Revenue and Profit Performance - Revenue for Q1 2025 was CNY 19,520,645, a decrease of 8.28% compared to CNY 21,282,263 in the same period last year[5] - Net profit attributable to shareholders was CNY -89,839, representing a decline of 206.87% from CNY 84,061 in the previous year[5] - Basic and diluted earnings per share were both CNY -0.008, down 200.00% from CNY 0.008 in the previous year[5] - Operating profit for Q1 2025 was CNY -92,326, compared to CNY 129,219 in Q1 2024, indicating a significant decline[18] - Net profit for Q1 2025 was CNY -89,891, while in Q1 2024, it was CNY 85,195, reflecting a negative turnaround[18] Cash Flow and Operating Activities - The net cash flow from operating activities was CNY 1,789,914, a significant improvement from CNY -718,251 in the same period last year[5] - Cash flow from operating activities for Q1 2025 was CNY 1,789,914, compared to CNY -718,251 in Q1 2024, showing a recovery in cash generation[22] - The company experienced a cash inflow from investment activities of CNY 3,479,928 in Q1 2025, compared to CNY -259,552 in Q1 2024, indicating improved investment performance[22] Assets and Liabilities - Total assets at the end of the reporting period were CNY 41,244,067, a decrease of 1.26% from CNY 41,769,339 at the end of the previous year[5] - Total assets as of March 31, 2025, were CNY 41,244,067, a slight decrease from CNY 41,769,339 as of December 31, 2024[16] - Total liabilities as of March 31, 2025, were CNY 16,214,905, down from CNY 16,624,844 at the end of 2024[16] - The company reported a cash and cash equivalents balance of CNY 12,042,850 as of March 31, 2025, compared to CNY 12,096,477 at the end of 2024[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 80,124[11] - The largest shareholder, Sinopec Limited, holds 51.63% of the shares, totaling 5,462,155,000 shares[11] Research and Development - Research and development expenses increased to CNY 44,317 in Q1 2025 from CNY 35,083 in Q1 2024, indicating a focus on innovation[18] Non-Recurring Losses - The company reported non-recurring losses totaling CNY -4,630, including various one-time expenses[7] Return on Equity - The weighted average return on equity decreased by 0.70 percentage points to -0.359%[5] Sales Performance - The company experienced a significant decline in product sales, which contributed to the decrease in operating performance[8]

前十大流通股东累计持有： 900812.84万股，累计占流通股比： 85.16%，较上期变化： -5561.06万股。 | 名称 | 持有数量(万股) | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 中国石油化工股份有限公司 | 546215.50 | 51.63 | 270.00 | | 香港中央结算(代理人)有限公司 | 320721.58 | 30.32 | -9611.70 | | 香港中央结算有限公司 | 9231.96 | 0.87 | 3437.60 | | 张沐城 | 4818.98 | 0.46 | 617.16 | | 银华基金-农业银行-银华中证金融资产管理计划 | 3674.13 | 0.35 | 不变 | | 南方基金-农业银行-南方中证金融资产管理计划 | 3640.25 | 0.34 | 不变 | | 广发基金-农业银行-广发中证金融资产管理计划 | 3482.71 | 0.33 | 不变 | | 大成基金-农业银行-大成中证金融资产管理计划 | 3383.73 | 0.32 | 不变 | | 中国 ...

