Financial Performance - The company's operating revenue for Q1 2024 was CNY 21,282,263, representing a decrease of 3.17% compared to the same period last year[4] - Total operating revenue for Q1 2024 was CNY 21,282,263, a decrease of 3.16% from CNY 21,978,009 in Q1 2023[18] - Total operating costs for Q1 2024 were CNY 21,153,044, down 4.44% from CNY 22,139,134 in Q1 2023[18] - Net profit for Q1 2024 was CNY 85,195, compared to a net loss of CNY 162,346 in Q1 2023, indicating a significant turnaround[20] - The total comprehensive income for the first quarter of 2024 was CNY 85,195 million, a decrease from CNY -162,346 million in the same period of 2023[21] - The company reported a basic and diluted earnings per share of CNY 0.008, recovering from CNY -0.015 in the previous year[21] Cash Flow - The net cash flow from operating activities was negative at CNY -718,251, indicating a cash outflow[4] - The net cash flow from operating activities was CNY -718,251 million, compared to CNY -29,479 million in Q1 2023, indicating a decline in operational cash flow[22] - Cash inflow from sales of goods and services was CNY 22,426,062 million, down from CNY 24,882,513 million year-over-year[22] - The company experienced a decrease in cash inflow from operating activities, totaling CNY 22,537,847 million, down from CNY 24,974,608 million year-over-year[22] - The company’s total cash outflow from operating activities was CNY 23,256,098 million, a decrease from CNY 25,004,087 million in the previous year[22] - Cash flow from investing activities showed a net outflow of CNY -259,552 million, an improvement from CNY -386,507 million in Q1 2023[23] - Cash flow from financing activities generated a net inflow of CNY 1,416,191 million, down from CNY 3,464,658 million in the same quarter last year[23] - The company raised CNY 12,500,000 million from borrowings, an increase from CNY 10,518,000 million in Q1 2023[23] - The ending cash and cash equivalents balance was CNY 5,344,773 million, compared to CNY 3,953,405 million at the end of Q1 2023[23] Assets and Liabilities - Total assets at the end of the reporting period were CNY 39,544,994, a decrease of 0.29% from the end of the previous year[4] - Total assets as of March 31, 2024, were CNY 39,544,994, slightly down from CNY 39,658,244 at the end of 2023[17] - Total liabilities decreased to CNY 14,560,818 from CNY 14,715,337 at the end of 2023[17] - The company reported a decrease in inventory to CNY 7,099,189 from CNY 7,751,687 at the end of 2023, reflecting improved inventory management[16] - The company’s short-term borrowings increased to CNY 4,500,000 from CNY 3,000,000 at the end of 2023, indicating a potential increase in leverage[17] Shareholder Information - The net profit attributable to shareholders was CNY 84,061, while the net profit after deducting non-recurring gains and losses was CNY 98,108[4] - The total number of ordinary shareholders at the end of the reporting period was 93,561[9] Other Financial Metrics - The weighted average return on equity increased by 0.96 percentage points to 0.338%[4] - The company’s cash and cash equivalents increased by 54.29% due to an increase in time deposits maturing within one year[6] - Accounts receivable financing rose by 73.81%, attributed to a significant increase in third-party receivables in the trading segment[6] - Other receivables increased by 43.51%, mainly due to an increase in the refund of consumption tax on naphtha[6] - The company received government subsidies amounting to CNY 3,340 during the reporting period, contributing to a 74.01% increase in other income[8] - The company’s gross profit margin improved, with gross profit for Q1 2024 at CNY 5,542,791, compared to CNY 3,365,864 in Q1 2023[20] - The company’s R&D expenses for Q1 2024 were CNY 35,083, compared to CNY 30,776 in Q1 2023, indicating a focus on innovation[20]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因依賴該等內容而引致的任何損失承擔任何責任。 郭曉軍，1969年8月出生，現任本公司黨委書記。郭曉軍先生於1991年加入上海石化總 廠。歷任本公司塑膠部聚烯烴聯合裝置主任、塑膠部副總工程師、經理助理、副經理、 經理兼黨委副書記等職。2011年3月至2013年4月任本公司副總工程師兼生產部主任。 2013年4月至2014年6月任本公司副總經理。2014年6月至2017年6月任本公司執行董事、 副總經理。2017年6月至2019年12月任本公司執行董事、副總經理、董事會秘書。2019年 12月至2022年12月任中國石化儀征化纖有限責任公司總經理、黨委副書記。2022年12月 Sinopec Shanghai Petrochemical Company Limited 00338 建議選舉非獨立董事及建議修訂《公司章程》及其附件 建議選舉郭曉軍先生為本公司第十一屆董事會非獨立董事 中國石化上海石油化工股份有限公司（「本公司」或「公司」）於2024年4月2 ...

