荣盛石化: 2025 Semi-annual Report
来源：证券之星
2025-09-05 00:09:59
Rongsheng Petrochemical Co., Ltd.
[Disclosure Time]
Section I Important Notice, Table of Contents and Definitions
The Board of Directors, the Board of Supervisors and the directors,
supervisors and senior management of the Company confirm that the contents
in this semi-annual report are true, accurate, and complete and have no false
representations, misleading statements or material omissions, and they shall
severally and jointly accept legal responsibility for such contents.
Li Shuirong, Chairman of the Company, Wang Yafang, the person in
charge of the Company’s accounting and Zhang Shaoying, the person in
charge of the Accounting Firm (Accounting Officer), hereby make
representations in respect of the truthfulness, accuracy and completeness of the
financial statements in this semi-annual report.
All directors have attended the board meeting to deliberate this semi-
annual report.
The Company plans to pay no cash dividend, no bonus shares, and no
conversion of capital with provident fund.
The semi-annual report is prepared in both Chinese and English. In the
event of any inconsistency or ambiguity, the Chinese version shall prevail.
Contents
Section IV Corporate Governance, Environment, and Social Responsibilities .. 33
Contents of Documents for Future Reference
(1) The financial statements containing signature and seals of the person in charge of the Company, the person in
charge of the accounting works and the person in charge of the Accounting Firm (Accounting Officer);
(2) Written confirmation from directors, senior management and supervisors of the Company on the 2025 Semi-
annual Report;
(3) The originals of all company documents and announcements that are disclosed to the public via media designated
by CSRC during the reporting period;
(4) The place where the above-mentioned documents are maintained: Office of the Board of Directors.
Definitions
Term Refers to Definition
Company, the Company, Rongsheng
Refers to Rongsheng Petrochemical Co., Ltd.
Petrocchemical
Zhejiang Rongsheng Holding Group Co., Ltd., controlling
Rongsheng Holding Refers to
shareholder of the Company
Zhejiang Rongtong Logistics Co., Ltd., a subsidiary of the
Rongtong Logistics Refers to
Company
Saudi Arabian Oil Company, a shareholder holding over 5% of the
Saudi Aramco Refers to
Company’s shares
Zhejiang Petroleum & Chemical Co., Ltd., a subsidiary of the
ZPC Refers to
Company
Ningbo Zhongjin Petrochemical Co., Ltd., a subsidiary of the
Zhongjin Petrochemical Refers to
Company
Yisheng Investment Refers to Dalian Yisheng Investment Co., Ltd, a subsidiary of the Company
Zhejiang Shengyuan Chemical Fiber Co., Ltd., a subsidiary of the
Shengyuan Chemical Fiber Refers to
Company
Rongxiang Chemical Fiber Refers to Rongxiang Chemical Fiber Co., Ltd., a subsidiary of the Company
Hongkong Shenghui Refers to Hong Kong Sheng Hui Co., Ltd., a subsidiary of the Company
Zhejiang Yongsheng Technology Co. Ltd., a subsidiary of the
Yongsheng Technology Refers to
Company
Rongsheng New Materials Rongsheng (Zhoushan) New Materials Co., Ltd., a subsidiary of the
Refers to
(Zhoushan) Company
Rongsheng Petrochemical (Singapore) Pte. Ltd., a subsidiary of the
Rongsheng (Singapore) Refers to
Company
Zhejiang Yisheng Petrochemical Co., Ltd., a joint stock subsidiary
Zhejiang Yisheng Refers to
of the Company
Ningbo Hengyi Trading Co., Ltd., a joint stock subsidiary of the
Hengyi Trading Refers to
Company
Zhejiang Yisheng New Materials Co., Ltd., a holding subsidiary of
Yisheng New Materials Refers to
Zhongjin Petrochemical
Ningbo Niluoshan New Energy Co., Ltd., a subsidiary of Zhongjin
Niluoshan New Energy Refers to
Petrochemical
Yisheng Dahua Petrochemical Co., Ltd., a subsidiary of Yisheng
Yisheng Dahua Refers to
Investment
Hainan Yisheng Petrochemical Co., Ltd., a joint stock subsidiary of
Hainan Yisheng Refers to
Yisheng Investment
The Securities Supervision
Refers to China Securities Regulatory Commission
Commission, CSRC
Stock exchange, SZSE Refers to Shenzhen Stock Exchange
Yuan, 10,000 yuan Refers to RMB yuan, 10,000 yuan
Reporting period Refers to January 1, 2025 to June 30, 2025
Section II Company Profile and Key Financial Indicators
I. Company Profile
Stock abbreviation Rongsheng Petrochemical Stock code 002493
Stock abbreviation before
None
change (if any)
Listed on Shenzhen Stock Exchange
Company name in Chinese 荣盛石化股份有限公司
Company abbreviation in
荣盛石化
Chinese
Company name in foreign
RONGSHENG PETROCHEMICAL CO., LTD.
