1] Dividend and Share Buyback - The board of directors declared an interim dividend of 0.088 yuan per share, with a cash dividend payout ratio of 49.7% [1] - A new round of share buyback was approved to enhance company value [1] Production and Operational Highlights - The total oil and gas equivalent production reached 262.81 million barrels, marking a year-on-year increase of 2.0% [1] - Domestic crude oil production was 126.73 million barrels, while natural gas production was 736.28 billion cubic feet, up by 5.1% year-on-year [1] - The company processed 120 million tons of crude oil, producing 71.4 million tons of refined oil and 22.06 million tons of chemical light oil, which is an 11.5% increase [1] - Ethylene production stood at 7.563 million tons, with total chemical product sales reaching 40.08 million tons, achieving full production and sales [1]

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) reported a decline in revenue and profit for the first half of 2025, attributed to falling international crude oil prices, decreased domestic gasoline and diesel demand, and low chemical margins [1] Financial Performance - The company's operating revenue for the first half of 2025 was RMB 1,409.1 billion, a year-on-year decrease of 10.6% [1] - Operating profit was RMB 33.4 billion, down 34.5% year-on-year [1] - Net profit attributable to shareholders was RMB 21.483 billion, reflecting a 39.8% decline compared to the previous year [1] Dividend Distribution - The board of directors decided to distribute an interim cash dividend of RMB 0.088 per share for the first half of 2025, in accordance with the upper limit specified in the company's articles of association [1]

每经AI快讯，8月21日，中国石化（600028）(600028.SH)公告称，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股类别股东会审议通过了回购议案。公司拟采用集中竞价交易方式回 购A股股份，回购的股份将注销并减少注册资本，拟回购A股股份的资金总额不低于人民币5亿元，不超 过人民币10亿元。 ...

[Company Profile](index=3&type=section&id=Company%20Profile) This section introduces Sinopec as a leading integrated energy and chemical company with diverse operations, including traditional oil and gas and emerging new energy businesses [Company Overview and Business Scope](index=3&type=section&id=Company%20Overview%20and%20Business%20Scope) Sinopec is one of China's largest integrated energy and chemical companies, covering oil and gas exploration, refining, sales, and new energy ventures - Sinopec is one of China's largest integrated energy and chemical companies, with a broad business scope including traditional oil and gas and emerging new energy businesses[4](index=4&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[4](index=4&type=chunk) [Basic Information and Definitions](index=3&type=section&id=Basic%20Information%20and%20Definitions) This section provides Sinopec's legal name, abbreviation, registered address, contact information, and definitions of terms used in the report for clarity - The company's registered, office, and contact address is No. 22 Chaoyangmen North Street, Chaoyang District, Beijing, China[6](index=6&type=chunk) - The A-share stock code is 600028, and the H-share stock code is 00386[8](index=8&type=chunk) [Key Financial Data and Indicators](index=6&type=section&id=Key%20Financial%20Data%20and%20Indicators) This section presents the company's key financial performance and position, highlighting significant changes in revenue, profit, and cash flow under different accounting standards [Financial Data and Indicators Prepared Under PRC GAAP](index=6&type=section&id=Financial%20Data%20and%20Indicators%20Prepared%20Under%20PRC%20GAAP) Under PRC GAAP, the company's H1 2025 operating revenue decreased by 10.6% year-on-year, and net profit attributable to parent company shareholders decreased by 39.8%, while net cash flow from operating activities increased by 44.4% 2025 H1 Key Accounting Data (PRC GAAP) | Item | 2025 H1 (RMB million) | 2024 H1 (RMB million) | 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 Cash Flow from Operating Activities | 61,016 | 42,269 | 44.4 | | Equity Attributable to Parent Company Shareholders (Period-end) | 827,449 | 819,922 | 0.9 | | Total Assets (Period-end) | 2,144,939 | 2,084,771 | 2.9 | 2025 H1 Key Financial Indicators (PRC GAAP) | Item | 2025 H1 | 2024 H1 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB) | 0.177 | 0.296 | (40.2) | | Diluted Earnings Per Share (RMB) | 0.177 | 0.296 | (40.2) | | Basic EPS Excluding Non-recurring Gains and Losses (RMB) | 0.175 | 0.295 | (40.7) | | Weighted Average Return on Net Assets (%) | 2.61 | 4.37 | (1.76) percentage points | - Total non-recurring gains and losses amounted to **RMB (453) million**, primarily impacting net profit attributable to parent company shareholders by **RMB (268) million**[12](index=12&type=chunk) - Accounts receivable increased by **46.0%** to **RMB 64,719 million**, mainly due to increased overseas trade operations[13](index=13&type=chunk) - Investments in other equity instruments increased by **1,064.2%** to **RMB 4,843 million**, primarily due to strategic investment in CATL equity[13](index=13&type=chunk) - Finance expenses increased by **34.3%** to **RMB 8,426 million**, mainly due to increased net exchange losses on foreign currency loans and lower deposit interest rates[13](index=13&type=chunk) - Asset impairment losses increased by **35.5%** to **RMB (2,289) million**, primarily due to increased impairment losses on petroleum and petrochemical products and crude oil for trade caused by falling crude oil prices[13](index=13&type=chunk) - Cash paid for investments increased by **112.9%** to **RMB (6,277) million**, mainly due to strategic investment in CATL equity[15](index=15&type=chunk) [Financial Data and Indicators Prepared Under IFRS](index=8&type=section&id=Financial%20Data%20and%20Indicators%20Prepared%20Under%20IFRS) Under IFRS, the company's H1 2025 operating profit decreased by 34.5% year-on-year, and profit attributable to company shareholders decreased by 35.9%, while net cash flow from operating activities increased by 44.4% 2025 H1 Key Accounting Data (IFRS) | Item | 2025 H1 (RMB million) | 2024 H1 (RMB million) | 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 (Period-end) | 824,565 | 815,815 | 1.1 | | Total Assets (Period-end) | 2,142,807 | 2,081,440 | 2.9 | 2025 H1 Key Financial Indicators (IFRS) | Item | 2025 H1 | 2024 H1 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB) | 0.196 | 0.307 | (36.2) | | Diluted Earnings Per Share (RMB) | 0.196 | 0.307 | (36.2) | | Return on Capital Employed (%) | 2.82 | 4.30 | (1.48) percentage points | [Chairman's Statement](index=10&type=section&id=Chairman's%20Statement) New Chairman Hou Qijun reviews 25 years of company achievements, noting a significant profit decline in H1 due to falling oil prices and a sluggish chemical market, despite ample operating cash flow - The company's H1 profit significantly decreased year-on-year, mainly due to a substantial drop in international crude oil prices and low gross margins in the chemical market[19](index=19&type=chunk) - The Board of Directors decided to distribute an interim cash dividend of **RMB 0.088 per share** for 2025[19](index=19&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 to extend the industrial and value chains towards high-end[19](index=19&type=chunk) - Future strategic priorities include: innovation-driven (building an R&D-production-sales-application innovation system, increasing reform of the scientific and technological system, and deploying new energy batteries, synthetic biology, AI applications, etc.), value-led (coordinating economic, social, and cultural value, improving return on investment, and strengthening cost control), transformation and upgrading (promoting high-end, intelligent, and green development of existing businesses, fostering new productive forces, and developing strategic emerging and future industries), resource assurance (increasing oil and gas exploration and development, acquiring diversified resources, and developing new energy businesses