Sinopec Shanghai Petrochemical Company Limited 00338 董事名單及其角色和職能 中國石化上海石油化工股份有限公司董事會（「董事會」）成員載列如下： 執行董事 解正林 秦朝暉 獨立非執行董事 唐松 陳海峰 楊鈞 周穎 黃江東 * 代為履行董事長職務 董事會設立4個專業委員會。下表提供各董事會成員在這些委員會中所擔任的職位。 | | 委員會 | 審計與合規 | 薪酬與考核 | 提名委員會 | 戰略與ESG | | --- | --- | --- | --- | --- | --- | | 董事 | | 管理委員會 | 委員會 | | 委員會 | | 管澤民 | | | | | VC | | 杜軍 | | | | | M | | 黃翔宇 | | | | | M | | 解正林 | | | | | M | | 秦朝暉 | | | | | | | 唐松 | | C | M | | | | 陳海峰 | | M | | M | | | 楊鈞 | | | C | C | | | 周穎 | | | M | | M | | 黃江東 | | M | | | | - 1 - 附註： ...

证券代码：600688 证券简称： 上海石化 公告编号：临 2024-011 中国石化上海石油化工股份有限公司 关于董事长辞任的公告 根据《中华人民共和国公司法》及《中国石化上海石油化工股份有限公司章 程》，万涛先生的辞任于 2024 年 4 月 12 日书面辞呈送达本公司董事会时即生 效，自即日起至选举产生本公司新任董事长之前，由副董事长管泽民先生代为履 行本公司董事长职务。万涛先生的辞任不影响公司相关工作的正常进行。万涛先 生确认与董事会并无不同意见，亦无任何有关其辞任须提请公司股东注意的事宜。 万涛先生在任职期间勤勉尽责，在推动公司发展战略实施，提升公司治理水 平，履行社会责任，促进公司可持续发展和区域联动发展等方面发挥了重要作用， 董事会对他的辛勤工作及做出的突出贡献表示衷心感谢！ 特此公告。 中国石化上海石油化工股份有限公司董事会 二零二四年四月十二日 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。 中国石化上海石油化工股份有限公司（"本公司"或"公司"）董事会于 2024 年 4 月 12 日收到万涛先生的书面辞呈 ...

Investment Rating - The report maintains an "Accumulate" rating for both A-shares and H-shares of the company [2][3] Core Views - The company reported a significant reduction in losses for 2023, with a revenue of 93 billion yuan, a year-on-year increase of 12.7%, and a net profit attributable to shareholders of -1.4 billion yuan, an improvement of 1.47 billion yuan year-on-year [2] - The fourth quarter of 2023 saw a decline in revenue to 23.2 billion yuan, a decrease of 6.4% year-on-year and 7.1% quarter-on-quarter, with a net profit of -690 million yuan, an increase of 180 million yuan year-on-year but a decrease of 960 million yuan quarter-on-quarter [2] - The chemical market demand was below expectations, leading to pressure on Q4 performance, with various product prices and sales volumes showing mixed results [2] - The carbon fiber project is gradually being put into operation, with significant potential for growth in the new materials sector, supported by the company's strategic focus on high-end new materials [2][3] Summary by Relevant Sections Financial Performance - In 2023, the company achieved a revenue of 93,014 million yuan, with a growth rate of 12.72% compared to 2022 [3] - The net profit for 2023 was -1,406 million yuan, showing a significant improvement from -2,872 million yuan in 2022 [3] - The projected net profits for 2024, 2025, and 2026 are 311 million yuan, 659 million yuan, and 1,045 million yuan respectively, with corresponding EPS of 0.03, 0.06, and 0.10 yuan [2][3] Market and Product Analysis - The average selling prices for key products in Q4 2023 were as follows: diesel at 7,412 yuan/ton (+5% YoY), gasoline at 9,026 yuan/ton (+3% YoY), and aviation kerosene at 3,821 yuan/ton (-44% YoY) [2] - The production volumes for Q4 2023 included 700,000 tons of diesel (-28% YoY), 860,000 tons of gasoline (+11% YoY), and 560,000 tons of aviation kerosene (+92% YoY) [2] - The company is focusing on enhancing its carbon fiber production capabilities, with a target of 24,000 tons/year for raw silk and 12,000 tons/year for 48K tow carbon fiber [2] Future Outlook - The company is expected to face challenges in profitability due to high oil prices, leading to a downward revision of profit forecasts for 2024 and 2025 [2] - The carbon fiber project is anticipated to contribute positively to future growth, with a strategic emphasis on high-quality development and technological upgrades [2][3]

