荣盛石化: 2024 First Quarterly Report

Stock code: 002493               Stock abbreviation: Rongsheng Petrochemical           Announcement No.: 2024-035
                             Rongsheng Petrochemical Co., Ltd.
     The Company and all members of the Board of Directors warrant that the information
disclosed is true, accurate and complete, and has no false representations, misleading
statements or material omissions.
Important notice:
warrant that the quarterly report is true, accurate, and complete and has no false representations, misleading
statements or material omissions, and assume several and joint liabilities.
of the accounting firm (accounting officer), hereby make representations in respect of the truthfulness, accuracy
and completeness of the financial statements in this quarterly report.
□Yes No
I. Key Financial Data
(I) Key accounting data and financial indicators
Whether the Company needs to retroactively adjust or restate prior years’ accounting data
□Yes No
                                                                                        Increase/decrease in the current
                                             Current reporting    Same period last
                                                                                         reporting period over the same
                                                  period               year
                                                                                              period last year (%)
Operating income (RMB)                        81,088,312,171.89   69,720,518,872.77                               16.30%
Net profit attributable to shareholders of
the listed company (RMB)
Net profit attributable to shareholders of
the listed company net of non-recurring         474,627,417.74     -1,572,912,484.98                             130.18%
gain and loss (RMB)
Net cash flow from operating activities
(RMB)
Basic earnings per share (RMB per share)                          0.06                     -0.15                               140.00%
Diluted earnings per share (RMB per
share)
Weighted average return on net assets                           1.24%                    -3.15%                                    4.39%
                                                                                                    Increase/decrease at the end of the
                                                     End of the
                                                                            End of last year       reporting period over the end of last
                                                  reporting period
                                                                                                                year (%)
Total assets (RMB)                               380,804,493,762.52        374,918,440,311.68                                      1.57%
Owner’s equity attributable to shareholders
of the listed company (RMB)
(II) Items and amounts of non-recurring gain and loss
Applicable □Not applicable
                                                                                                                          Unit: RMB
                                                                                                    Amount in the
                                              Items                                                current reporting        Notes
                                                                                                        period
 Gains on disposal of non-current assets (including write-off of provision for impairment)               5,704,105.35
 Government subsidies included in the current profits and losses (except those closely
 related to the Company's normal business operations, which are in line with national
 policies, enjoyed according to certain standards, and have a continuous impact on the
 Company's profits and losses)
 Gains on changes in fair value of financial assets and financial liabilities held by non-
 financial enterprises, and gains from disposal of financial assets and financial liabilities,         82,723,020.70
 excluding those arising from hedging business related to operating activities
 Fund possession charge from non-financial entities and included in profit or loss                        107,025.15
 Other non-operating revenues and expenditures except for the aforementioned items                       7,013,519.03
 Other profit/loss items falling within the definition of non-recurring gain or loss                   21,037,340.56
 Less: Affected amount of income tax                                                                   15,142,407.78
      Affected amount of minority shareholders’ equity (after tax)                                     26,685,589.21
 Total                                                                                                 77,729,365.88          --
Other gain/loss items falling within the definition of non-recurring gain or loss
□Applicable Not applicable
The Company has no other gain/loss items falling within the definition of non-recurring gain or loss.
Explanation of the circumstances in which the non-recurring gain and loss items listed in the Explanatory
Announcement No. 1 on Information Disclosure of Companies Publicly Issuing Securities-Non-recurring Gains
and Losses are defined as recurring gains and losses.
□Applicable Not applicable
The Company has no explanation of the circumstances in which the non-recurring gain and loss items listed in the
Explanatory Announcement No. 1 on Information Disclosure of Companies Publicly Issuing Securities-Non-
recurring Gains and Losses are defined as recurring gains and losses.