such as hydrogen, solar, wind, and geothermal), market expansion (customer-centric approach, consolidating refined oil sales, expanding natural gas and charging/swapping businesses, and exploring international markets), and open cooperation (integrating into the new development pattern and deepening international cooperation)[20](index=20&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) - The company will deepen reforms, strengthen management, improve the modern enterprise system with Chinese characteristics, enhance governance efficiency, strengthen market value management, and focus on shareholder returns[24](index=24&type=chunk) [Operating Performance Review and Outlook](index=13&type=section&id=Operating%20Performance%20Review%20and%20Outlook) This section reviews the company's H1 2025 operating performance, including production, safety, innovation, and capital expenditures, and provides an outlook for H2 2025 [Operating Performance Review](index=13&type=section&id=Operating%20Performance%20Review) In H1 2025, China's economy showed steady progress, but international crude oil prices fluctuated downwards, with the Platts Brent crude spot average price decreasing by 14.7% year-on-year - In H1 2025, China's GDP grew by **5.3%** year-on-year[26](index=26&type=chunk) - Domestic natural gas demand slightly increased by **2.1%**, refined oil demand decreased by **3.6%**, and demand for major chemical products rapidly grew by **10.1%**[26](index=26&type=chunk) - International crude oil prices fluctuated downwards, with the Platts Brent crude spot average price at **$71.7/barrel**, a **14.7%** year-on-year decrease[26](index=26&type=chunk) [Production and Operations](index=13&type=section&id=Production%20and%20Operations) In H1, the company's oil and gas equivalent production increased by 2.0% to 262.81 million barrels, with natural gas output up 5.1%, while refining throughput decreased, and chemical ethylene output grew by 16.4% 2025 H1 Exploration and Production Operations | Indicator | 2025 H1 | 2024 H1 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Oil and Gas Equivalent Production (million barrels of oil equivalent) | 262.81 | 257.66 | 2.0 | | Domestic Crude Oil Production (million barrels) | 126.73 | 126.49 | 0.2 | | Natural Gas Production (billion cubic feet) | 736.28 | 700.57 | 5.1 | - Significant breakthroughs were made in exploration, including offshore oil and gas and ultra-deep shale gas in the Sichuan Basin[27](index=27&type=chunk) - Integrated coordination of natural gas production, supply, storage, and sales achieved historical best full-chain profitability for the same period[27](index=27&type=chunk) 2025 H1 Refining Operations | Indicator | 2025 H1 (million tons) | 2024 H1 (million tons) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Crude Oil Processing Volume | 119.97 | 126.69 | (5.3) | | Gasoline, Diesel, Kerosene Production | 71.40 | 77.30 | (7.6) | | Chemical Light Oil Production | 22.06 | 19.79 | 11.5 | - Refining business flexibly adjusted product structure, increased jet fuel production, promoted low-cost "oil-to-chemical" and high-value "oil-to-specialty" conversions, and increased production of marketable products like high-end carbon materials and lubricants[30](index=30&type=chunk) 2025 H1 Marketing and Distribution Operations | Indicator | 2025 H1 (million tons) | 2024 H1 (million tons) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Refined Oil Sales Volume | 112.14 | 119.01 | (5.8) | | Domestic Refined Oil Sales Volume | 87.05 | 90.14 | (3.4) | | Total Sinopec Branded Service Stations (units) | 31,015 | 30,987 | 0.1 | | Number of Convenience Stores | 28,689 | 28,648 | 0.1 | - Marketing and distribution business vigorously expanded markets and sales, with a continuous increase in high-octane gasoline proportion, significant year-on-year growth in vehicle LNG sales and charging volume, and the launch of the first overseas hydrogen refueling station[32](index=32&type=chunk) 2025 H1 Major Chemical Product Output | Product | 2025 H1 (thousand tons) | 2024 H1 (thousand tons) | 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 Rubber | 804 | 678 | 18.6 | - Chemical business continued to promote feedstock light-weighting and diversification, increased development of new and high-value-added products, achieving full production and sales[36](index=36&type=chunk) [Safety and Health](index=15&type=section&id=Safety%20and%20Health) The company continued to improve its HSE management system, launched a safety production campaign, maintained safe and clean operations, and strengthened occupational disease prevention and employee health focus - Continuously improved the construction and operation of the HSE management system, enhancing HSE awareness and capabilities across all employees[39](index=39&type=chunk) - Launched the Safety Production Fundamental Improvement Action Plan for 2025, generally maintaining safe and clean production[39](index=39&type=chunk) [Technological Innovation](index=16&type=section&id=Technological%20Innovation) The company made breakthroughs in key core technologies, including heterogeneous composite flooding, intelligent drilling software, needle coke applications, POE industrial demonstration, and seawater hydrogen production, and launched the Changcheng large model - Breakthroughs achieved in heterogeneous composite flooding technology for significantly enhanced oil recovery, and the Geodrill intelligent drilling proprietary software system was developed[42](index=42&type=chunk) - Proprietary POE industrial demonstration unit and a 400,000 tons/year acrylonitrile unit successfully started operation[42](index=42&type=chunk) - The Changcheng large model was launched, and the OPEN process simulation software for the petrochemical industry completed iterative development[42](index=42&type=chunk) [Capital Expenditures](index=16&type=section&id=Capital%20Expenditures) Total capital expenditures in H1 2025 amounted to RMB 43.8 billion, primarily allocated to exploration and production (RMB 27.6 billion), chemicals (RMB 7.3 billion), and refining (RMB 5.5 billion) 2025 H1 Capital Expenditures | Segment | Capital Expenditures (RMB billion) | | :--- | :--- | | Exploration and Production | 27.6 | | Refining | 5.5 | | Marketing and Distribution | 2.8 | | Chemicals | 7.3 | | Headquarters and Others | 0.5 | | **Total** | **43.8** | - Capital expenditures in the exploration and production segment were mainly for crude oil capacity building in Jiyang and Tahe, natural gas capacity building in Dingshan-Dongxi, and oil and gas storage and transportation facilities[43](index=43&type=chunk) [Business Outlook](index=16&type=section&id=Business%20Outlook) For H2 2025, China's economy is expected to continue improving, with natural gas and chemical demand growing, but refined oil demand affected by alternative energy and international crude oil prices facing uncertainty - In H2 2025, domestic demand for natural gas and chemical products is expected to maintain growth, while refined oil demand will be influenced by alternative energy sources[44](index=44&type=chunk) - International crude oil prices are expected to face greater uncertainty[44](index=44&type=chunk) - The company will focus on operational efficiency, technological innovation, transformation and upgrading, and reform management to promote high-quality development in all aspects[44](index=44&type=chunk) - H2 plans include producing **141 million barrels of crude oil** and **714.5 billion cubic feet of natural gas**[44](index=44&type=chunk) - For refining, the plan is to process **130 million tons of crude oil**, increase jet fuel production, and build a high-end carbon material industrial chain[45](index=45&type=chunk) - In marketing and distribution, domestic refined oil sales volume is planned at **89.8 million tons**, accelerating the transformation into an integrated energy service provider for "oil, gas, hydrogen, electricity, and services"[45](index=45&type=chunk) - For