国际油价震荡下行叠加市场需求逐步复苏，24 年公司业绩扭亏为盈。2024 年成品油方面，汽油、 航空煤油需求复苏良好，柴油需求有所下滑。2024 年公司汽油、柴油、航空煤油销量分别为344 万吨、 286 万吨、142 万吨，分别同比+3%、-16%、+8%；销售均价分别为8545 元/吨、6892 元/吨、5437 元/ 吨，分别同比-0.2%、+3%、-7%。2024 年公司对二甲苯、聚乙烯、聚丙烯销量分别为69万吨、50 万 吨、40 万吨，分别同比-3%、+1%、-1%；销售均价分别为6983元/吨、7997 元/吨、7497 元/吨，分别同 比-6%、+4%、+1%。2024 年，公司平均原油加工成本4282 元/吨，同比-2%。受益于国际原油价格下行 带动炼油成本下降，叠加成品油销售价格降幅小于成本价格跌幅，公司炼油产品价差扩大，致公司盈利 能力有所提升。 事件：公司发布2024 年年度报告，24 年公司实现营业收入871 亿元，同比-6%，实现归母净利润 3.2 亿元，同比增长17.2 亿元。其中，公司Q4 单季实现营业收入211 亿，同比-9%，环比-6%，实现归 母净利润2.8 亿元，同比增 ...

Investment Rating - The report maintains an "Overweight" rating for both A-shares and H-shares of the company [6]. Core Views - The company turned a profit in 2024, achieving a net profit of 320 million yuan, a significant increase of 1.72 billion yuan year-on-year, despite a 6% decline in revenue to 87.1 billion yuan [1][2]. - The company is increasing its investment in new materials, particularly in carbon fiber projects, to enhance its competitive edge and sustainable development capabilities [3]. - The report projects improved profitability for the company in the coming years, with net profits expected to reach 899 million yuan in 2025, 1.57 billion yuan in 2026, and 1.85 billion yuan in 2027, reflecting substantial growth rates [4][5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 87.1 billion yuan, down 6% year-on-year, but achieved a net profit of 320 million yuan, up 1.72 billion yuan from the previous year [1][2]. - The fourth quarter of 2024 saw a revenue of 21.1 billion yuan, a decrease of 9% year-on-year, but a net profit of 280 million yuan, an increase of 970 million yuan year-on-year [1]. Sales and Pricing - The company experienced a recovery in gasoline and aviation kerosene demand, with sales volumes of 3.44 million tons for gasoline, 2.86 million tons for diesel, and 1.42 million tons for aviation kerosene in 2024 [2]. - Average selling prices for gasoline, diesel, and aviation kerosene were 8,545 yuan/ton, 6,892 yuan/ton, and 5,437 yuan/ton, respectively [2]. Investment in New Materials - The company is investing approximately 3.196 billion yuan in a new carbon fiber project, which will include 60,000 tons/year of precursor and 30,000 tons/year of carbon fiber capacity [3]. - The company aims to strengthen its core industries in high-end new materials, focusing on carbon fiber and other advanced materials [3]. Profitability Forecast - The report forecasts net profits of 899 million yuan for 2025, 1.57 billion yuan for 2026, and 1.85 billion yuan for 2027, with corresponding EPS of 0.09, 0.15, and 0.18 yuan [4][5]. - The company’s average oil processing cost in 2024 was 4,282 yuan/ton, down 2% year-on-year, contributing to improved profitability [2].

证券代码：600688 证券简称：上海石化 公告编号：临 2025-022 中国石化上海石油化工股份有限公司 关于召开 2024 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 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： （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 董事长：郭晓军 投资者可于 2025 年 3 月 26 日（星期三）至 4 月 1 日（星期二） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过 公司邮箱（spc@spc.com.cn）进行提问。公司将在说明会上对投资者 普遍关注的问题进行回答。 中国石化上海石油化工股份有限公司（以下简称"公司"或"本 公司"）已于 2025 年 3 月 20 日发布公司 2024 年度报告，为便于广大 投资者更全面深入地了解公司 2024 年度经营成果、财务状况，公司 计划于 2025 年 4 月 2 日（星期三）9:00-10:00 举行 2024 年度业绩 说明会，就投资者关心的问题进行交流。 会议召开时间：2025 年 4 月 2 日（星期三） ...