(III) Changes in key accounting data and financial indicators and reasons thereof
Applicable □Not applicable
                                                                                                                   Unit：RMB 10,000
                                    Ending          Ending
                                  balance in       balance of
     Balance sheet items                                              Variations                   Reasons for change
                                 the reporting    the previous
                                    period            year
                                                                                   Mainly due to the increase in bankers’ acceptance
Receivables financing                27,224.00       17,503.62          55.53%
                                                                                   bills for goods received by the Company
                                                                                   Mainly due to the increase in prepayment for raw
Prepayment                          321,307.01      149,331.25         115.16%
                                                                                   materials
                                                                                   Mainly due to the decrease in the Company’s
Employee benefits payable            47,559.90      103,222.08          -53.92%    outstanding employee remuneration payable at the
                                                                                   end of the period
                                                                                   Mainly due to the increase in consumption tax
Taxes and rates payable             168,142.66       47,678.12         252.66%
                                                                                   payable by the Company at the end of the period
                                 Beginning of
                                 year to end of   Same period
  Income statement items                                              Variations                   Reasons for change
                                   reporting        last year
                                    period
                                                                                   Mainly due to the decrease in the Company’s
Financial expenses                  189,530.61      109,835.70          72.56%
                                                                                   foreign exchange gain in the current period
                                                                                   Mainly due to the decrease in the Company’s
Gain from change in fair value        2,525.85       13,898.88          -81.83%    floating income from paper goods in the current
                                                                                   period
                                                                                   Mainly due to tax credits of the Company in
Other income                         35,242.18        5,159.51         583.05%
                                                                                   accordance with policies in the current period
                                                                                   Mainly due to the decrease in the Company’s long-
Investment income                    -2,990.56        3,825.47         -178.17%    term equity income accounted for under the equity
                                                                                   method in the current period
                                                                                   Mainly due to the increase in income tax expense
Income tax expenses                  17,146.18      -63,207.60         -127.13%    as a result of the increase in total profit compared
                                                                                   with the same period last year
                                 Beginning of
                                 year to end of   Same period
 Cash flow statement items                                            Variations                   Reasons for change
                                   reporting        last year
                                    period
                                                                                   Mainly due to the year-on-year increase in net cash
Net cash flow from operating
activities
                                                                                   in the current period
                                                                                   Mainly due to the increase in cash paid for long-
Net cash flow from
                                   -945,571.54     -703,650.59          34.38%     term assets acquired by the Company in the
investment activities
                                                                                   current period
Net cash flow from financing      1,435,269.97    1,945,595.07          26.23%     Mainly due to the decrease in net increase in the
activities                                                                    Company’s bank borrowings year-on-year
II. Shareholders’ Information
(I) Total number of shareholders of ordinary shares and shareholders of preferred shares with restored
voting rights, and shareholdings of the top ten shareholders
                                                                                                                  Unit: share
 Total number of common                                 Total number of shareholders of preferred shares
 shareholders at the end of the              100,234    with restored voting rights                                         0
 reporting period                                       at the end of the reporting period (if any)
                                Top 10 shareholders (excluding shares lent through refinancing)
                                                        Sharehol                     Number of         Pledge, marking or
                                                                                     shares held            freezing
                                         Nature of        ding       Number of
         Name of shareholders                             ratio                       subject to
                                        shareholder                  shares held
                                                         （%）                            sales                           Num
                                                                                                     Status of shares
                                                                                     restrictions                       ber
                                        Domestic
 Zhejiang Rongsheng Holding Group       non-state-
 Co., Ltd.                              owned legal
                                        person
                                        Foreign legal
 Aramco Overseas Company B.V.                             10.00%    1,012,552,501                    N/A
                                        person
                                        Domestic
 Li Shuirong                            natural            6.35%      643,275,000      482456250     N/A
                                        person