证券代码：600688 证券简称：上海石化 公告编号：临 2024-012 中国石化上海石油化工股份有限公司 关于召开 2023 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： 投资者可于 2024 年 4 月 19 日(星期五)至 4 月 25 日(星期 四)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 2024 年 3 月 21 日发布公司 2023 年度报告，为便于广大 投资者更全面深入地了解公司 2023 年度经营成果、财务状况，公司 计划于2024 年4 月26 日上午9:00-10:00 举行2023年度业绩说明会， 就投资者关心的问题进行交流。 一、说明会类型 会议召开时间：2024 年 4 月 26 日(星期五)上午 9:00-10:00 会议召开地点：上海证券交易所上证路演中心（ ...

董事會會議召開日期 ******* Output: 12 April 2024 17:30 (hkgdb) Seq. No.: 1 (jill.lou) ******* Job Name: 24070220c_Sinopec_Ann Blackline: Batch 1 (Max 1/ Strikeout 0/ Range) 1st Proof — 12 April 2024 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Sinopec Shanghai Petrochemical Company Limited 00338 本公告乃依據《香港聯合交易所有限公司證券上市規則》第13.43條而作出。 中國石化上海石油化工股份有限公司（「本公司」及其附屬公司「本集團」）董事會（「董事 會」）玆通告謹定於2024年4月24日（星期三）舉行董事會會議，以審議並批准本集團截至 2024年3月31日止三個月之第一季度業績以作刊發之用及處理其他事項。 承董事會命 ...

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. ...

Financial Performance - The net loss attributable to shareholders for 2023 was RMB 1,405,876 thousand, a decrease of 51.05% compared to the previous year's loss of RMB 2,871,969 thousand[3]. - Total operating revenue for 2023 was RMB 93,013,595 thousand, representing a 12.72% increase from RMB 82,518,315 thousand in 2022[9]. - The basic loss per share for 2023 was RMB (0.130), a 50.94% improvement from RMB (0.265) in 2022[10]. - The weighted average return on equity for 2023 was (5.504)%, an increase of 4.66 percentage points from (10.162)% in 2022[10]. - The company reported a net loss attributable to shareholders of RMB 1,346.15 million for 2023, compared to a loss of RMB 2,846.05 million in 2022, indicating an improvement of about 52.7%[14]. - The total operating loss for 2023 was RMB 1,752.95 million, compared to a profit of RMB 1,432.20 million in 2021[34]. - The operating loss for 2023 was RMB 1.75 billion, an improvement of RMB 2.09 billion compared to an operating loss of RMB 3.84 billion in the previous year[43]. - The pre-tax loss for 2023 was RMB 1.66 billion, reduced by RMB 1.92 billion from a pre-tax loss of RMB 3.57 billion in 2022[48]. - The net loss after tax for 2023 was RMB 1.35 billion, a decrease of RMB 1.49 billion from a net loss of RMB 2.84 billion in the previous year[49]. - The total comprehensive loss for the year was RMB 1,363,294 thousand, an improvement from RMB 2,690,362 thousand in 2022, reflecting a reduction of 49.3%[126]. Cash Flow and Assets - The company reported a net cash flow from operating activities of RMB (1,365,513) thousand, a 50.75% decrease compared to RMB (2,790,670) thousand in 2022[9]. - The company experienced a net cash flow from operating activities of RMB 1,695,312 thousand in Q4 2023, a significant recovery compared to the negative cash flows in the previous three quarters[15]. - The company's cash flow from operating activities showed a significant improvement, with a net cash inflow of RMB 1,200,000 thousand in 2023 compared to a net outflow of RMB 500,000 thousand in 2022[125]. - The company's total assets decreased by 3.84% to RMB 39,658,244 thousand at the end of 2023, down from RMB 41,242,782 thousand in 2022[9]. - The company's total assets as of December 31, 2023, were RMB 39,658,244 thousand, down from RMB 41,242,782 thousand as of December 31, 2022[124]. - The company's cash and cash equivalents increased to RMB 5.61 billion in 2023 from RMB 3.99 billion in 2022, representing a growth of approximately 40.4%[122]. - The company's inventory rose to RMB 7.75 billion in 2023, compared to RMB 7.29 billion in 2022, indicating an increase of about 6.3%[122]. - The company's total current assets were reported at RMB 15.45 billion, slightly down from RMB 15.77 billion in the previous year[122]. - The company's accounts receivable as of December 31, 2023, totaled RMB 2,649,838 thousand, a decrease from RMB 