香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 中 石 化 煉 化 工 程（ 集 團 ）股 份 有 限 公 司 SINOPEC Engineering (Group) Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：2386） 內幕消息公告 中國證監會就本公司實施H股全流通出具備案通知書 本公告乃由中石化煉化工程（集團）股份有限公司（「本公司」）根據香港法例第571章 證券及期貨條例第XIVA部（「內幕消息條文」）及香港聯合交易所有限公司（「香港聯 交所」）證券上市規則（「香港上市規則」）第13.09(2)(a)條而作出。 茲提述本公司日期為2025年3月16日的公告（「該公告」），內容有關本公司擬實施H股 全流通。於本公告內，除非文義另有所指，否則所用詞彙與該公告所界定者具有相 同涵義。 本公司董事會（「董事會」）謹此宣佈，董事會已於近日收到中國證監會就本公司實施 H股全流通出具的備案通知書（「備案通知書」）。根據備案 ...

Group 1 - The core viewpoint of the article is that the acquisition of East China Pipeline Design and Research Institute by Nanjing Engineering Company, a wholly-owned subsidiary of Refining Engineering Group, aligns with the company's development strategy and is significant for enhancing its core competitiveness [1] - The acquisition will strengthen the company's industrial chain and improve its EPC qualifications and engineering execution capabilities for long-distance pipelines and storage facilities [1] - This move creates conditions for expanding into emerging markets such as hydrogen pipelines, aviation fuel pipelines, and long-distance chemical product pipelines [1]

Group 1 - The core point of the news is that southbound funds have reduced their holdings in Sinopec Engineering (02386.HK) by 294,000 shares on January 9, 2026, marking a trend of net reductions over the past trading days [1] - Over the last five trading days, southbound funds have reduced their holdings for four days, with a total net reduction of 3,479,000 shares [1] - In the last twenty trading days, there were ten days of net increases in holdings, totaling 393,800 shares [1] Group 2 - As of now, southbound funds hold 386 million shares of Sinopec Engineering, which accounts for 27.03% of the company's total issued ordinary shares [1] - The trading data shows a fluctuation in total holdings, with a decrease of 294,000 shares on January 9, 2026, representing a change of -0.08% [2] - The company operates in four segments: design, consulting and technology licensing; engineering contracting; construction services; and equipment manufacturing [2]

Group 1 - FMR LLC reduced its stake in Sinopec Engineering (02386) by 3.922 million shares at a price of HKD 7.5696 per share, totaling approximately HKD 29.688 million [1] - After the reduction, FMR LLC's remaining shareholding is approximately 114 million shares, representing a holding percentage of 7.99% [1]

Group 1 - FMR LLC reduced its stake in Sinopec Engineering (02386) by 3.922 million shares at a price of HKD 7.5696 per share, totaling approximately HKD 29.688 million [1] - After the reduction, FMR LLC's remaining shareholding is approximately 114 million shares, representing a holding percentage of 7.99% [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02386 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,430,681,000 | RMB | | 1 | RMB | | 1,430,681,000 | | 增加 / 減少 (-) | | | -3,857,000 | | | | RMB | | -3,857,000 | | 本月底結存 | | | 1,426,824,000 | RMB | | 1 | RMB | | 1,426,824,000 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯 ...

Group 1 - The company announced the acquisition of 100% equity of East China Pipeline Design Institute from a subsidiary of Sinopec, with a transaction price of 191 million yuan [1] - This acquisition will enhance the company's qualifications in the pipeline transportation sector and strengthen its competitiveness in the industry [1] - East China Pipeline Design Institute, established in 1993, specializes in the storage and transportation of petroleum and chemical products, with a projected net profit of 10.48 million yuan for 2024 and a net asset value of 168 million yuan as of August 31, 2025 [1] Group 2 - The company has accelerated its domestic and international market expansion, achieving a new contract amount of 91.3 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 24.4% [2] - The domestic new contract amount reached 54.5 billion yuan, with a year-on-year increase of 16.3%, while overseas contracts amounted to 36.9 billion yuan, growing by 38.6% [2] - The company is expected to benefit from the growing capital expenditure in the petrochemical industry and the active market in the Middle East, enhancing its order acquisition prospects [2] Group 3 - The acquisition of East China Pipeline Design Institute is expected to expand the company's business qualifications in pipeline transportation, further enhancing overall competitiveness [3] - The company maintains its profit forecast, expecting net profits of 2.595 billion, 2.760 billion, and 2.902 billion yuan for 2025-2027, with corresponding EPS of 0.59, 0.63, and 0.66 yuan per share [3] - The company is backed by Sinopec's resource advantages and is continuously expanding its domestic and international markets, indicating potential for sustained growth [3]