chemicals, the plan is to produce **7.85 million tons of ethylene** and increase the development of new materials and high-value-added products[45](index=45&type=chunk) - The company decided to reduce its full-year capital expenditure plan by approximately **5%**[46](index=46&type=chunk) [Management Discussion and Analysis](index=18&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a detailed analysis of the company's consolidated operating results, segment performance, financial position, and cash flows, along with accounting policy changes [Consolidated Operating Results](index=18&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, mainly due to falling crude oil prices, lower domestic refined oil demand, and weak chemical margins 2025 H1 Consolidated Income Statement Key Items (IFRS) | Item | 2025 H1 (RMB million) | 2024 H1 (RMB million) | Change Rate (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,409,052 | 1,576,131 | (10.6) | | 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 Attributable to Company Shareholders | 23,752 | 37,079 | (35.9) | - Revenue from principal operations decreased by **10.7%** year-on-year, mainly due to lower prices of petroleum and petrochemical products and reduced sales volumes of refined oil products[49](index=49&type=chunk) - Operating expenses decreased by **9.8%** year-on-year, mainly due to lower procurement costs for crude oil and refined oil products[53](index=53&type=chunk) - Other net income increased by **235.1%** to **RMB 8.1 billion**, primarily due to increased gains from commodity derivative hedging activities[56](index=56&type=chunk) - Investment income and share of profits/losses of associates and joint ventures decreased by **19.2%** year-on-year, mainly due to the impact of shutdowns for maintenance at some chemical joint ventures like YASREF and Sino-Saudi[58](index=58&type=chunk) [Operating Results by Business Segment](index=21&type=section&id=Operating%20Results%20by%20Business%20Segment) Business segment operating results were significantly impacted by market conditions, with exploration and production, refining, and marketing and distribution segments all experiencing profit declines, and the chemical segment incurring a loss 2025 H1 Operating Results by Business Segment (Before Inter-segment Sales Elimination) | Segment | Operating Revenue (RMB million) | Operating Expenses (RMB million) | Operating Profit (RMB million) | Operating Profit Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Exploration and Production | 144,656 | 121,018 | 23,638 | (18.9) | | Refining | 658,324 | 654,789 | 3,535 | (50.4) | | Marketing and Distribution | 752,587 | 744,628 | 7,959 | (45.7) | | Chemicals | 241,938 | 246,162 | (4,224) | — | | Headquarters and Others | 662,975 | 661,330 | 1,645 | (61.8) | - Operating revenue of the exploration and production segment decreased by **5.9%** year-on-year, mainly due to lower prices of crude oil and natural gas products[66](index=66&type=chunk) - Operating revenue of the refining segment decreased by **12.2%** year-on-year, mainly due to lower crude oil processing volume and decreased prices of refined oil products[68](index=68&type=chunk) - Refining gross margin was **RMB 315/ton**, a **0.3%** year-on-year decrease, mainly due to inventory losses caused by falling crude oil prices[71](index=71&type=chunk) - Non-oil business profit of the marketing and distribution segment was **RMB 3.09 billion**, a **17.0%** year-on-year increase, with charging service fees significantly growing year-on-year[75](index=75&type=chunk) - The chemical 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 products like aromatics, and concentrated unit maintenance[79](index=79&type=chunk) [Assets, Liabilities, Equity, and Cash Flows](index=28&type=section&id=Assets%2C%20Liabilities%2C%20Equity%2C%20and%20Cash%20Flows) As of June 30, 2025, total assets were RMB 2,142.8 billion, total liabilities RMB 1,161.3 billion, and equity attributable to company shareholders RMB 824.6 billion, all showing growth from year-end 2024 June 30, 2025 Assets, Liabilities, and Equity (IFRS) | Item | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change Amount (RMB million) | | :--- | :--- | :--- | :--- | | 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 | - The increase in current assets was mainly due to increased operating volume of overseas businesses such as crude oil trade, with accounts receivable increasing by **RMB 20.4 billion**; cash and cash equivalents and time deposits with financial institutions increased by **RMB 16.7 billion**[85](index=85&type=chunk) - The increase in non-current assets was mainly due to an increase of **RMB 9.9 billion** in equity in associates and joint ventures, and a **RMB 4.4 billion** increase from strategic investment in CATL equity[85](index=85&type=chunk) - The increase in current liabilities was 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**[85](index=85&type=chunk) - The increase in non-current liabilities was mainly due to the company's issuance of medium-term notes and technology innovation bonds, leading to an increase in low-cost bond financing[85](index=85&type=chunk) 2025 H1 Consolidated Cash Flow Statement Key Items | Item | 2025 H1 (RMB million) | 2024 H1 (RMB million) | Change Amount (RMB million) | | :--- | :--- | :--- | :--- | | 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 | - The increase in net cash inflow from operating activities was mainly due to a net decrease in working capital occupied by inventories[87](index=87&type=chunk) - The decrease in net cash inflow from financing activities was mainly due to the distribution of 2024 final cash dividends in June this year and the receipt of proceeds from a private placement in the same period last year[87](index=87&type=chunk) - Research and development expenditures in H1 2025 amounted to **RMB 8.2 billion**, and environmental protection expenditures were **RMB 6.9 billion**[91](index=91&type=chunk) [Analysis of Financial Statements Prepared Under PRC GAAP](index=31&type=section&id=Analysis%20of%20Financial%20Statements%20Prepared%20Under%20PRC%20GAAP) Under PRC GAAP, H1 2025 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 2025 H1 Operating Revenue and Operating Profit/(Loss) by Business Segment (PRC GAAP) | Segment | Operating Revenue (RMB million) | Operating Profit/(Loss) (RMB million) | | :--- | :--- | :--- | | 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 Profit | 1,409,052 | 29,094 | - Consolidated operating profit decreased by **43.5%** year-on-year, mainly due to continuously falling crude oil and product prices, leading to inventory losses, declining domestic gasoline and diesel sales and price spreads, and reduced gross margins for jet fuel and aromatics[97](index=97&type=chunk) - Net profit attributable to parent company shareholders decreased by **39.8%** year-on-year[98](index=98&type=chunk) 2025 H1 Principal Business by Industry (PRC GAAP) | Industry Segment | Operating Revenue (RMB million) | Operating Cost (RMB million) | Gross Profit Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Gross Profit Margin (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | | Exploration and Production | 144,656 | 102,055 | 23.8 | (5.9) | (1.7) | | Refining | 658,324 | 535,484 | 1.5 | (12.2) | (0.2) | | Marketing and Distribution | 752,587 | 712,628 | 5.1 | (12.8) | (0.3) | | Chemicals | 241,938 | 238,373 | 1.1 | (6.0) | (0.5) | | Headquarters and Others | 662,975 | 656,511 | 1.0 | (16.8) | (0.7) | | Total | 1,409,052 | 1,192,753 | 6.6 | (10.6) | (0.8) | [Reasons and Impact of Changes in Accounting Policies, Estimates, and Methods](index=33&type=section&id=Reasons%20and%20Impact%20of%20Changes%20in%20Accounting%20Policies%2C%20Estimates%2C%20and%20Methods) This section directs readers to Note 2 of the financial statements prepared under IFRS for details on changes in accounting policies, estimates, and methods [Corporate Governance, Environment, and