language (if any)
Company abbreviation in
RSPC
the foreign language (if any)
Legal representative of the
Li Shuirong
Company
II. Contact Information
Secretary of the Board of Directors Representative of Securities Affairs
Name Quan Weiying Hu Yangyang
Lanjue International Office Building, No. 358 Lanjue International Office Building, No. 358
Address
Jincheng Road, Xiaoshan District, Hangzhou Jincheng Road, Xiaoshan District, Hangzhou
Telephone 0571-82520189 0571-82520189
Fax 0571-82527208 extension 8150 0571-82527208 extension 8150
E-mail qwy@rong-sheng.com yangyang@rong-sheng.com
III. Other Information
Whether the Company’s registered address, office address and postal code, company website and Email address, etc. changed
during the reporting period
□Applicable Non applicable
There were no changes in the Company's registered address, office address and postal code, company website and Email address,
etc. during the reporting period. Please refer to the 2024 Annual Report for details.
Whether the information disclosure and filing location changed during the reporting period
□Applicable Non applicable
There were no changes in the stock exchange website, media and website for disclosing the semi-annual report by the Company;
and the filing location of the Company’s semi-annual report remained unchanged during the reporting period. Please refer to the
Whether other relevant information changed during the reporting period
□Applicable Not Applicable
IV. Key Accounting Data and Financial Indicators
Whether the Company needs to retroactively adjust or restate the accounting data of the previous years
□Yes No
Increase or decrease in the
In the reporting In the same period of
reporting period over the same
period the previous year
period of the previous year
Operating income (RMB) 148,629,350,935.50 161,249,744,277.85 -7.83%
Net profit attributable to shareholders
of the listed company (RMB)
Net profit attributable to shareholders
of the listed company net of non- 754,957,891.58 672,376,557.15 12.28%
recurring gain and loss (RMB)
Net cash flow from operating
activities (RMB)
Basic earnings per share (RMB per
share)
Diluted earnings per share (RMB per
share)
Weighted average return on net assets 1.37% 1.93% -0.56%
Increase/decrease at the end of
At the end of the
End of previous year this reporting period compared
reporting period
to the end of the previous year
Total assets (RMB) 384,010,729,527.33 377,845,944,183.98 1.63%
Net assets attributable to shareholders
of the listed company (RMB)
V. Differences in Accounting Data under Domestic and Foreign Accounting Standards
international accounting standards and China’s accounting standards
□Applicable Not applicable
In the reporting period of the Company, there were no differences in the net profits and net assets disclosed in the financial report
under international accounting standards and China’s accounting standards.
accounting standards and China’s accounting standards
□Applicable Not applicable
In the reporting period of the Company, there were no differences in the net profits and net assets disclosed in the financial report
under foreign accounting standards and China’s accounting standards.
VI. Items and Amounts of Non-recurring Gain and Loss
Applicable □Not applicable
Unit: RMB
Item Amount
Profits and losses on the disposal of non-current assets (including the write-off part of the provision for asset
-2,550,977.58
impairment)
Government grants 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, 56,568,707.90
and have a continuous impact on the Company's profits and losses)
Except for the effective hedging business related to the Company's normal business, the gains and losses of
fair value changes arising from financial assets and financial liabilities held by non-financial enterprises and -203,092,609.25
the gains and losses arising from the disposal of financial assets and financial liabilities
Fund possession cost included in current gain and loss charged to non-financial enterprises 176,094.32
Other non-operating revenues and expenditures except for the aforementioned items -9,090,941.25
Other profit/loss items falling within the definition of non-recurring gain or loss -2,804,209.96
Less: Affected amount of income tax 31,611,999.81
Affected amount of minority shareholders' equity (after tax) -39,532,148.44
Total -152,873,787.19
Other profit/loss items falling within the definition of non-recurring gain or loss:
□Applicable Not applicable
The Company has no other profit/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.
Section III Management Discussion and Analysis
I. Main Business of the Company during the Reporting Period
(I). Industry of the Company during the reporting period
Entering the first half of 2025, geopolitical tensions continued to flare up. The United States introduced a
new round of trade protectionist measures such as “reciprocal tariffs”, while major central banks around the world
successively initiated interest rate cuts. Amid a high and volatile U.S. dollar index and a marginal slowdown in
capital repatriation, the RMB exchange rate experienced temporary easing pressure. However, the overall
trajectory of global economic growth remained unchanged.