 Hong Kong Securities Clearing          Foreign legal
 Company Limited                        person
                                        Domestic
 Li Guoqing                             natural            0.95%       96,525,000       72393750     N/A
                                        person
                                        Domestic
 Xu Yuejuan                             natural            0.95%       96,525,000                    N/A
                                        person
                                        Domestic
 Li Yongqing                            natural            0.95%       96,525,000       72393750     N/A
                                        person
 Horizon Asset - Huaneng
 Trust ·Jiayue No. 7 Single Fund
                                        Others             0.54%       55,148,287                    N/A
 Trust - Horizon Asset Huixin No. 43
 Single Asset Management Plan
 Huaneng Guicheng Trust
 Corporation Limited - Huaneng
                                        Others             0.49%       50,078,500                    N/A
 Trust ·Rongyue Weicheng Pooled
 Fund Trust Plan
                                        Domestic
 Ni Xincai                              natural            0.47%       47,925,000                    N/A
                                        person
                            Shareholdings of the top 10 shareholders not subject to sales restrictions
                                                                                                      Class of shares
                                                          Number of shares held
                Name of shareholders
                                                         without sales restrictions
                                                                                          Class of shares            Number
                                                                                        RMB ordinary
 Zhejiang Rongsheng Holding Group Co., Ltd.                            5,246,113,794                                 5,246,113,794
                                                                                        shares
                                                                                        RMB ordinary
 Aramco Overseas Company B.V.                                          1,012,552,501                                1,012,552,501
                                                                                        shares
                                                                                        RMB ordinary
 Li Shuirong                                                            160,818,750                                     160,818,750
                                                                                        shares
                                                                                        RMB ordinary
 Hong Kong Securities Clearing Company Limited                          156,142,384                                     156,142,384
                                                                                        shares
                                                                                        RMB ordinary
 Xu Yuejuan                                                               96,525,000                                     96,525,000
                                                                                        shares
 Horizon Asset - Huaneng Trust ·Jiayue No. 7 Single
                                                                                        RMB ordinary
 Fund Trust - Horizon Asset Huixin No. 43 Single                          55,148,287                                     55,148,287
                                                                                        shares
 Asset Management Plan
 Huaneng Guicheng Trust Corporation Limited -
                                                                                        RMB ordinary
 Huaneng Trust ·Rongyue Weicheng Pooled Fund                              50,078,500                                     50,078,500
                                                                                        shares
 Trust Plan
                                                                                        RMB ordinary
 Ni Xincai                                                                47,925,000                                     47,925,000
                                                                                        shares
 Hangzhou Mingzhu Enterprise Management                                                 RMB ordinary
 Partnership (Limited Partnership)                                                      shares
 Penghua Fund - China Life Insurance Co., Ltd. -
 Participating Insurance - Penghua Fund State Life                                      RMB ordinary
 Stock Growth Equity Portfolio Single Asset                                             shares
 Management Plan (Available for Sale)
                                                         Among the top 10 shareholders, Zhejiang Rongsheng Holding Group
                                                         Co., Ltd. is the controlling shareholder of the Company, Li Yongqing and
                                                         Li Guoqing are nephews of Li Shuirong, Chairman of the Board of
 Explanation of the relationship or concerted action     Directors of Zhejiang Rongsheng Holding Group Co., Ltd., Xu Yuejuan
 among the above shareholders                            is sister-in-law of Li Shuirong, and Ni Xincai is the brother-in-law of Li
                                                         Shuirong, forming associated relationships. In addition to the above
                                                         associated relationships, the Company has no knowledge of whether
                                                         other shareholders are related to each other or act in concert.
                                                         Zhejiang Rongsheng Holding Group Co., Ltd. holds 5,206,113,794
 Explanation of the top 10 shareholders’ participation
                                                         shares through an ordinary account and 40,000,000 shares through a
 in securities margin trading (if any)
                                                         credit account.
Note: Among the top 10 shareholders, Rongsheng Petrochemical Co., Ltd. held 552,380,458 shares in its special
securities account for repurchase, accounting for 5.46% of the Company’s total share capital.
The lending of shares by the shareholders holding more than 5% of shares, top ten shareholders and top ten
shareholders of circulating shares not subject to selling restrictions in the refinancing business
□Applicable Not applicable
Change from the previous period due to lending/returning of shares from/to the top ten shareholders and top ten
shareholders of circulating shares not subject to selling restrictions in the refinancing business
□Applicable Not applicable
(II) The total number of shareholders of preferred shares of the Company and the shareholdings of the
top 10 shareholders of preferred shares
□Applicable Not applicable
III. Other Important Matters
□Applicable Not applicable
IV. Quarterly Financial Statements
(I) Financial statements
Prepared by: Rongsheng Petrochemical Co., Ltd.