Society](index=34&type=section&id=Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details the company's efforts in corporate governance, environmental protection, and social responsibility, including board performance, ESG management, and community engagement [Improvements in Corporate Governance](index=34&type=section&id=Improvements%20in%20Corporate%20Governance) During the reporting period, Sinopec continuously improved its corporate governance, complied with regulations, and ensured diligent performance by the Board and its committees, with independent directors actively contributing - The company complied with its Articles of Association and domestic and overseas securities regulatory requirements, improving corporate governance and continuously enhancing the quality of its listed company status[103](index=103&type=chunk) - The Board of Directors and its specialized committees diligently reviewed and decided on matters, with independent directors actively playing their roles and conducting special research at subordinate enterprises[103](index=103&type=chunk) - The company formulated and issued the "Sinopec Market Value Management Measures," continued to implement share repurchases, and strengthened internal control and risk management[103](index=103&type=chunk) - The company continuously improved its ESG management level, solidly carried out the Safety Production Fundamental Improvement Action Plan, deepened systematic environmental protection governance, and steadily advanced its carbon peaking actions[103](index=103&type=chunk) [Directors, Supervisors, and Other Senior Management](index=34&type=section&id=Directors%2C%20Supervisors%2C%20and%20Other%20Senior%20Management) During the reporting period, several directors and supervisors resigned due to work adjustments or age, with Mr. Hou Qijun and Mr. Cai Yong elected as non-executive directors - In H1 2025, Mr. Zhang Shaofeng, Mr. Yu Baocai, Mr. Ma Yongsheng, Mr. Tan Wenfang, and Mr. Zhang Chunsheng resigned from their respective positions[104](index=104&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[104](index=104&type=chunk) - As of June 30, 2025, none of the company's directors, supervisors, senior management, or their respective associates held any interests or short positions in shares, underlying shares, or debentures required to be disclosed under the Securities and Futures Ordinance and the Hong Kong Listing Rules[105](index=105&type=chunk) [Dividend Distribution](index=35&type=section&id=Dividend%20Distribution) The company distributed a 2024 final cash dividend of RMB 0.14 per share in June 2025, totaling RMB 0.286 per share for the full year - The 2024 final cash dividend was **RMB 0.14 per share** (tax inclusive), distributed on or before June 27, 2025[107](index=107&type=chunk) - Total cash dividends distributed for the full year 2024 amounted to **RMB 0.286 per share** (tax inclusive)[107](index=107&type=chunk) - The 2025 interim dividend distribution plan is **RMB 0.088 per share** (tax inclusive), to be distributed on or before September 25, 2025[108](index=108&type=chunk) - H-share dividends will be distributed in Hong Kong Dollars, based on the average benchmark exchange rate of RMB to HKD in the week prior to the dividend declaration date (HKD 1 to RMB 0.909564)[108](index=108&type=chunk) - The company will legally withhold and pay **10%** enterprise income tax for non-resident enterprise H-share shareholders, and individual income tax for residents of countries with different tax agreements[109](index=109&type=chunk)[110](index=110&type=chunk) [Employee Information](index=36&type=section&id=Employee%20Information) As of June 30, 2025, the company had 348,654 employees, with major subsidiaries Sinopec Marketing Co., Ltd. and China International United Petroleum & Chemicals Co., Ltd. having 116,005 and 621 employees, respectively - As of June 30, 2025, the company had **348,654 employees**[111](index=111&type=chunk) - Major subsidiaries Sinopec Marketing Co., Ltd. and China International United Petroleum & Chemicals Co., Ltd. had **116,005 employees** and **621 employees**, respectively[111](index=111&type=chunk) [Remuneration Policy](index=36&type=section&id=Remuneration%20Policy) Sinopec has established a remuneration system based on job value, performance contribution, and capability enhancement, continuously improving employee performance evaluation and incentive mechanisms - The company has established a remuneration distribution system based on job value, performance contribution, and capability enhancement[112](index=112&type=chunk) - Continuously improved employee performance evaluation and incentive and restraint mechanisms[113](index=113&type=chunk) [Training Programs](index=37&type=section&id=Training%20Programs) During the reporting period, the company strengthened overall management of education and training, innovated various talent training programs, and conducted over 29 million hours of online training - Headquarters trained **1,700 key talents** in H1, focusing on management personnel, experts, skilled workers, and international talents to serve the company's strategic advancement[114](index=114&type=chunk) - Deepened the application of Sinopec Online Academy, enhancing the intelligence and precision of training, with over **29 million hours** of online training in H1[114](index=114&type=chunk) [Implementation of Equity Incentive Plans](index=37&type=section&id=Implementation%20of%20Equity%20Incentive%20Plans) The company did not implement any equity incentive plans during the reporting period - The company did not implement any equity incentive plans during this reporting period[115](index=115&type=chunk) [Compliance with Corporate Governance Code](index=37&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) 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 - During this reporting period, Sinopec complied with all code provisions of the Corporate Governance Code set out in Appendix C1 of the Hong Kong Listing Rules[116](index=116&type=chunk) [Review of Interim Report](index=37&type=section&id=Review%20of%20Interim%20Report) Sinopec's Board Audit Committee has reviewed and confirmed this report - Sinopec's Board Audit Committee has reviewed and confirmed this report[117](index=117&type=chunk) [Work on Ecological Protection, Pollution Prevention, and Environmental Responsibility](index=37&type=section&id=Work%20on%20Ecological%20Protection%2C%20Pollution%20Prevention%2C%20and%20Environmental%20Responsibility) During the reporting period, the company deepened systematic environmental protection governance, advanced the second phase of its Green Enterprise Action Plan, and initiated a three-year "Waste-Free Group" construction action - Fully promoted the second phase of the Green Enterprise Action Plan and launched a three-year action plan for building a "Waste-Free Group"[118](index=118&type=chunk) - COD emissions in discharged wastewater remained largely flat year-on-year, sulfur dioxide emissions decreased by **2%** year-on-year, and the proper disposal rate of solid waste reached **100%**[118](index=118&type=chunk) - The company and its important subsidiaries have legally disclosed environmental information through the enterprise environmental information disclosure system established by ecological and environmental departments[120](index=120&type=chunk)[121](index=121&type=chunk) [Measures and Effects of Carbon Emission Reduction](index=37&type=section&id=Measures%20and%20Effects%20of%20Carbon%20Emission%20Reduction) During the reporting period, the company actively promoted "dual carbon" actions, reducing greenhouse gas emissions by 1.456 million tons of CO2 equivalent through energy saving and consumption reduction - Reduced greenhouse gas emissions by **1.456 million tons of CO2 equivalent** through energy saving and consumption reduction[119](index=119&type=chunk) - Recovered and utilized **961,000 tons of CO2**; injected **398,000 tons of CO2** for enhanced oil recovery[119](index=119&type=chunk) - Recovered **550 million cubic meters of methane**, equivalent to reducing greenhouse gas emissions by **8.25 million tons of CO2 equivalent**[119](index=119&type=chunk) [Company's Work on Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=39&type=section&id=Company's%20Work%20on%20Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization) During the reporting period, the company actively promoted rural revitalization, deepened educational and industrial assistance, and strengthened consumption assistance, achieving RMB 830 million in consumption assistance - Deepened educational assistance, with **82 enterprises** having partnered with **72 schools**[122](index=122&type=chunk) - Implemented industrial assistance, vigorously developing demonstrative industrial projects such as Dongxiang quinoa and Yuexi Cuilan tea[122](index=122&type=chunk) - Completed consumption assistance amounting to **RMB 830 million**[122](index=122&type=chunk) [Significant Matters](index=40&type=section&id=Significant%20Matters) This section covers major construction projects, core competencies, related party transactions, bond issuances, and risk factors, providing insights into the company's strategic initiatives and operational environment [Major Construction Projects](index=40&type=section&id=Major%20Construction%20Projects) The company continued to advance several major construction projects during the reporting period, including Shengli Shale Oil, Longkou LNG, Maoming Refining Transformation, and Zhenhai Ethylene, with investments ranging from RMB 2.6 billion to RMB 15.4 billion - Shengli Shale Oil project completed **174 new wells**, built **1.145 million tons/year** new capacity, with cumulative investment of **RMB 15.4 billion**[123](index=123&type=chunk) - Longkou LNG project Phase I has a design processing capacity of **6 million tons/year**, with cumulative investment of **RMB 5.9 billion**[124](index=124&type=chunk) - Maoming Refining Transformation and Ethylene Upgrading project mainly involves constructing a **3 million tons/year** catalytic cracking unit and a **1 million tons/year** ethylene unit, with cumulative investment of **RMB 9.3 billion**[125](index=125&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**[128](index=128&type=chunk)[129](index=129&type=chunk) - Henan Refining and Chemical **1 million tons/year** Ethylene project accumulated investment of **RMB 2.6 billion**[130](index=130&type=chunk) [Analysis of Core Competencies](index=41&type=section&id=Analysis%20of%20Core%20Competencies) Sinopec possesses strong core competencies through its integrated business structure, market-proximate location, professional talent, refined management, advanced technology, and strong brand influence - The company is a large integrated energy and chemical company covering upstream, midstream, and downstream operations, China's largest supplier of refined oil and petrochemical products, a major oil and gas producer, the world's largest refining company, the second-largest chemical company, and ranks second globally in the number of service stations[131](index=131&type=chunk) - The integrated business structure generates strong synergies, helping to improve resource utilization efficiency and risk resistance capabilities[131](index=131&type=chunk) - Possesses a complete scientific and technological system and mechanisms, with a strong R&D team, overall technology reaching world-advanced levels, and some technologies reaching world-leading levels[131](index=131&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[132](index=132&type=chunk) [Actual Continuing Connected Transactions During the Reporting Period](index=41&type=section&id=Actual%20Continuing%20Connected%20Transactions%20During%20the%20Reporting%20Period) During the reporting period, the company executed a series of continuing connected transaction agreements with Sinopec Group, with actual purchase amounts of RMB 110.165 billion and sales amounts of RMB 67.163 billion, both within approved limits - Actual connected transaction purchase amount was **RMB 110.165 billion**, accounting for **7.69%** of similar transaction amounts[133](index=133&type=chunk) - Actual connected transaction sales amount was **RMB 67.163 billion**, accounting for **4.63%** of similar transaction amounts[134](index=134&type=chunk) - All continuing connected transaction amounts did not exceed the limits approved by the shareholders' meeting and the Board of Directors[134](index=134&type=chunk) [Connected Debts and Credits](index=42&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 and other related parties, with no significant adverse impact on operations or financial position Connected Debts and Credits | Related Party | Relationship | Period-end Balance of Funds Provided to Related Parties (RMB million) | Period-end Balance of Funds Provided by Related Parties to the Company (RMB million) | | :--- | :--- | :--- | :--- | | 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** | - Connected debts and credits had no significant adverse impact on the company's operating results and financial position[137](index=137&type=chunk) [Actual Daily Connected Transactions with China Oil & Gas Piping Network Corporation During the Reporting Period](index=42&type=section&id=Actual%20Daily%20Connected%20Transactions%20with%20China%20Oil%20%26%20Gas%20Piping%20Network%20Corporation%20During%20the%20Reporting%20Period) During the reporting period, Sinopec Marketing Co., Ltd. had daily connected transactions with China Oil & Gas Piping Network Corporation for refined oil pipeline transportation services, amounting to RMB 2.484 billion - From January 1, 2025, 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**[138](index=138&type=chunk) [Sinopec, Fujian Refining & Petrochemical, and Aramco Singapore Establish Joint Venture](index=43&type=section&id=Sinopec%2C%20Fujian%20Refining%20%26%20Petrochemical%2C%20and%20Aramco%20Singapore%20Establish%20Joint%20Venture) Sinopec, Fujian Refining & Petrochemical, and Aramco Singapore signed a joint venture agreement to establish a new company with an estimated registered capital of RMB 28.801 billion - Sinopec, Fujian Refining & Petrochemical, and Aramco Singapore signed a Joint Venture Agreement to jointly establish a joint venture company[139](index=139&type=chunk) - The registered capital of the joint venture company is estimated to be **RMB 28,800,906,667**[139](index=139&type=chunk) - Sinopec and Fujian Refining & Petrochemical will contribute **25%** and **50%** respectively in cash, while Aramco Singapore will contribute **25%**[139](index=139&type=chunk) - Sinopec will provide corresponding financial support for Fujian Refining & Petrochemical's capital contribution obligations under the Joint Venture Agreement, in proportion to its **50%** equity interest in Fujian Refining & Petrochemical[139](index=139&type=chunk) [Sinopec's Issuance of A-Shares to Specific Subscribers](index=43&type=section&id=Sinopec's%20Issuance%20of%20A-Shares%20to%20Specific%20Subscribers) In 2024, Sinopec completed the issuance of 2,390,438,247 A-shares to Sinopec Group, raising net proceeds of RMB 11.987 billion, primarily for major projects - In 2024, Sinopec completed the issuance of **2,390,438,247 A-shares** to Sinopec Group[140](index=140&type=chunk) - The net proceeds from this issuance amounted to **RMB 11.987 billion**[142](index=142&type=chunk) Details of Projects Funded by Private Placement (as of end of reporting period) | Project Name | Planned Total Investment from Proceeds (RMB million) | Cumulative Investment from Proceeds as of End of Reporting Period (RMB million) | Investment Progress (%) | | :--- | :--- | :--- | :--- | | Tianjin LNG Project Phase III Stage I | 4,500 | 281 | 6 | | Yanshan Company Hydrogen Purification Facility Improvement Project | 187 | 143 | 76 | | Maoming Company Refining Transformation and Ethylene Upgrading Project | 4,800 | 1,261 | 26 | | Maoming Company 50,000 tons/year Polyolefin