As external tariff barriers intensified and the restructuring of global supply chains accelerated, China, like a
colossal ship, forged ahead with the resilience of “meeting challenges head-on”. According to data from the
National Bureau of Statistics of China, in the first half of 2025, China’s gross domestic product (GDP) grew by
China’s economy to the world. China's economy helps calibrate the course amid global "changes" with its own
"stability” and injects confidence into worldwide recovery with its own “progress”.
During the reporting period, despite geopolitical disturbances, the overall supply-demand dynamics of crude
oil tilted toward looseness, leading to a decline in the average international oil price compared to the same period
last year. According to data from the National Bureau of Statistics, China's processed crude oil volume by
industrial enterprises above designated size reached 361.61 million metric tons from January to June 2025, up
optimized cost structures, the industry operated smoothly overall, with green and low-carbon transformation
significantly accelerating.
(II) The Company’s main products during the reporting period
As one of the world's leading chemical material producers, Rongsheng Petrochemical is a major
manufacturer of polyester, new energy materials, engineering plastics, and high-value-added polyolefins in China
and Asia. The refining and chemical integration project of ZPC, which was led by the Company, boasts an annual
processing capacity of 40 million tons of crude oil, 8.8 million tons of paraxylene (PX), and 4.2 million tons of
ethylene, achieving globally leading integration rates. In May 2025, Rongsheng Petrochemical ranked 5th in the
list of “Global Most Valuable Chemical Brands 2025” released by Brand Finance, a renowned UK-based brand
valuation and strategy consultancy. In July 2025, US Chemical & Engineering News (C&EN) ranked Rongsheng
Petrochemical 14th in its “Global Top 50 Chemical Companies 2024”, marking the Company’s fifth consecutive
year on the list. In 2024, Rongsheng Petrochemical was ranked 8th in the list of “ICIS Top 100 Chemical
Companies” published by ICIS and 6th globally in the “Chemical Week Billion-Dollar Club Ranking” by
Chemical Week (U.S.). In November 2024, the globally authoritative index provider MSCI (Morgan Stanley
Capital International) announced its latest ESG ratings, with Rongsheng Petrochemical's MSCI ESG rating
upgraded to BBB, ranking among the global leaders in the Diversified Chemicals sector, demonstrating
management performance at the forefront of the global petrochemical industry in terms of carbon emission
reduction, water resource management, and corporate governance.
The Company has actively responded to national policy directives through technological innovation, green
transformation, and strategic planning to drive transformation and upgrading. The Company has actively laid out
differentiated, high-end, and green product systems, with its product portfolio covering new energy materials,
polyester, synthetic resins, and other sectors, significantly boosting its comprehensive competitiveness in the
global market. Through the projects such as ZPC’s refining and chemical integration project and Jintang new
materials, it is aggressively developing high-value downstream sectors including new energy materials and
premium resins; By continuously extending and complementing its industrial chain, it achieves comprehensive
coverage from basic chemical raw materials to advanced new materials, establishing a production system with
high-quality development.
At present: the main products are shown in the following figure:
Note: products marked by dotted line or dotted box are products under the plan.
(III) Management measures
Amid a complex and challenging external environment, China’s economy has demonstrated strong
development resilience and vibrant innovation, with the foundation of “stability” further consolidated and the
momentum of “progress” growing more robust. As a pillar industry of the national economy, the petrochemical
sector maintained overall stable operations, with technological innovation and green low-carbon transformation
rapidly emerging as core drivers of high-quality development. During the reporting period, the Company’s Board
of Directors made scientific decisions and implemented targeted measures, leading all employees to seize
development opportunities. On one hand, the Company refined operations to solidify the “core foundation” of its
existing key businesses, ensuring steady performance growth; On the other hand, it adopted a forward-looking
approach to actively explore “new growth areas” such as high-end chemical new materials, which offer high
added value and strong development potential. With a focused strategy, the Company advanced its “Three
Transformations” initiative, which was centered on global expansion, green upgrading, and digital-intelligent
empowerment, taking firm and decisive strides on the path to high-quality development.
Rongsheng Petrochemical signed a strategic Memorandum of Understanding (MoU) and Cooperation
Framework Agreement with Saudi Aramco, a global energy giant, with bilateral cooperation steadily progressing.
This laid a solid foundation for both parties to achieve long-term strategic objectives and enhance global
competitiveness. Meanwhile, the Company actively seized opportunities from domestic industrial upgrading,
effectively broadening its business scope and significantly strengthening market influence and resource
integration capabilities, injecting new momentum into its long-term growth.
foundations
The Company has consistently adhered to lean operations and cost reduction/efficiency improvement as core
management principles. ZPC refining and chemical integration project has maintained safe, stable, long-cycle, and
full-capacity operations. Through in-depth optimization of feedstock structures, energy cascade utilization, and
production processes, the Company has effectively reduced unit production costs as well as energy and material
consumption, demonstrating exceptional operation and management capabilities. Meanwhile, the Company has
established an efficient production-supply-sales coordination mechanism to ensure seamless connectivity across
procurement, production, and sales while rapidly responding to market changes, which has achieved optimal
resource allocation and maximized operational efficiency, providing solid support for the Company’s steady
development.