                                                 March 31, 2024
                                                                                                      Unit: RMB
                                  Items                           Closing balance           Opening balance
 Current assets:
   Monetary fund                                                     22,085,427,589.48          13,070,255,466.02
   Settlement funds
   Loans to other banks
   Held-for-trading financial assets                                    278,313,692.91             310,087,429.45
   Derivative financial assets
   Notes receivable
   Accounts receivable                                                4,527,525,896.22           4,737,733,703.66
   Receivables financing                                                272,239,966.60             175,036,242.93
   Advances paid                                                      3,213,070,069.10           1,493,312,465.86
   Premiums receivable
   Reinsurance accounts receivable
   Reinsurance contract reserve receivable
   Other receivables                                                  4,283,783,859.94           4,510,228,597.49
      Including: Interest receivables
             Dividends receivable
   Redemptory monetary capital for sale
   Inventories                                                       55,237,461,019.28          61,733,657,342.07
      Including: Data resources
  Contract assets
  Assets held for sale
  Non-current assets due within one year
  Other current assets                           4,635,885,805.30           5,297,128,974.31
Total current assets                            94,533,707,898.83          91,327,440,221.79
Non-current assets:
  Loans and advances
  Debt investments
  Other debt investments
  Long-term receivables
  Long-term equity investments                   9,262,885,084.00            9,183,711,444.96
  Other equity instrument investments
  Other non-current financial assets
  Investment property                               10,327,713.10              10,395,574.60
  Fixed assets                                 215,959,642,059.52         219,699,679,397.52
  Construction in progress                      48,217,275,287.36          41,820,671,070.59
  Productive biological assets
  Oil & gas assets
  Right-of-use assets                             196,334,314.98              200,102,141.16
  Intangible assets                              8,047,209,820.83           7,128,930,412.44
     Including: Data resources
  Development expenditures
     Including: Data resources
  Goodwill
  Long-term deferred expense                                                        45,701.13
  Deferred tax assets                             721,038,004.97              690,808,878.08
  Other non-current assets                       3,856,073,578.93           4,856,655,469.41
Total non-current assets                       286,270,785,863.69         283,591,000,089.89
Total assets                                   380,804,493,762.52         374,918,440,311.68
Current liabilities:
  Short-term borrowings                         49,478,542,204.66          44,810,936,767.94
  Central bank loans
  Loans from other banks
  Held-for-trading financial liabilities               588,321,308.64              623,298,741.33
  Derivative financial liabilities
  Notes payable                                       4,029,642,868.75           4,195,471,402.63
  Accounts payable                                   47,176,093,945.47          49,744,126,901.38
  Advances received
  Contract liabilities                                3,263,730,848.76           4,421,732,432.83
  Financial liabilities under repo
  Absorbing deposit and interbank deposit
  Deposits for agency security transaction
  Deposits for agency security underwriting
  Employee benefits payable                            475,598,983.90            1,032,220,776.56
  Taxes and rates payable                             1,681,426,588.75             476,781,167.70
  Other payables                                     15,425,993,518.14          16,919,133,504.47
     Including: Interests payable
             Dividends payable                         228,000,000.00              228,000,000.00
  Handling fees and commissions payable
  Reinsurance accounts payable
  Liabilities held for sale
  Non-current liabilities due within one year        30,509,962,010.15          30,286,684,174.81
  Other current liabilities                            406,698,171.24              551,990,844.96
Total current liabilities                           153,036,010,448.46         153,062,376,714.61
Non-current liabilities:
  Insurance policy reserve
  Long-term borrowings                              130,264,385,948.41         125,179,583,821.18
  Bonds payable
     Including: Preferred shares
             Perpetual bonds
  Lease liabilities                                    187,732,441.45              193,002,312.38
  Long-term payables
  Long-term employee benefits payable
  Estimated liabilities
  Deferred income                                      188,983,856.17              195,581,593.25
  Deferred income liabilities                         1,691,713,181.18           1,619,074,228.97
   Other non-current liabilities
 Total non-current liabilities                                                    132,332,815,427.21             127,187,241,955.78
 Total liabilities                                                                285,368,825,875.67             280,249,618,670.39
 Owner’s equity:
   Share capital                                                                   10,125,525,000.00              10,125,525,000.00
   Other equity instruments
      Including: Preferred shares
                Perpetual bonds
   Capital reserve                                                                 10,825,808,139.15              10,825,322,259.36
   Less: Treasury shares                                                            6,979,971,201.56               6,619,807,176.02
   Other comprehensive income                                                         129,834,223.20                 110,203,866.35