Elastomer (POE) Industrial Pilot Plant Project | 900 | 64 | 93 | | Sino-Kuwait (Guangdong) Petrochemical Co., Ltd. No. 2 EVA Project | 1,600 | 528 | 33 | | **Total** | **11,987** | **3,049** | **25** | - During the reporting period, there were no changes or terminations of projects funded by the private placement[144](index=144&type=chunk) - The company used **RMB 1,215,422,591.73** of the raised funds to replace self-raised funds previously invested[145](index=145&type=chunk) [Implementation of the Company's 'Quality Improvement, Efficiency Enhancement, and High Returns' Action Plan](index=46&type=section&id=Implementation%20of%20the%20Company's%20'Quality%20Improvement%2C%20Efficiency%20Enhancement%2C%20and%20High%20Returns'%20Action%20Plan) The company actively responded to the "Quality Improvement, Efficiency Enhancement, and High Returns" initiative, formulating a 2024 action plan and a three-year dividend return plan, maintaining stable dividends and continuing share repurchases - The company formulated the 2024 "Quality Improvement, Efficiency Enhancement, and High Returns" action plan and a three-year (2024-2026) shareholder dividend return plan[148](index=148&type=chunk) - In H1 2025, Sinopec maintained the continuity and stability of its dividends and continued to implement share repurchases, focusing on investor returns[148](index=148&type=chunk) [Major Litigation and Arbitration Matters](index=46&type=section&id=Major%20Litigation%20and%20Arbitration%20Matters) There were no major litigation or arbitration matters for the company during this reporting period - There were no major litigation or arbitration matters for the company during this reporting period[149](index=149&type=chunk) [Statement on the Integrity of the Company, its Controlling Shareholder, and Actual Controller](index=46&type=section&id=Statement%20on%20the%20Integrity%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During this reporting period, neither the company nor its controlling shareholder had unfulfilled obligations from effective legal documents or large overdue debts - During this reporting period, neither the company nor its controlling shareholder had unfulfilled obligations determined by effective legal documents or large overdue debts[150](index=150&type=chunk) [Major Contracts and Their Performance](index=46&type=section&id=Major%20Contracts%20and%20Their%20Performance) There were no major contracts that should have been disclosed but were not during this reporting period - There were no major contracts that should have been disclosed but were not during this reporting period[151](index=151&type=chunk) [Major Equity Investments](index=46&type=section&id=Major%20Equity%20Investments) There were no major equity investment matters for the company during this reporting period - There were no major equity investment matters for the company during this reporting period[152](index=152&type=chunk) [Major Asset and Equity Disposals](index=46&type=section&id=Major%20Asset%20and%20Equity%20Disposals) There were no major asset and equity disposal matters for the company during this reporting period - There were no major asset and equity disposal matters for the company during this reporting period[153](index=153&type=chunk) [Business with Finance Company and Shengjun Company](index=47&type=section&id=Business%20with%20Finance%20Company%20and%20Shengjun%20Company) The company conducts financial business, including deposits, loans, and credit lines, with Sinopec Finance Co., Ltd. and Sinopec Shengjun International Investment Co., Ltd June 30, 2025 Deposit Business | Related Party | Relationship | Period-end Balance (RMB million) | | :--- | :--- | :--- | | Finance Company | Sinopec Group holds 51%, Sinopec holds 49% | 14,945 | | Shengjun Company | 100% owned by Sinopec Group | 66,775 | | **Total** | | **81,720** | June 30, 2025 Loan Business | Related Party | Relationship | Period-end Balance (RMB million) | | :--- | :--- | :--- | | Shengjun Company | 100% owned by Sinopec Group | 2,759 | | Finance Company | Sinopec Group holds 51%, Sinopec holds 49% | 27,498 | | **Total** | | **30,257** | - The combined deposit limit for Finance Company and Shengjun Company does not exceed **RMB 90 billion**[155](index=155&type=chunk) - The company has formulated the "Risk Control System for Connected Transactions between China Petroleum & Chemical Corporation and Sinopec Finance Co., Ltd." and the "Risk Disposal Plan for China Petroleum & Chemical Corporation's Financial Business with Sinopec Finance Co., Ltd. and Sinopec Shengjun International Investment Co., Ltd." to ensure fund security[159](index=159&type=chunk)[160](index=160&type=chunk)[161](index=161&type=chunk) [Major Guarantee Contracts and Their Performance](index=49&type=section&id=Major%20Guarantee%20Contracts%20and%20Their%20Performance) As of the end of the reporting period, the company's external guarantee balance totaled RMB 3.962 billion, and guarantees for controlling subsidiaries totaled RMB 3.579 billion, representing 0.9% of the company's net assets June 30, 2025 Total Company Guarantees | Guarantee Type | Amount (RMB million) | | :--- | :--- | | Company's External Guarantee Balance | 3,962 | | Guarantees for Controlling Subsidiaries | 3,579 | | **Total Guarantees** | **7,541** | | Ratio of Total Guarantees to Company's Net Assets | 0.9% | - The company for Zhong'an United Coal Chemical Co., Ltd. provided a joint and several liability guarantee, with a guarantee amount of **RMB 3.962 billion**, currently performing normally[163](index=163&type=chunk) - In June 2025, the company signed a "Financing Guarantee Agreement" with China Construction Bank (Asia) Corporation Limited, providing a joint and several liability guarantee for a Kazakhstan gas chemical project company; as of the end of the reporting period, the project company had not yet actually incurred financing[164](index=164&type=chunk) [Performance of Major Commitments by Related Parties](index=50&type=section&id=Performance%20of%20Major%20Commitments%20by%20Related%20Parties) Sinopec Group made commitments regarding connected transaction agreements, land and property rights, restructuring, intellectual property licensing, and avoiding competition, and granted Sinopec an option to acquire overseas oil and gas assets - Sinopec Group committed to complying with connected transaction agreements, resolving the legality of land and property rights, executing the "Restructuring Agreement," intellectual property licensing, avoiding horizontal competition, and waiving business competition and conflicts of interest with Sinopec[165](index=165&type=chunk) - Sinopec Group committed to granting Sinopec a ten-year option to acquire its overseas oil and gas assets invested after the date of this commitment letter[165](index=165&type=chunk) - Sinopec Group committed not to transfer the A-shares it subscribed for in this A-share issuance within **36 months** from the completion date of the issuance[165](index=165&type=chunk) - As of the disclosure date of this report, Sinopec had no unfulfilled performance commitments, asset injection commitments, asset integration commitments, or profit forecasts for assets or projects[166](index=166&type=chunk) [Information on Structured Entities Controlled by the Company](index=51&type=section&id=Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) The company had no controlled structured entities during this reporting period - None[167](index=167&type=chunk) [Share Repurchases, Sales, and Redemptions](index=51&type=section&id=Share%20Repurchases%2C%20Sales%2C%20and%20Redemptions) During the reporting period, Sinopec repurchased and cancelled 36,180,000 H-shares, representing approximately 0.03% of total share capital, for a total cost of HKD 149,221,546 - During this reporting period, Sinopec 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[168](index=168&type=chunk) - The total amount paid was **HKD 149,221,546** (excluding transaction fees)[168](index=168&type=chunk) - Sinopec