The Company has upheld an innovation-driven development strategy and achieved a series of breakthrough
results in core technology. For instance, Zhongjin Petrochemical successfully independently developed and
industrially applied a new high-performance disproportionation catalyst. This technology not only significantly
improved the plant production efficiency and product yield but, more importantly, broke long-standing foreign
technological monopolies, achieving domestic substitution and ensuring industrial and supply chain security.
The Company has recognized talent as the foremost resource for high-quality development and
systematically advanced talent development with high standards. By establishing a multi-tiered, comprehensive
training system and regularly organizing on-the-job training, skills competitions, and innovation contests, the
Company has effectively enhanced employees’ professional competence, practical abilities, and innovative
consciousness. Committed to fostering a favorable environment that respects talent, encourages innovation, and
enables full realization of individual potential, the Company has successfully cultivated a core talent team
characterized by rational structure, exceptional competency, and a unique combination of global vision and
profound professional expertise.
(IV) Operation synergy
Rongsheng Holding ranks 118th among the top 500 enterprises in the world, 33rd among the top 500 Chinese
enterprises and 5th among the top 500 private enterprises in China. At present, the Group has listed companies
such as Rongsheng Petrochemical (stock code: 002493) and Ningbo United (stock code: 600051), with its
business involving oil and gas upstream and trading, coal, logistics, equipment manufacturing, process
engineering technology, real estate, venture capital and other fields; Rongtong Logistics, a subsidiary is a national
AAAA-level logistics enterprise, which has a mature and stable carrier cooperation operation platform; Zhejiang
Innovation Center of Green Petrochemical Technology , a holding company, focuses on new green petrochemical
processes to implement the national innovation-driven development strategy by adhering to the application and
commercialization of scientific and technological achievements; Suzhou Shenghui Equipment Co., Ltd., a holding
company, specializes in the design, manufacture and sales of pressure vessels, cryogenic equipment, spherical
tanks and marine equipment; Shanghai Huanqiu Engineering Co., Ltd., a joint stock company of the Company,
has extremely rich experience in engineering EPC; A number of projects invested by Zhejiang Rongsheng
Venture Investment Co., Ltd. not only achieved good economic benefits, but also promoted the synergy of the
industrial chain; In addition, a number of other investments are also constantly advancing.
Rongsheng Petrochemical and Saudi Aramco form the upstream and downstream in the industry and
maintain a good foundation for cooperation. The two companies will carry out all-round consultations and
cooperation, such as: ① Frontier technology sharing cooperation: The two companies will sincerely discuss to
complement each other’s technologies through their advantages, jointly develop new technologies, processes and
equipment to meet the future market demand, and promote them on the market, and at the same time share the
necessary resources for research and development; ② Stable crude oil supply guarantee: Saudi Aramco supplies
ZPC with high-quality crude oil with the promised quantity of 480,000 barrels per day, and provides the Company
with production raw materials such as naphtha, mixed xylene and straight-run fuel; ③ Interest-free purchase
credit line: A credit line with a term of 20 years and an amount of USD 800 million, which can be increased
during the cooperation period, will be provided, which is conducive to improving the capital utilization efficiency
of ZPC and will have a positive impact on improving its profitability; ④ Flexible cooperation in crude oil storage:
Though amicable negotiations of related parties, the Company provides Saudi Aramco with crude oil storage
tanks and related facilities in Zhoushan, and Saudi Aramco needs to maintain a crude oil inventory of not less than
Relying on overseas sales channels of Saudi Aramco, the Company can further expand the international market of
its products and deepen strategic cooperation with overseas customers. Similarly, with the Company’s deep-seated
resources for many years, Saudi Aramco can also quickly enter the relevant international and domestic markets.
Additionally, Rongsheng Petrochemical plans to acquire a 50% equity stake in SASREF Refinery, a wholly-
owned subsidiary of Saudi Aramco located in Jubail, Saudi Arabia, and participate in its expansion project. This
“powerful alliance” achieves the advance of raw material supply and the expansion of global sales channels,
promotes resource sharing and industrial chain coordination, and jointly builds an industrial ecology with mutual
benefits and win-win situation. As a practitioner of the “Belt and Road Initiative”, Rongsheng Petrochemical,
driven by the dual drivers of “going out" and "attracting investment”, has established a strategic fulcrum in the
Middle East, laid out a supply chain network around the Indian Ocean, and attracted international strategic funds
to invest in China for long term, injecting continuous vitality for its prosperous development.