   Special reserve                                                                        65,923,726.85               60,677,296.91
   Surplus reserve                                                                    974,151,644.68                 974,151,644.68
   General risk reserve
   Undistributed profit                                                            29,412,174,978.13              28,859,818,194.51
 Total equity attributable to the parent company                                   44,553,446,510.45              44,335,891,085.79
   Minority equity                                                                 50,882,221,376.40              50,332,930,555.50
 Total equity                                                                      95,435,667,886.85              94,668,821,641.29
 Total liabilities & equity                                                       380,804,493,762.52             374,918,440,311.68
Legal representative: Li Shuirong          Officer in charge of accounting: Wang Yafang       Head of accounting firm: Zhang Shaoying
                                                                                                                        Unit: RMB
                                                                               Current period                 Preceding period
                                   Items
                                                                                cumulative                      comparative
 I. Total operating revenue                                                        81,088,312,171.89              69,720,518,872.77
   Including: operating revenue                                                    81,088,312,171.89              69,720,518,872.77
            Interest income
            Premiums earned
            Handling fees and commissions
 II. Total operating cost                                                          80,129,366,950.93              73,384,892,565.73
   Including: Operating cost                                                       69,689,532,945.07              66,685,174,009.31
            Interest expenses
            Handling fees and commissions
            Surrender value
            Net payment of insurance claims
            Net appropriation of reserves for insurance liability
            Premium bonus expenditures
            Reinsurance expenses
            Taxes and surcharges                                         7,108,078,282.93            4,110,642,568.99
            Selling expenses                                               37,189,397.04               53,674,363.56
            Administrative expenses                                       206,168,697.22              178,948,175.23
            R&D expenses                                                 1,193,091,516.38           1,258,096,443.54
            Financial expenses                                           1,895,306,112.29           1,098,357,005.10
               Including: Interest expenses                              1,813,336,399.31           1,820,192,217.50
                      Interest income                                     118,530,661.38              159,489,774.49
     Add: Other income                                                    352,421,758.54               51,595,149.78
          Investment income (losses expressed with “-”)                    -29,905,606.95              38,254,714.92
             Including: Investment income from associates and
joint ventures
            Gains from derecognition of financial assets at
amortized cost
          Exchange gains (losses expressed with “-”)
          Net exposure hedging gains (losses expressed with “-”)
          Gains on changes in fair value (losses expressed with “-”)       25,258,522.19              138,988,806.17
          Credit impairment loss (losses expressed with “-”)               -48,263,256.65              -57,970,985.04
          Loss on assets impairment (losses marked with “-”)                 -981,692.18
          Gains on disposal of assets (losses expressed with “-”)           5,704,105.35
III. Operating profit (losses expressed with “-”)                        1,263,179,051.26           -3,493,506,007.13
     Add: non-operating income                                              7,569,246.13                  153,882.31
     Less: non-operating expenses                                             557,313.60                  213,368.18
IV. Total profits (total losses expressed with “-”)                      1,270,190,983.79           -3,493,565,493.00
     Less: income tax expenses                                            171,461,784.77             -632,075,994.21
V. Net profit (net losses expressed with “-”)                            1,098,729,199.02           -2,861,489,498.79
     (I) By business continuity
”)
expressed with “-”)
   (II) By ownership
 VI. Other comprehensive income, net of tax                                             16,749,448.69                3,465,785.57
   After-tax net of other comprehensive income attributable to the
 owners of parent company
      (I) Not to be reclassified subsequently to profit or loss                           -590,642.24
 transferred to gain and loss under the equity method
 instruments
      (II) Other comprehensive income which may be reclassified to
 gain and loss
 to gain and loss under the equity method
 comprehensive income
 investments
 statements
   Other comprehensive income attributable to minority
                                                                                        -2,880,908.16              -12,362,773.89
 shareholders, net of tax
 VII. Total comprehensive income                                                  1,115,478,647.71              -2,858,023,713.22
   Total comprehensive income attributable to owners of the parent
 company
   Total comprehensive income attributable to minority
 shareholders
 VIII. Earnings per share:
   (I) Basic earnings per share                                                                 0.06                        -0.15