Financial Performance - The net loss attributable to shareholders for 2023 was RMB 1,405,876 thousand according to Chinese accounting standards, and RMB 1,346,147 thousand according to International Financial Reporting Standards[3]. - The total operating revenue for 2023 was RMB 93,013,595 thousand, an increase of 12.72% compared to RMB 82,518,315 thousand in 2022[13]. - The total loss for the year was RMB (1,715,136) thousand, a decrease of 52.35% from RMB (3,599,570) thousand in 2022[13]. - The net loss attributable to shareholders of the parent company was RMB (1,405,876) thousand, down 51.05% from RMB (2,871,969) thousand in the previous year[13]. - The net cash flow from operating activities was RMB 806,996 thousand, a significant recovery from RMB (7,337,499) thousand in 2022[13]. - The company's operating loss for 2023 was RMB 1.753 billion, an improvement of RMB 2.090 billion compared to the previous year's loss of RMB 3.843 billion[44]. - The company's financial income was RMB 238.68 million, down from RMB 443.33 million in the previous year[37]. - The company's total borrowings increased by RMB 1.450 billion to RMB 3.700 billion, primarily due to new short-term borrowings[51]. - The company's debt-to-asset ratio as of December 31, 2023, was 36.99%, up from 35.93% in the previous year[52]. - The company reported a significant decrease in financial expenses, which fell by 50.24% to RMB -228.63 million in 2023 from RMB -459.44 million in 2022[63]. Dividends and Share Capital - The board of directors proposed not to distribute dividends for the year and not to increase share capital from reserves[3]. - The company reported a reserve available for distribution to shareholders of RMB 6,070.476 million as of December 31, 2023, down from RMB 7,339.170 million in 2022[131]. - The company repurchased a total of 70,192,000 H shares during the reporting period, with a total cost of RMB 70.579 million[135]. - The board has approved a dividend payout of 5 billion RMB, reflecting a commitment to returning value to shareholders[176]. Operational Highlights - In 2023, the company processed a total of 14.12 million tons of crude oil, representing a year-on-year increase of 35.17%[23]. - The company produced 8.67 million tons of refined oil, which is a 46.69% increase year-on-year[23]. - The total sales volume for refined products reached 9,747.76 thousand tons, generating a net sales revenue of RMB 51,881.58 million, accounting for 64.79% of total sales[36]. - The company achieved a product sales rate of 100.14% and a cash collection rate of 100%[23]. - The company has completed 65% of the progress on a 250,000 tons/year thermoplastic elastomer project[28]. Research and Development - Research and development expenses rose to RMB 187 million in 2023 from RMB 131 million in 2022, reflecting increased material costs for technology development[53]. - The company's research and development expenses increased by 43.26% to RMB 186.98 million in 2023, up from RMB 130.52 million in 2022[62]. - The company plans to invest 1 billion RMB in R&D for new technologies aimed at reducing carbon emissions by 30% over the next five years[172]. - The company is focused on enhancing its R&D capabilities focusing on key petrochemical products to improve market competitiveness[103]. Market and Sales - The average price of refined and chemical products decreased by 6.51% and 8.30% respectively compared to the previous year[24]. - The company's total revenue for the year reached RMB 92.93 billion, an increase of 12.72% compared to the previous year[23]. - The company's net sales for 2023 reached RMB 80.078 billion, an increase of 10.22% from RMB 72.655 billion in the previous year[39]. - The revenue from refined oil products was RMB 64,642,544 thousand, with a year-on-year increase of 26.37%[72]. - The revenue from chemical products was RMB 19,111,302 thousand, with a year-on-year increase of 4.23%[72]. Risk Management - The company has detailed potential risks in its report, particularly regarding future development challenges[5]. - The report emphasizes the importance of investment risk awareness for investors regarding forward-looking statements[4]. - The company engages in related party transactions with its controlling shareholder, Sinopec Corp, which may affect business operations and economic benefits if agreements are modified unfavorably[96]. - The company is subject to strict environmental regulations in China, which may lead to additional costs if new, stricter standards are implemented[95]. Corporate Governance - The annual report was audited by KPMG Huazhen and KPMG, both providing standard unqualified audit opinions[2]. - The company has established a strategic and ESG committee to enhance its focus on environmental, social, and governance issues[162]. - The company plans to continue enhancing its corporate governance structure in compliance with relevant regulations, aiming for sustainable development[159]. - The independent non-executive directors confirmed that the related party transactions were conducted at fair market prices and did not significantly impact the company's independence[124]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[172]. - The company plans to enhance its supply chain efficiency, aiming for a 15% reduction in operational costs by the end of the next fiscal year[181]. - The company aims to achieve a 20% reduction in carbon emissions by 2025 as part of its ESG initiatives[176]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[181].

[Table_MainInfo] 公司研究/化工/石油化工 证券研究报告 上海石化（600688）公司年报点评 2024 年 03 月 21 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |------------------------------------------------------|--------------| | 股票数据 | | | 03 [ Table_StockInfo 月 20 日收盘价（元） ] | 2.76 | | 52 周股价波动（元） | 2.38-3.63 | | 总股本 / 流通 A 股（百万股） | 10799/7329 | | 总市值 / 流通市值（百万元） | 29806/29806 | | 相关研究 | | | [Table_ReportInfo] 《 3Q23 实现扭亏》 2023.11.19 | | | 《 2022 年盈利承压， 2023 | 年稳中求进》 | | 2023.03.23 | | 市场表现 [Table_QuoteInfo] -28.92% -21.92% -14.92% -7.92% -0. ...