With the goal of building a “private, green, international, trillion-level and flagship” base, ZPC’s refining and
chemical integration project has been planned and unified at one time. At present, it has formed a world-class
refining and chemical integration base with a processing capacity of 40 million tons/year for oil refining, 8.8
million tons/year for paraxylene and 4.2 million tons/year for ethylene, among which the single scale for
hydrogenation, reforming and PX is the largest in the world. The project is designed to maximize the refining and
chemical integration, provide high-quality raw materials for downstream chemical devices, maximize the
production of aromatic hydrocarbons (PX) and chemical products, and minimize the output of fuel. The yield of
fuel is lower than the industry average, with outstanding effect of reducing oil and increasing chemical.
Meanwhile, through the optimal utilization of energy resources such as steam and water, and full use of the low-
temperature waste heat of the device, it builds the world’s largest thermal seawater desalination device to realize
energy saving and emission reduction. The refining and chemical integration rate of the project ranks first in the
world, far higher than the average level of petrochemical industry integration in China, and the scale and
integration degree of the base are at a leading position in the world.
ZPC’s crude oil has strong adaptability, and can be stored according to light, medium, heavy and acid,
transported separately and refined separately. Combined with blending means, it can process 80%-90% of the
global crude oil, which greatly enhances its adaptability to oil price fluctuations and offers obvious advantages
compared with other domestic leading enterprises. It has flexible product structure, and mature and reliable
technology, and its main device scale and technical and economic indicators represent the most advanced level
worldwide. As a result of one-time overall planning, oil refining, aromatic hydrocarbon and ethylene fully
demonstrate the concept of "molecular oil refining" and make the best use of the material. All olefins are deeply
processed into chemicals with high import dependence, which makes them have stronger ability to cope with the
industry cycle.
As the upstream industry of the polyester industry chain, ZPC has successfully established the last link of the
whole process from a drop of oil to a piece of fiber for the Company, and formed the great advantage of upstream
and downstream integration of the polyester industry. ZPC Zhejiang Petrochemical is strategically located in
Zhoushan within the Zhejiang Free Trade Zone, benefiting from various preferential policies. It has consistently
obtained refined oil export quotas. Moreover, as East China represents the primary consumption hub for end-use
chemical products - with the Yangtze River Delta region concentrating approximately 70% of China’s plastic and
chemical fiber production capacity - the Company enjoys significant regional advantages; It is situated on Yushan
Island, an uninhabited island that facilitates development with minimal social impact on surrounding areas,
offering substantial room for future expansion; Its proximity to consumer markets and the Ningbo-Zhoushan
Port’s pivotal role as a land-sea logistics hub enables efficient bulk material and product transportation,
substantially reducing logistics costs.
Zhongjin Project, which was put into operation in August 2015, is an aromatic hydrocarbon combined plant
currently in service with leading single scale in the world. This project pioneered the process of making aromatic
hydrocarbon products with fuel oil (cheaper than naphtha) as raw material, and adopted a new technical route,
which can solve the shortage of global naphtha supply, greatly save the procurement cost of raw materials,
introduce the concept of “circular economy”, and innovatively use the by-product hydrogen to process fuel oil
into naphtha.
The new disproportionation catalyst jointly developed by Zhongjin Petrochemical and Tongji University has
been successfully applied for the first time in ZPC 2# disproportionation plant (3.5 million tons/year). The catalyst
has the excellent characteristics of “three highs”, namely high space velocity, high yield and high conversion and
utilization rate of heavy aromatic hydrocarbon, and has good operation stability, whose comprehensive
performance and technical indicators have reached the advanced level in the world at present, realizing import
substitution, which reflects the staged progress of the Company’s scientific research and innovation ability and
level, and is of great significance for continuously improving the technical level of production equipment,
improving the conversion and utilization efficiency of raw materials, reducing consumption and production costs,
and realizing the aromatic hydrocarbon production from large to strong and achieving green efficiency.
As the expansion area of Zhoushan Green Petrochemical Base, relying on ZPC and Ningbo Zhongjin
Petrochemical, it extends the industrial chain downstream and develops fine chemicals and new chemical
materials. The company focuses on developing downstream products of the existing industrial chains of ZPC and
Zhongjin Petrochemical, to achieve the value-added and efficiency increase in raw materials. At present, the
project has started construction and related work is progressing in an orderly manner.