   (II) Diluted earnings per share                                                              0.06                        -0.15
Legal representative: Li Shuirong        Officer in charge of accounting: Wang Yafang       Head of accounting firm: Zhang Shaoying
                                                                                                          Unit: RMB
                                                                      Current period            Preceding period
                                 Items
                                                                       cumulative                 comparative
 I. Cash flow from operating activities:
   Cash received from sales of goods or rendering of services            88,428,593,585.76          82,509,656,914.92
   Net increase in deposits from customers and other banks
   Net increase in borrowings from the central bank
   Net increase in loans from other financial institutions
    Cash received from receiving insurance premium of original
 insurance contracts
   Net cash received from reinsurance business
   Net increase in deposits and investment of the insured
   Cash received from interests, handling charges and commissions
   Net increase in borrowing funds
   Net increase in repurchase business capital
   Net cash received from securities trading agency
   Refunds of taxes and levies                                            1,958,361,629.02             658,735,846.53
   Cash received relating to other operating activities                   1,795,724,448.59            5,192,111,220.30
 Subtotal of cash inflows for operating activities                       92,182,679,663.37          88,360,503,981.75
   Cash paid for goods purchased and services received                   79,836,272,551.22          89,887,358,266.15
   Net increase in loans and advances to customers
   Net increase in deposits with the central bank and other banks
   Cash paid for claims under original insurance contracts
   Net increase in lending funds
   Cash paid for interests, handling charges and commissions
   Cash paid for policy dividends
   Cash paid to and on behalf of employees                                1,558,998,186.28           1,482,689,220.34
   Payments of all types of taxes                                         5,112,583,789.96           3,970,279,709.58
   Cash paid relating to other operating activities                       1,545,554,152.05           4,080,895,592.39
 Subtotal of cash outflows from operating activities                     88,053,408,679.51          99,421,222,788.46
 Net cash flow from operating activities                                  4,129,270,983.86          -11,060,718,806.71
 II. Cash flows from investing activities:
   Cash received from investment recovery                                  761,449,460.70              886,211,784.32
  Cash received from the return on investment
  Net cash received from the disposal of fixed assets, intangible
assets and other long-term assets
  Net cash received from the disposal of subsidiaries and other
business units
  Cash received relating to other investing activities                     26,899,512.55              186,696,347.40
Subtotal of cash inflows from investing activities                       1,011,272,470.34           1,072,908,131.72
   Cash paid for purchase and construction of fixed assets,
intangible assets and other long-term assets
  Cash paid for investments                                               424,646,154.66              915,284,882.03
  Net increase in pledge loans
  Net cash paid for acquisition of subsidiaries and other business
units
  Cash paid relating to other investing activities                         99,992,166.91              310,941,341.34
Subtotal of cash outflows from investing activities                     10,466,987,908.26           8,109,414,072.93
Net cash flow from investment activities                                -9,455,715,437.92           -7,036,505,941.21
III. Cash flow from financing activities:
  Cash received from absorption of investment
    Including: cash received by subsidiaries from investments of
minority shareholders
  Cash received from borrowings                                         36,543,200,351.24          44,117,219,620.50
  Cash received relating to other financing activities                   9,448,341,833.32           1,656,000,000.00
Subtotal of cash inflows from financing activities                      45,991,542,184.56          45,773,219,620.50
  Cash paid for repayment of debts                                      26,952,016,657.62          21,754,327,896.96
   Cash paid for distribution of dividends and profits or payment of
interests
     Including: dividends or profits paid by subsidiaries to minority
shareholders
  Cash paid relating to other financing activities                       2,717,787,689.43           2,574,304,070.24
Subtotal of cash outflows from financing activities                     31,638,842,438.11          26,317,268,926.34
Net cash flow from financing activities                                 14,352,699,746.45          19,455,950,694.16
IV. Effect of change in exchange rate on cash and cash equivalents         -95,200,192.77             632,793,172.41
V. Net increase in cash and cash equivalents                             8,931,055,099.62            1,991,519,118.65
  Add: opening balance of cash and cash equivalents                     11,486,855,097.51          15,459,279,803.77
VI. Ending balance of cash and cash equivalents                         20,417,910,197.13          17,450,798,922.42
(II) Financial statements related to adjustments to items at the beginning of the year of
first-time implementation of new accounting standards from 2024 onwards
□Applicable Not applicable
(III) Audit report
Whether the First Quarterly Report has been audited
□Yes No
The First Quarterly Report of the Company has not been audited.
                                                       Board of Directors of Rongsheng Petrochemical Co., Ltd.
                                                                                                April 29, 2024