Financial Performance - The net profit attributable to the shareholders of the parent company for 2024 is RMB 316,500 thousand, a significant recovery from a loss of RMB 1,405,876 thousand in 2023[7]. - Total revenue for 2024 is RMB 87,132,820 thousand, representing a decrease of 6.32% compared to RMB 93,013,595 thousand in 2023[20]. - The company reported a total profit of RMB 428,835 thousand for 2024, a significant turnaround from a loss of RMB 1,715,136 thousand in 2023[20]. - Basic earnings per share for 2024 is RMB 0.030, a significant improvement from a loss of RMB 0.130 in 2023[22]. - The weighted average return on equity increased to 1.270% in 2024 from a loss of 5.504% in 2023, representing an increase of 6.77 percentage points[22]. - The company recorded a net profit attributable to shareholders of RMB 310.98 million in 2024, compared to a loss of RMB 1,346.15 million in 2023[30]. - The company reported a net profit of RMB 317.00 million for 2024, recovering from a loss of RMB 1,349.31 million in 2023[30]. - The company's total revenue for the year ended December 31, 2024, was RMB 87.13 billion, a decrease of 6.32% compared to RMB 93.01 billion in 2023[111]. Cash Flow and Assets - The operating cash flow for 2024 shows a substantial increase to RMB 7,740,447 thousand, up 859.17% from RMB 806,996 thousand in 2023[20]. - The total assets at the end of 2024 amount to RMB 41,769,339 thousand, reflecting a growth of 5.32% from RMB 39,658,244 thousand at the end of 2023[20]. - The net assets attributable to the shareholders of the parent company increased by 0.87% to RMB 25,040,254 thousand at the end of 2024, compared to RMB 24,824,929 thousand at the end of 2023[20]. - The total cash inflow from operating activities for 2024 was RMB 76.24 billion, an increase of RMB 69.6 billion compared to RMB 6.64 billion in the previous year[92]. - The company's total assets as of December 31, 2024, amounted to RMB 41,800,000 thousand, with cash and cash equivalents at RMB 12,096,477 thousand, representing 28.96% of total assets[135]. - The company reported a 115.74% increase in cash and cash equivalents compared to the previous year[135]. Dividends and Profit Distribution - The company plans to distribute a final dividend of RMB 0.02 per share for the 2024 fiscal year, pending approval at the annual general meeting[7]. - The profit distribution plan for 2024 includes a cash dividend of RMB 0.02 per share, pending approval at the annual shareholders' meeting[172]. - The company has a cash dividend policy that mandates a minimum of 30% of the annual net profit to be distributed as cash dividends if certain conditions are met[170]. - The total cash dividends distributed over the last three accounting years amount to RMB 211.58 million, with an average net profit attributable to shareholders of RMB -1.32 billion during the same period[176]. Operational Efficiency and Cost Management - The total cost of sales and expenses for 2024 was RMB 74.23 billion, a decrease of 9.28% from RMB 81.83 billion in 2023[74]. - The company has implemented cost reduction strategies across various operations, including crude oil procurement and logistics management, to improve profitability[52]. - The company's total operating costs for 2024 were RMB 72.05 billion, down 8.99% from RMB 79.16 billion in 2023, primarily due to a decline in the sales volume of petrochemical products[119]. - The company achieved significant breakthroughs in safety production, turning losses into profits, and high-quality development[47]. Market and Product Development - The company emphasizes its commitment to enhancing product quality and variety while focusing on new product development and market expansion[18]. - The company plans to continue focusing on market expansion and new product development to drive future growth[22]. - The company is actively adjusting its product structure to meet the growing demand for petrochemical products in China[18]. - The company anticipates a decline in gasoline and diesel consumption in 2025 due to increased competition and market saturation[146]. Environmental and Safety Initiatives - The company achieved a 100% compliance rate for wastewater discharge and hazardous waste disposal in 2024[180]. - The company reported a total environmental tax payment of RMB 11.066 million to the Jinshan District Tax Bureau in 2024[181]. - The company successfully repaired 8,707 out of 8,971 detected leakage points, resulting in a cumulative repair rate of 97.06%[180]. - The company reduced carbon emissions by 89,053 tons through various measures in 2024[190]. - The company purchased 17.789 million kWh of green electricity, reducing carbon emissions by 74,714 tons[191]. - The company generated 1.333 million kWh of solar power, leading to a reduction of 5,599 tons of carbon emissions[191]. - The company maintained a 100% compliance rate for air pollutant emissions across all major pollution facilities in 2024[180]. - The company completed environmental impact assessments for seven new projects in 2024[186]. Research and Development - Research and development expenses for 2024 amounted to RMB 1.74 billion, compared to RMB 1.87 billion in 2023 and RMB 1.31 billion in 2022[96]. - The company has 153 R&D personnel, accounting for 2.17% of the total workforce[126]. - The company is involved in the development of high-strength carbon fiber technology, with a total funding requirement of RMB 114.75 million for various research projects[200]. Related Party Transactions - The company has engaged in related party transactions with its controlling shareholder, Sinopec Corp, which may impact its business and economic benefits[164]. - Sinopec Corp holds approximately 54.59 billion shares, representing 51.14% of the total shares, indicating a controlling interest that may affect the company's operations[165]. - The company confirmed that all related party transactions were conducted at market prices or according to national pricing policies, ensuring no significant impact on its independence[198]. - The company's financial services transactions with Sinopec Group's contacts amounted to RMB 4.86 million, representing only 1.57% of the maximum limit[196]. - The maximum limit for comprehensive service framework agreements was RMB 1,542 million, with actual transactions for construction and engineering design services amounting to RMB 116.928 million, or 16.93% of the limit[196]. Future Outlook - For 2025, the company plans to process a total of 13.1 million tons of crude oil, producing 8.39 million tons of refined oil, 622,200 tons of ethylene, and 688,000 tons of paraxylene[149]. - The company will invest approximately RMB 2.85 billion in capital expenditures for 2025, funded through financing activities and some self-owned funds[158]. - The company aims to become a "domestically leading, world-class" energy chemical and new materials company, focusing on low-cost upstream and high-value downstream operations[147]. - The company plans to focus on innovation by transitioning from refining to chemicals, then to materials, and finally to high-end products, while also promoting ecological development[152].