Since the establishment of the first private PTA production line in 2002, the Company has insisted on
independent innovation, successively developed and built the first domestic PTA process package and production
equipment with independent intellectual property rights, and realized the first domestic application of core
equipment such as large-scale oxidation reactors and high-speed pumps, which changed the long-term dependence
of China’s PTA industry on the introduction of complete sets of foreign patented technology, and promoted a
large number of domestic equipment manufacturers to achieve leap-forward development. At the same time, we
have continuously carried out technical transformation on existing equipment to improve production efficiency
and product quality, and at the same time continuously optimized raw material consumption to ensure efficient
use of resources. Meanwhile, the Company has steadily promoted the launch of new production capacity, on the
one hand, to meet the growing market demand, and on the other hand, to stabilize the Company’s leading position
in the polyester industry.
With the general policy of “safety and environmental protection, quality improvement, cost reduction and
benefits increase”, the Company focuses on strengthening pandemic prevention and control, implementing hidden
danger treatment, boosting process optimization and promoting lean production management. Yongsheng
Technology’s 250,000-ton functional polyester film expansion project has been successfully put into production,
and the company’s annual polyester film production capacity has reached 430,000 tons, ranking the top four in
China. The Company’s PTA production enterprises make full use of the advantages of the Company’s complete
industrial chain integration to continuously tap the potential and increase benefits to produce polyester bottle chips.
At present, its production capacity ranks first in China, with part of PTA production capacity consumed locally,
which enhances the competitiveness of the enterprise and improve the economic benefits. The 500,000 tons of
differentiated fiber project of Shengyuan Phase II, which mainly produces flame-retardant, functional and dye-
free fiber products, is also in progress.
II. Analysis of Core Competitiveness
As one of the world’s leading chemical material producers, Rongsheng Petrochemical is a major
manufacturer of polyester, new energy materials, engineering plastics, and high-value-added polyolefins in China
and Asia. The refining and chemical integration project of ZPC, which was led by the Company, boasts an annual
processing capacity of 40 million tons of crude oil, 8.8 million tons of paraxylene (PX), and 4.2 million tons of
ethylene, achieving globally leading integration rates. In May 2025, Rongsheng Petrochemical ranked 5th in the
list of “Global Top 50 Most Valuable Chemical Brands 2025” released by Brand Finance, a renowned UK-based
brand valuation and strategy consultancy. In July 2025, US Chemical & Engineering News (C&EN) ranked
Rongsheng Petrochemical 14th in its “Global Top 50 Chemical Companies 2024”, marking the Company's fifth
consecutive year on the list. In 2024, Rongsheng Petrochemical was ranked 8th in the list of “ICIS Top 100
Chemical Companies” published by ICIS and 6th globally in the “Chemical Week Billion-Dollar Club Ranking”
by Chemical Week (U.S.). In November 2024, the globally authoritative index provider MSCI (Morgan Stanley
Capital International) announced its latest ESG ratings, with Rongsheng Petrochemical’s MSCI ESG rating
upgraded to BBB, ranking among the global leaders in the Diversified Chemicals sector, demonstrating
management performance at the forefront of the global petrochemical industry in terms of carbon emission
reduction, water resource management, and corporate governance.
As one of the leading enterprises in the petrochemical industry with leading comprehensive strength in China,
the Company's core competitiveness is mainly reflected in the following aspects:
After years of development and improvement, the Company has seized the opportunity of industrial
adjustment, achieved rapid growth, and formed the development strategy of “from a drop of oil to everything in
the world”. Through the extension of the industrial chain, the Company has effectively reduced the business cost,
realized the mutual support of upstream and downstream sectors, and also improved its sustainable profitability
and risk resistance. Building upon the complete polyester industry chains of its controlling shareholder Rongsheng
Petrochemical and participating shareholder Tongkun Group, ZPC has successfully bridged the final gap in the
full-process integration from “a drop of crude oil to a strand of fiber”, establishing formidable vertical integration
advantages across the polyester value chain while developing strong synergistic effects with shareholders in other
industrial chains.
The interconnection of Zhoushan Green Petrochemical Base and Ningbo Petrochemical Base can realize the
coordinated development of both Ningbo and Zhoushan bases, and pipeline transportation greatly reduces the risk
and cost of ship transportation and land transportation; A large number of light hydrocarbon raw materials by-
products from Ningbo Petrochemical Base are transported to Zhoushan Green Petrochemical Base through
pipelines, which can be used as high-quality ethylene raw materials. Surplus oil products from Zhoushan Green
Petrochemical Base can be transported to Ningbo Petrochemical Base as high-quality raw materials for aromatic
hydrocarbon production.
The construction of ZPC Project has supporting facilities that can meet the demand of crude oil supply in the
two phases of the project. The total storage capacity of Mamu crude oil depot and Yushan Island crude oil depot
has reached 4.6 million m³, which is the largest storage capacity among domestic refining and chemical facilities.