cancelled the repurchased H-shares that had not yet been cancelled on June 3, 2025[168](index=168&type=chunk) - Controlling subsidiary Sinopec Shanghai Petrochemical Company Limited also implemented H-share repurchases[168](index=168&type=chunk) [Information on Major Subsidiaries or Associates](index=51&type=section&id=Information%20on%20Major%20Subsidiaries%20or%20Associates) During the reporting period, Sinopec Marketing Co., Ltd. and China International United Petroleum & Chemicals Co., Ltd. were major subsidiaries whose net profit or investment income significantly impacted the company's net profit Major Subsidiaries (2025 H1) | Company Name | Company Type | Registered Capital (RMB million) | Company's Shareholding (%) | Net Profit (RMB million) | Operating Revenue (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | | Sinopec Marketing Co., Ltd. | Controlling Subsidiary | 28,403 | 70 | 6,942 | 750,908 | | China International United Petroleum & Chemicals Co., Ltd. | Wholly-owned Subsidiary | 5,000 | 100 | 5,547 | 659,327 | [Risk Factors](index=52&type=section&id=Risk%20Factors) The company faces multiple risks, including changes in macroeconomic conditions, industry cyclical fluctuations, policy and regulatory changes, environmental regulations, and uncertainties in acquiring new oil and gas resources - Macroeconomic situation change risk: Insufficient global economic growth momentum, geopolitical changes, and international oil price fluctuations may adversely affect operating performance[172](index=172&type=chunk) - Industry cyclical change risk: Refined oil and petrochemical product businesses have cyclical characteristics, susceptible to macroeconomic conditions, industry policies, supply-demand changes, etc.[172](index=172&type=chunk) - Macro policy and government regulation risk: Changes in government policies on market access, pricing, taxation, and environmental protection for the petroleum and petrochemical industry may affect the company's operations and profitability[173](index=173&type=chunk)[174](index=174&type=chunk) - Risk due to changes in environmental regulatory requirements: Stricter environmental laws, regulations, and standards may increase the company's environmental protection expenditures[174](index=174&type=chunk) - Risk due to uncertainty in acquiring new oil and gas resources: Continuous development relies on continuous discovery or acquisition of oil and gas resources, and exploration and development involve risks and uncertainties[175](index=175&type=chunk) - Crude oil procurement risk: Significant fluctuations in international crude oil prices and localized supply disruptions may pose risks to the company[175](index=175&type=chunk) - Overseas business expansion and operation risk: Complex factors such as international geopolitics, economic and financial conditions, business environment, and legal compliance may bring challenges to overseas operations[177](index=177&type=chunk) - Exchange rate risk: Fluctuations in the RMB exchange rate may impact the revenue of the upstream segment and the profitability of the refining segment[178](index=178&type=chunk) - Cybersecurity risk: Cyberattacks may lead to production interruptions, information loss, damage to personnel, property, environment, and reputation, requiring continuous increase in security investment[179](index=179&type=chunk) [Information Disclosure Index](index=55&type=section&id=Information%20Disclosure%20Index) This section provides an index of 60 important announcements publicly disclosed by the company from January to June 2025, including external guarantees, dividend distributions, shareholder meeting resolutions, and quarterly reports - The information disclosure index covers **60 important announcements** from January to June 2025, including progress on external guarantees, implementation of dividend distributions, resolutions of shareholder meetings, director resignations, quarterly reports, connected transactions, share increase plans, and market value management measures[180](index=180&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk) [Share Changes and Shareholder Information](index=58&type=section&id=Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides information on its shareholders, including the top ten shareholders and the controlling shareholder's shareholding [Table of Share Changes](index=58&type=section&id=Table%20of%20Share%20Changes) During the reporting period, the company's total share capital decreased due to the cancellation of 36,318,000 H-shares, from 121,281,555,698 shares to 121,245,237,698 shares Share Changes (as of June 30, 2025) | Share Type | Number Before Change (shares) | Increase/Decrease in This Change (shares) | Number After Change (shares) | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 2,390,438,247 | - | 2,390,438,247 | 1.97 | | II. Unrestricted Tradable Shares | 118,891,117,451 | (36,318,000) | 118,854,799,451 | 98.03 | | **III. Total Shares** | **121,281,555,698** | **(36,318,000)** | **121,245,237,698** | **100** | - During this reporting period, Sinopec cancelled **36,318,000 H-shares**[184](index=184&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[185](index=185&type=chunk) [Number of Shareholders and Shareholding Information](index=58&type=section&id=Number%20of%20Shareholders%20and%20Shareholding%20Information) As of June 30, 2025, the company had 456,099 shareholders. China Petrochemical Group Co., Ltd. was the largest shareholder with 68.53% equity - As of June 30, 2025, Sinopec had a total of **456,099 shareholders**, including **450,892 domestic A-share holders** and **5,207 overseas H-share holders**[186](index=186&type=chunk)[187](index=187&type=chunk) Top Ten Shareholders (as of June 30, 2025) | Shareholder Name | Period-end Shareholding (shares) | Proportion (%) | 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 | - Controlling shareholder Sinopec Group Co., Ltd. plans to increase its holdings of Sinopec A-shares and H-shares through itself and its wholly-owned subsidiaries within **12 months** from April 8, 2025, with a cumulative increase of no less than **RMB 2 billion** and no more than **RMB 3 billion**[189](index=189&type=chunk) - As of June 30, 2025, Sinopec Group Co., Ltd. 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**[189](index=189&type=chunk) - BlackRock, Inc. held or was deemed to hold **1,666,916,417 H-shares**, representing approximately **6.94%** of H-shares[192](index=192&type=chunk) - Shengjun Company (an overseas wholly-owned subsidiary of Sinopec Group Co., Ltd.) beneficially owned **1,344,668,000 H-shares**, representing approximately **5.60%** of H-shares[192](index=192&type=chunk) [Changes in Controlling Shareholder and Actual Controller](index=61&type=section&id=Changes%20in%20Controlling%20Shareholder%20and%20Actual%20Controller) There were no changes in Sinopec's controlling shareholder and actual controller during this reporting period - There were no changes in Sinopec's controlling shareholder and actual controller during this reporting period[193](index=193&type=chunk) [Bond-Related Information](index=62&type=section&id=Bond-Related%20Information) This section provides details on the company's debt financing instruments in the interbank bond market and key financial indicators related to its debt [Non-Financial Enterprise Debt Financing Instruments in the Interbank Bond Market](index=62&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 issuance sizes ranging from RMB 3.5 billion to RMB 12 billion and interest rates between 1.45% and 3.2% Non-Financial Enterprise Debt Financing Instruments in the Interbank Bond Market (Partial) | Bond Name | Issue Date | Maturity Date | Issue Size (RMB billion) | Bond Balance (RMB billion) | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | 21 Sinopec MTN001 | 2021/7/23 | 2026/7/27 | 5.0 | 5.0 | 3.2 | | 25 Sinopec MTN001 | 2025/1/13 | 2030/1/14 | 12.0 | 12.0 | 1.75 | | 25 Sinopec MTN002 | 2025/1/13 | 2035/1/14 | 10.0 | 10.0 | 1.96 | | 25 Sinopec SCP001 (Tech Innovation Bond) | 2025/5/19 | 2025/11/18 | 5.0 | 5.0 | 1.5 | | 25 Sinopec SCP004 | 2025/7/18 | 2025/12/16 | 6.0 | 6.0 | 1.45 | - All raised funds have been used as specified in the offering circulars[196](index=196&type=chunk) - The company's corporate credit rating and 20-year bond rating are both **AAA**[196](index=196&type=chunk) [Company's Accounting Data and Financial Indicators as of the End of the Reporting Period (PRC GAAP)](index=63&type=section&id=Company's%20Accounting%20Data%20and%20Financial%20Indicators%20as%20of%20the%20End%20of%20the%20Reporting%20Period%20(PRC%20GAAP)) As of the end of the reporting period, the company's current ratio and quick ratio both increased, while the asset-liability ratio rose by 0.93 percentage points to 54.10% Key Financial Indicators as of End of Reporting Period (PRC GAAP) | Key Indicator | End of This Reporting Period | End of Last Year | Increase/Decrease from Last Year-end | | :--- | :--- | :--- | :--- | | Current Ratio | 0.81 | 0.78 | 0.03 | | Quick Ratio | 0.45 | 0.40 | 0.05 | | Asset-Liability Ratio | 54.10% | 53.17% | 0.93 percentage points | | Loan Repayment Rate | 100% | 100% | - | | Net Profit Attributable to Parent Company Shareholders Excluding Non-recurring Gains and Losses (RMB million) | 21,215 | 35,582 | (14,367) | | Cash Interest Coverage Ratio | 20.92 | 14.09 | 6.83 | - The increase in the asset-liability ratio was mainly due to the company's issuance of ultra-short-term financing bonds, medium-term notes, and technology innovation bonds, which are low-cost financing bonds, during this period[197](index=197&type=chunk) - Net profit attributable to parent company shareholders excluding non-recurring gains and losses decreased year-on-year, mainly due to fluctuating oil prices, accelerated new energy substitution, and continuous release of new capacity in the chemical market[198](index=198&type=chunk) - The cash interest coverage ratio significantly increased, mainly due to a substantial increase in net cash flow from operating activities compared to the previous period[198](index=198&type=chunk) - The company made timely and full interest payments and redemptions for all other bonds and debt financing instruments[198](index=198&type=chunk) [Financial Report](index=65&type=section&id=Financial%20Report) This section includes the review reports from auditors, unaudited consolidated and parent company financial statements (balance sheets, income statements, cash flow statements, and statements of changes in equity), and detailed notes to the financial statements [Review Report](index=65&type=section&id=Review%20Report) KPMG Huazhen LLP and KPMG reviewed Sinopec's H1 2025 financial report under PRC and Hong Kong review standards, respectively, finding no material misstatements - KPMG Huazhen LLP performed the review engagement in accordance with "China Review Standard No. 2101 - Review of Financial Statements"[201](index=201&type=chunk) - KPMG performed the review in accordance with Hong Kong Standard on Review Engagements 2410 issued by the Hong Kong Institute of Certified Public Accountants[501](index=501&type=chunk) - Both review conclusions noted no matters that caused them to believe the interim financial statements did not fairly present, in all material respects, the company's financial position, operating results, and cash flows[201](index=201&type=chunk)[502](index=502&type=chunk) [Unaudited Consolidated Balance Sheet](index=66&type=section&id=Unaudited%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were RMB 2,144.939 billion, a 2.9% increase from year-end 2024, driven by growth in monetary funds, accounts receivable, and accounts receivable financing Unaudited Consolidated Balance Sheet Summary (as of June 30, 2025) | Item | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Total Assets | 2,144,939 | 2,084,771 | | Total Current Assets | 572,910 | 524,515 | | Total Non-current Assets | 1,572,029 | 1,560,256 | | Total Liabilities | 1,160,507 | 1,108,478 | | Total Current Liabilities | 703,751 | 673,237 | | Total Non-current Liabilities | 456,756 | 435,241 | | Total Equity Attributable to Parent Company Shareholders | 827,449 | 819,922 | | Non-controlling Interests | 156,983 | 156,371 | | Total Shareholders' Equity | 984,432 | 976,293 | - Monetary funds increased by **RMB 16.703 billion**, accounts receivable increased by **RMB 20.386 billion**, and accounts receivable financing increased by **RMB 5.065 billion**[203](index=203&type=chunk) - Investments in other equity instruments increased by **RMB 4.427 billion**, mainly due to strategic investment in CATL equity[203](index=203&type=chunk) - Non-current liabilities due within one year increased by **RMB 25.509 billion**, other current liabilities increased by **RMB 11.359 billion**, and bonds payable increased by **RMB 32.002 billion**[205](index=205&type=chunk) [Unaudited Balance Sheet](index=68&type=section&id=Unaudited%20Balance%20Sheet) As of June 30, 2025, the company's parent company total assets were RMB 1,246.645 billion, a 3.8% increase from year-end 2024, driven by growth in monetary funds, accounts receivable financing, and other receivables Unaudited Parent Company Balance Sheet Summary (as of June 30, 2025) | Item | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Total Assets | 1,246,645 | 1,200,764 | | Total Current Assets | 236,253 | 213,316 | | Total Non-current Assets | 1,010,392 | 987,448 | | Total Liabilities | 720,241 | 674,133 | | Total Current Liabilities | 447,262 | 424,445 | | Total Non-current Liabilities | 272,979 | 249,688 | | Total Shareholders' Equity | 526,404 | 526,631 | - Parent company monetary funds increased by **RMB 23.799 billion**, accounts receivable f

股票代码：600028 股票简称：中国石化 公告编号：2025-35 关于以集中竞价交易方式回购A股股份的回购报告书 中国石化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。 重要内容提示： 为维护公司价值及股东权益，公司拟使用不低于人民币 5 亿元、不超过人民 币 10 亿元的自有资金和回购专项贷款，通过上海证券交易所（简称"上交所"） 系统以集中竞价交易方式回购公司发行的人民币普通股（A 股）股票（简称"本 次回购股份"），回购价格不高于董事会通过回购股份决议前 30 个交易日公司股 票交易均价的 150%，本次回购股份的期限自董事会批准方案之日起不超过 3 个月， 回购的股份将全部注销并减少注册资本。 一、回购方案的审议及实施程序 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 会审议通过了《授权中国石化董事会回购公司内资股及/或境外上市外资股的议案》， 授权董事会（或由董事会授权的董事）决定 ...

1 二、需债权人知晓的相关信息 根据《公司法》等相关法律、法规的规定，公司债权人自接到公司通知之日 起 30 日内、未接到通知者自本公告披露之日起 45 日内，均有权凭有效债权文件 及相关凭证要求公司清偿债务或者提供相应担保（简称"债权申报"）。债权人逾 期未提出权利要求的，不会因此影响其债权的有效性，相关债务将由公司根据债 权文件的约定继续履行，本次回购股份的注销将按法定程序继续实施。 一、通知债权人的原由 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《授权中国石化董事会回购公司内资股及/或境外 上市外资股的议案》，授权董事会（或由董事会授权的董事）决定单独或同时回 购不超过公司已发行的A股或H股各自数量的10%的股份，具体内容详见公司于 2025年5月29日在上海证券交易所（简称"上交所"）网站披露的《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股类别股东会决议公告》。 2025年8月21日，公司召开第九届董事会第八次会议，审议通过《 ...

见证律师: 许 倒 北京市海间律师事务所 关于中国石油化工股份有限公司 2025 年第一次临时股东会的法律意见书 致:中国石油化工股份有限公司 本所作为贵司的常年法律顾问,应贵司要求,根据《中华人民共和国证券法》、 《中华人民共和国公司法》(以下统称"有关法律")及《中国石油化工股份有限 公司章程》(以下称"公司章程")的规定,出席贵司于 2025年8月21 日召开的 2025 年第一次临时股东会(以下称"本次会议"),对本次会议召开的合法性进行 见证,并依法出具本法律意见书。 本所律师根据《中华人民共和国证券法》第十九条的要求,按照律师行业公 认的业务标准、道德规范和勤勉尽责精神,出席了本次会议现场会议,并对贵司 提供的文件和有关事实进行了核查和验证。本所律师认为,本次会议召集和召开 的程序、召集人的资格、出席本次会议现场会议的股东或股东代理人资格、本次 会议的表决程序符合奋关法律和公司章程的有关规定,本次会议的表决结果有效。 海问律师事务所 HAIWEN & PARTNERS tune Financial Center, 5 Dong San Huan Central Road, Chaoyang Dis ...

中国石化(600028.SH)公告称，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 类别股东会审议通过了回购议案。公司拟采用集中竞价交易方式回购A股股份，回购的股份将注销并减 少注册资本，拟回购A股股份的资金总额不低于人民币5亿元，不超过人民币10亿元。按回购股份价格 上限人民币8.72元/股测算，预计本次回购A股股份数量约为5733.94万股—11467.89万股，约占公司于本 公告日已发行总股本的0.05%—0.09%. ...

股票代码：600028 股票简称：中国石化 公告编号：2025-31 中国石油化工股份有限公司 2025年第一次临时股东会决议公告 是否有否决议案：无 一、会议召开和出席情况 （一）2025 年第一次临时股东会（简称"临时股东会"或"会议"）召开时 间：2025 年 8 月 21 日 （二）临时股东会召开地点：北京市东城区朝阳门北大街 2 号北京港澳中心 瑞士酒店 （三）出席临时股东会的股东及其持有股份情况： | 1、出席会议的股东和股东授权代理人人数（人） | 2,264 | | --- | --- | | 其中：A 股 | 2,263 | | H 股 | 1 | | 2、出席会议的股东和股东授权代理人所持有效表决权的股 | | | 份总数（股） | 91,165,677,151 | | 其中：A 股 | 84,165,846,149 | | H 股 | 6,999,831,002 | | 3、出席会议的股东和股东授权代理人所持有效表决权的股 | | | 份数占公司有权出席会议并表决的股份总数的比例（%） | 75.1912 | | 其中：A 股 | 69.4179 | | H 股 | 5.7733 | 中 ...