中国石化上海石油化工股份有限公司 董事会审计与合规管理委员会 2024 年履职情况报告 根据中国证监会《上市公司治理准则》、香港联合交易所《企业管治守 则》等有关规定,中国石化上海石油化工股份有限公司("本公司"或"公 司") 董事会设立了审计与合规管理委员会。审计与合规管理委员会主要负 责向董事会提议聘请或更换外部审计机构及公司内、外部审计与合规之间 的沟通;监督公司内部审计制度、合规管理制度及其实施;审核公司财务 信息及其披露;审查公司内控制度等。《中国石化上海石油化工股份有限公 司审计与合规管理委员会议事规则》("《议事规则》")已登载于公司信息披 露指定网站上。 按照《议事规则》,审计与合规管理委员会每年至少召开两次会议。2024 年,审计与合规管理委员会共召开四次会议,会议出席情况分别如下: | 审计与合规管理委员 | 亲自出席会议次数 | 委托出席次数 | 出席率 | | --- | --- | --- | --- | | 会成员 | | | | | 唐松 | | | 100% | | 陈海峰 | | | 100% | | 黄江东 | | | 100% | 2024年3月19日召开的第十一届董事会 ...

中国石化上海石油化工股份有限公司 自 2024 年 1 月 1 日 至 2024 年 12 月 31 日止年度财务报表 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2501446 号 中国石化上海石油化工股份有限公司全体股东： 一、审计意见 我们审计了后附的中国石化上海石油化工股份有限公司 (以下简称"上海石化") 财务报 表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润 表、合并及母公司现金流量表、合并及母公司股东权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照中华人民共和国财政部颁布的企业会计准 则 (以下简称"企业会计准则") 的规定编制，公允反映了上海石化 2024 年 12 月 31 日的合并 及母公司财务状况以及 2024 年度的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国 ...