As the most concentrated resource allocation base for oil and gas enterprises in China, Zhejiang free Trade Zone
has an oil depot capacity of more than 30 million m³, including Cezi Island and Waidiao Island. Most of the oil
pipeline networks are interconnected, making local transportation available.
The Company’s production bases are located along the eastern coastline of China, including the “Circum-
Bohai Sea Economic Zone” in Dalian City, Liaoning Province; and “Yangtze River Delta Economic Circle” in
Ningbo City, Zhejiang Province; the “Belt and Road Economic Belt”; and the “Maritime Silk Road” in Haikou
City, Hainan Province. Each production base of the Company is adjacent to high-quality ports, connected with
canals and equipped with complete wharf facilities. The main raw materials and other auxiliary raw materials
required for production can be unloaded and stored at the chemical material wharf built or rented by the Company,
which has provided convenient transportation of bulk raw materials and inventory adjustment.
ZPC Project is located in the concentrated consumption area of oil products and chemical products, with the
key products marketable. The target market of chemical products is mainly East China and South China, where
the economy is the most developed with the most active downstream consumption market for petrochemical
products, and whose related industries such as downstream plastic product processing industry, light industry and
daily chemical industry are developed, with strong market acceptance for bulk petrochemical products. Refined
oil has many sales channels and enjoys strong policy support and obvious competitive advantages. The Ministry
of Commerce officially approved granting ZPC the export qualification of non-state-owned trade refined oil. As
the first private refining and petrochemical enterprise to obtain export permission, ZPC took the lead in opening
sales channels in Southeast Asia. In the face of the excess supply of domestic refined oil, this export permission
given to ZPC has become more valuable.
As one of the leading private petrochemical companies, the Company possesses inherent strong market
sensitivity and flexible decision-making mechanism. It can not only keep a close eye on the market, but also make
timely and accurate adjustments to the strategy and seize the preemptive opportunities of the market under its own
mechanism advantages of fast pace and few links. The management has a keen sense of investment, accurate
timing for project operation and excellent investment and financing capacity. The Company started from polyester
chemical fiber, and after years of development, it has formed a good foundation. With the full-scale operation of
the 40 million tons/year refining and chemical integration project of its subsidiary in early 2022, ZPC has become
the largest single refinery in the world. Relying on the platform of 40 million tons/year refining and chemical
integration project of ZPC, which is the largest single refinery in the world, the Company has accelerated the
layout of downstream new chemical materials, aimed at the field of new energy and high-end materials, and has
deployed a number of new energy and new material products such as EVA, POE, DMC, PC and ABS,
continuously enriching its product chain. With the steady progress of new projects, the Company’s production
capacity of new energy materials, renewable plastics, special synthetic materials, and high-end synthetic materials
will be expanded in an orderly manner, and the transformation of new materials will be gradually accelerated.
The Company upholds a technological research and development pattern driven by both independent
innovation and cooperation. It has established many world-class research and development platforms, including a
high-tech research and development center, a workstation for academicians and experts, an enterprise technology
center, and a post-doctoral science and research workstation. Moreover, it engages in active technology exchanges
and discussions and promotes industry-university-research collaboration to acquire resources from universities,
the community, and the Company. With all sectors of society, it jointly promotes its research capability and
technological advancement and together create an innovation ecosystem that is open, healthy, and cooperative,
where everyone can benefit. In recent years, the Company has continuously promoted scientific research
cooperation with domestic and foreign countries and increased its research and development investment year by
year to maintain a leading level in the industry.
The Company’s main manufacturing subsidiaries are all national high-tech enterprises with strong research
and development strength and rich process operation experience accumulated during long-term production
management, which have gathered the strength of “production, learning, research and use” at home and abroad,
carried out research and development with independent innovation, and established an integrated achievement
improvement platform for laboratory innovation, small test, pilot test and industrial demonstration production, and
overcome the disadvantage that it is difficult to incubate and transform related achievements although with basic
research by other research institutes in China relying on the Company’s flexible system and mechanism and
complete industrial chain advantages, breaking through the final ceiling from scientific research achievements to
industrial promotion and application, boosting industrial technological innovation and upgrading, seizing the
technologically leading position, and promoting the Company’s high-quality development in the terms of
technological independence, raw material diversification, high-end products, green production and intelligent
industry.