Company Overview - Sinopec Engineering is one of the largest energy and chemical engineering companies in China, with leading technical capabilities and strong backing from its controlling shareholder, Sinopec Group [1] - The company has a solid business foundation within the group, with accelerated overseas expansion contributing to performance growth [1] - Financial performance is robust, with a consistently high dividend payout ratio, and a dividend yield exceeding 5%, providing stable returns for investors [1] Industry Insights - The "two oil giants" (China National Petroleum and China Petroleum & Chemical) maintain a leading market position, with the petrochemical industry experiencing a slight revenue decline of 2.6% year-on-year in H1 2025, and total profits down by 10.3% [2] - There is a clear trend of "reducing oil and increasing chemicals," with demand for petrochemical products still showing growth potential; China's ethylene apparent consumption increased by 9.94% year-on-year from January to November 2025 [2] - Policy support for coal chemical development is evident, with planned projects in Xinjiang exceeding 900 billion [2] - Global refining capacity continues to grow, particularly in the Middle East and Asia-Pacific, with major oil and gas companies' capital expenditures projected to reach $153.35 billion in 2024, a year-on-year increase of 4.82% [2] Company Performance - In the refining and petrochemical sectors, the company has leading technology, with new contracts continuing to grow at a rate of 24.35% in Q1-Q3 2025; the value of uncompleted contracts as of Q3 2025 is 215.47 billion, which is 3.36 times the expected revenue for 2024 [2] - The controlling shareholder has substantial strength, with Sinopec Group planning capital expenditures of 164.3 billion in 2025, including 22.3 billion for refining and 44.9 billion for chemicals; new contracts from the group increased by 60.63% in Q1-Q3 2025, accounting for 53.82% of total contracts [2] - The company is accelerating its overseas business, with overseas revenue growing by 92.0% year-on-year in H1 2025 and new overseas contracts increasing by 38.56% in Q1-Q3 2025 [2] - Revenue and profit remain stable, with H1 2025 revenue increasing by 10.14% and net profit attributable to shareholders rising by 4.83%; the dividend payout ratio has consistently exceeded 63% from 2021 to 2024, with a TTM dividend yield of 5.33% as of December 24, 2025, and expected to remain above 5% in 2025 and 2026 [2]

Investment Rating - The report maintains a "Buy" rating for Sinopec Engineering (2386.HK) [4][6] Core Insights - The acquisition of East China Pipeline Design Institute enhances the company's pipeline transportation business qualifications, expected to improve overall competitiveness [2] - The company has seen rapid growth in new contracts, with a total of 913 billion yuan signed in the first three quarters of 2025, representing a year-on-year increase of 24.4% [3] - The company is well-positioned to benefit from the modernization of China's industrial system and the high-quality development of the petrochemical industry, particularly in the Middle East market [3] Summary by Sections Acquisition and Business Expansion - The company announced the acquisition of 100% equity in East China Pipeline Design Institute for 191 million yuan, which will strengthen its integrated EPC service capabilities from design to procurement and construction [1][2] - The East China Pipeline Design Institute, established in 1993, has a projected net profit of 10.48 million yuan for 2024 and a net asset value of 168 million yuan as of August 31, 2025 [2] Market Growth and Contract Acquisition - The company has accelerated its market expansion, achieving a 24.4% year-on-year increase in new contracts, with domestic contracts growing by 16.3% and overseas contracts by 38.6% [3] - The total uncompleted contract amount reached 2,155 billion yuan, a 24.8% increase year-on-year, indicating strong future revenue potential [3] Financial Forecast and Valuation - The report forecasts net profits for 2025-2027 to be 2.595 billion, 2.760 billion, and 2.902 billion yuan respectively, with corresponding EPS of 0.59, 0.63, and 0.66 yuan per share [4] - The company is expected to maintain a low valuation with high dividend value, supported by its resource advantages from Sinopec Group [4]

Investment Rating - The report assigns a "Buy" rating to Sinopec Engineering (02386.HK) with a target price of HKD 9.50 per share based on a 2026 PE of 13 times [1][5]. Core Insights - Sinopec Engineering is one of the largest energy and chemical engineering companies in China, with leading technical capabilities and strong backing from its parent company, Sinopec Group. The company is expanding its overseas business, contributing to performance growth. Additionally, it has a solid financial performance with a high dividend payout ratio, offering a stable yield of over 5% for investors [1][18]. Company Overview - Sinopec Engineering provides comprehensive services across the entire industry chain and lifecycle, focusing on refining and petrochemical engineering. It has a strong international competitive edge and a history of over 70 years [23][26]. - The company is backed by Sinopec Group, which holds a 62.52% stake, ensuring a stable business foundation [30][34]. Industry Analysis - The petrochemical industry is experiencing pressure on profits, with a slight revenue decline of 2.6% year-on-year in H1 2025, while total profits fell by 10.3%. However, the demand for petrochemical products remains, driven by the "reduce oil, increase chemicals" trend [2][17]. - Policy support for coal chemical development is evident, with significant investments planned in Xinjiang, exceeding 900 billion [2][17]. Financial Performance - For H1 2025, Sinopec Engineering reported a revenue increase of 10.14% year-on-year and a net profit increase of 4.83%. The company has maintained a dividend payout ratio above 63% over the past four years, with a current dividend yield of 5.33% [3][4]. - The company's revenue is projected to grow steadily, with estimates of 70.66 billion in 2025 and 78.10 billion in 2026, reflecting a growth rate of 10.06% and 10.53% respectively [4][18]. Growth Drivers - The company has seen a 24.35% increase in new contracts signed in Q1-Q3 2025, with a backlog of contracts amounting to 215.47 billion, which is 3.36 times the expected revenue for 2024 [3][39]. - The overseas revenue for H1 2025 increased by 92% year-on-year, indicating strong growth potential in international markets [3][39].