证券代码：600688 证券简称：上海石化 公告编号：临2024-09 中国石化上海石油化工股份有限公司 关于技术开发合同暨关联交易的公告 本公司董事会、全体董事及相关股东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： 关联交易内容：本公司第十一届董事会第六次会议于2024年3月20日召 开，审议并批准中国石化上海石油化工股份有限公司（以下简称"上海 石化"、"本公司"或"公司"）与中国石油化工股份有限公司（以下简称 "中石化股份"）、中石化上海工程有限公司（以下简称"中石化上海工 程"）、中石化（上海）石油化工研究院有限公司（以下简称"中石化（上 海）研究院"）、上海复合材料科技有限公司（以下简称"上海复合材料"）、 中石化湖南石油化工有限公司（以下简称"湖南石化"）签署《技术开发 （委托）合同》及《课题任务书》（合称"技术开发文件I"）；审议并批 准本公司与中石化股份、中石化（北京）化工研究院有限公司（以下简 称"中石化（北京）研究院"）、南京玻璃纤维研究设计院有限公司（以 下简称"南京研究设计院"）、上海飞机制造有限公司（以下 ...

证券代码：600688 股票简称：上海石化 编号：临 2024-09 中国石化上海石油化工股份有限公司 关于计提资产减值准备的公告 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。 中国石化上海石油化工股份有限公司（"本公司"或"公司"）于 2024 年 3 月 19 日召开第十一届监事会第四次会议，于 2024 年 3 月 20 日召开第十一届董 事会第六次会议，会议审议同意，公司将在 2023 年计提资产减值准备，具体如 下： 一、本次计提资产减值准备情况概述 为客观反映公司 2023 年度的财务状况和经营成果，根据《企业会计准则》 等相关规定，基于谨慎性原则，公司于年末对可能出现减值迹象的相关资产进行 了减值测试。经测试，2023 年度公司因上述事项计提减值准备合计人民币 4.77 亿元。 二、计提资产减值准备具体情况说明 1、计提减值准备的方法、依据和标准 根据《企业会计准则第 8 号——资产减值》：资产存在减值迹象的，应当估 计其可收回金额。可收回金额应当根据资产的公允价值减去处置费用后的净额与 资产预计未来现金流量的 ...

中国石化上海石油化工股份有限公司 自 2023 年 1 月 1 日 至 2023 年 12 月 31 日止年度财务报表 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 +86 (10) 8518 5111 Fax Internet kpmg.com/cn 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 2401689 号 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 2023 年 12 月 31 日的合并及母公司资产负债表，2023 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。 中国石化上海石油 ...

中国石化上海石油化工股份有限公司 董事会关于 2023 年度独立非执行董事独立性 评估的专项意见 根据中国证券监督管理委员会《上市公司独立董事管理办法》 《上海证券交易所股票上市规则》《上海证券交易所上市公司自 律监管指引第 1 号——规范运作》等法律法规、规范性文件及 《中国石化上海石油化工股份有限公司独立董事工作制度》的规 定，中国石化上海石油化工股份有限公司（以下简称"本公司"） 董事会，就本公司在任独立非执行董事唐松、陈海峰、杨钧、周 颖、黄江东的独立性情况进行评估并出具如下专项意见： 经核查上述人员的任职经历以及其签署的相关自查报告，本 公司在任独立非执行董事于 2023 年度不存在影响其自身独立性 的情况，符合《上市公司独立董事管理办法》《上海证券交易所 股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号 ——规范运作》及《中国石化上海石油化工股份有限公司独立董 事工作制度》中对独立非执行董事应具有独立性的相关要求。 中国石化上海石油化工股份有限公司董事会 二零二四年三月二十日 ...

（二） 2023 年 12 月 20 日，审计与合规管理委员会与负责本公司财务 报表及内部控制审计工作的毕马威华振签字注册会计师王文立、张琳、毕 马威香港签字注册会计师区日科以及项目经理洪晓华召开沟通会议，就 2023 年度年报审计工作的审计范围、审计方案、独立性、审计团队架构等 相关事项进行了沟通，并讨论通过了毕马威华振、毕马威香港 2023 年度审 计计划。 （三） 2024 年 3 月 19 日，审计与合规管理委员会与负责本公司财务 报表及内部控制审计工作的毕马威华振签字注册会计师王文立、张琳、毕 马威香港签字注册会计师区日科以及项目经理洪晓华召开沟通会议，听取 了毕马威华振、毕马威香港关于公司审计发现、内部控制、独立性确认、 审计收费及审计报告的出具情况等事项的汇报。 （四） 2024 年 3 月 19 日，公司审计与合规管理委员会召开会议，审 议通过了本公司 2023 年年度报告及报告摘要、2023 年度财务报告、2023 年度内部控制评价报告、2024 年审计工作计划、《内部控制手册》（2024 年版）、关于续聘 2024 年度境内及境外会计师事务所并授权董事会决定其 酬金之议案、关于分部报告会计 ...