2,815,841 thousand as of December 31, 2022, indicating a reduction of about 5.9%[153]. Revenue and Sales - The company's net sales for 2023 reached RMB 80,077.76 million, an increase from RMB 72,654.56 million in 2022, representing a growth of approximately 5.8%[14]. - The company's revenue for the year reached RMB 92.93 billion, an increase of 12.72% compared to the previous year[21]. - The net revenue for 2023 was RMB 80.08 billion, an increase of 10.22% from RMB 72.66 billion in 2022[36]. - The net revenue from refining products reached RMB 51.88 billion, up 25.18% from RMB 41.44 billion in the previous year, driven by a 35.17% increase in sales volume[37]. - The total sales volume for 2023 reached 12,528.08 thousand tons, with a net sales amount of RMB 80,077.76 million, representing a 10.00% increase from RMB 72,654.56 million in 2022[33]. - Revenue from a single customer amounted to RMB 66,435,767 thousand in 2023, up from RMB 52,190,120 thousand in 2022, marking a significant increase of around 27.3%[163]. Costs and Expenses - The total sales costs and expenses for 2023 were RMB 81.83 billion, a rise of 6.97% from RMB 76.50 billion in 2022[39]. - The company's sales cost for 2023 was RMB 81.61 billion, which accounted for 102.19% of the total net revenue[40]. - The company reported a significant increase in sales costs, with refined products' sales costs at RMB 52,111.60 million, which is 65.08% of net sales[34]. - The total cost of crude oil processing increased by RMB 9.69 billion, up 20.56%, accounting for 69.63% of total sales costs[23]. - The company's sales and management expenses increased by 7.48% to RMB 316 million in 2023, up from RMB 294 million in 2022[41]. Research and Development - Research and development expenses for 2023 amounted to RMB 187 million, an increase from RMB 131 million in 2022 and RMB 94 million in 2021, primarily due to rising material costs for equipment and product technology development[52]. - The company had 159 R&D personnel, accounting for 2.11% of the total workforce, with 10 holding doctoral degrees and 48 holding master's degrees[68]. - Research and development expenses increased to RMB 186,978 thousand in 2023, up from RMB 130,516 thousand in 2022, marking a growth of 43.3%[125]. Environmental and Regulatory Compliance - The company achieved a 100% compliance rate for wastewater discharge and hazardous waste disposal in 2023[101]. - The company incurred an environmental tax payment of RMB 9.8747 million to the Jinshan District Tax Bureau in 2023[102]. - The company received administrative penalties totaling RMB 519,600 due to environmental issues in September 2023[103]. - The company has implemented carbon reduction measures resulting in a total reduction of 40,249 tons of CO2 equivalent emissions[109]. - The company purchased 46.02 million kWh of green electricity in 2023, reducing carbon emissions by 19,317 tons[109]. Governance and Management - The company has complied with all applicable provisions of the Corporate Governance Code throughout the reporting period[117]. - The company's independent non-executive directors confirmed that related party transactions were conducted at fair market prices and did not significantly impact the company's independence[114]. - The controlling shareholder, Sinopec Corp., holds approximately 50.55% of the company's shares, which may influence the company's operations and financial decisions[94]. Future Outlook - The company plans to process a total of 14.3 million tons of crude oil in 2024, with a target production of 8.8 million tons of refined oil[82]. - The company aims to produce 671,000 tons of ethylene and 692,000 tons of paraxylene in 2024[82]. - The company plans to invest approximately RMB 2.889 billion in capital expenditures for 2024, funded through financing activities and some self-owned funds[90].