Focusing on the construction of corporate culture, the Company has formed a good working atmosphere and
strong corporate cohesion. The Company has also trained a group of stable core management, research and
development, and technical talents through internal training and introduction. The Company attaches importance
to the cultivation of on-the-job staff. Based on reality and comprehensive planning, the Company is constantly
broadening the staff selection platform and formulating an effective incentive mechanism. To maintain the
practical and effective work of the staff, the Company has improved the benefits of employees, optimized the
professional title assessment system, and clarified the promotion standards and incentives. The Company
combined the employee examination with performance evaluation and replaced some evaluations with
competition to dynamically evaluate employees’ comprehensive quality and form a healthy competition of
competing through learning and competing for first place. Following the principle of “different measures for
different talents and making good use of the strengths of talents”, every employee will have the opportunity to
exercise their abilities.
In addition, the Company attaches great importance to the management of talents and teams, and adopts both
internal incentives and external training. In terms of internal management, it promotes the construction of three
teams, namely, senior management, high potential talents and specialized talents. In particular, it attaches
importance to talent evaluation and integrity education, strengthens skills training and skills accreditation, and
improve the quality of employees in all aspects. In terms of external training, relying on cooperation platforms
such as Industry-University-Research, it actively introduces talents with good education and excellent skill,
increases the proportion of high-quality employees, and provide new momentum for enterprise development.
The Company adheres to system construction, integrates digitization, intelligence, standardization, process,
and regulation into operations; actively strengthens IT construction; comprehensively integrates business links
such as sourcing, production, inventory, and sales; and constantly improves the rapid response ability. The
Company has established a complete set of effective management systems in combination with actual situations,
defined post responsibilities and work flow, and effectively reduced the operation costs through fine management.
Through years of efforts, the Company's construction in systems such as information, performance appraisal, and
credit management are at the leading position in the industry. Meanwhile, through brand and cultural construction,
the Company has further enhanced its corporate cohesion and brand influence.
III. Analysis of Main Business
Overview
See related contents in “I. Main Business of the Company during the Reporting Period”.
Year-on-year changes of major financial data
Unit: RMB
In the reporting In the same period Year-on-year
Reason for change
period of the previous year increase (decrease)
Operating income 148,629,350,935.50 161,249,744,277.85 -7.83%
Operating cost 128,878,959,937.59 141,256,133,696.06 -8.76%
Marketing expenses 84,293,344.16 78,933,484.96 6.79%
Administrative
expenses
Financial expenses 3,209,956,264.91 3,695,610,943.82 -13.14%
Income tax Mainly due to the recognition of
expenses deferred tax expenses
R & D investment 2,369,091,695.16 2,496,929,812.35 -5.12%
Net cash flow from
operating activities
Net cash flow from
-16,060,371,106.87 -16,703,533,922.77 3.85%
investment activities
Net cash flow from Mainly due to year-on-year
financing activities changes in corporate borrowings
Net increase in cash Mainly due to changes in the net
and cash 1,078,135,756.74 5,522,661,291.23 -80.48% cash flow from financing
equivalents activities
Major changes in profit composition or profit sources during the reporting period
□Applicable Not applicable
There were no major changes in profit composition or profit sources during the reporting period.
Operating income composition
Unit: RMB
In the reporting period In the same period of the previous year Year-on-year
Proportion in Proportion in increase
Amount Amount (decrease)
operating income operating income
Total operating
income
By industry
Petrochemical
Industry
Polyester chemical
fiber industry
Trade and others 8,601,331,466.96 5.79% 9,278,690,014.88 5.75% -7.30%
By product
Oil refining
products
Chemical products 60,742,136,938.65 40.87% 57,596,453,886.82 35.72% 5.46%
PTA 15,754,125,991.87 10.60% 26,077,114,974.80 16.17% -39.59%
Polyester chemical
fiber film
Trade and others 8,601,331,466.96 5.79% 9,278,690,014.88 5.75% -7.30%
By region
China 133,658,202,665.65 89.93% 138,850,841,311.88 86.11% -3.74%
Overseas 14,971,148,269.85 10.07% 22,398,902,965.97 13.89% -33.16%
Industries, products or regions that account for more than 10% of the company’s operating income or profit
Applicable □Not applicable
Unit: RMB
Year-on-year Year-on-year Year-on-year
Gross increase increase increase
Operating income Operating cost profit (decrease) in (decrease) in (decrease) in
margin operating operating gross profit
revenue cost margin
By industry
Petrochemical
Industry
Polyester
chemical fiber 11,125,503,900.41 10,959,123,038.16 1.50% 31.53% 31.32% 0.16%
industry
Trade and
others
By product
Oil refining
products
Chemical
products
PTA 15,754,125,991.87 15,707,088,918.89 0.30% -39.59% -40.44% 1.44%
Polyester
chemical
Trade and
others
By region
China 133,658,202,665.65 114,335,639,360.20 14.46% -3.74% -4.11% 0.34%
Overseas 14,971,148,269.85 14,543,320,577.39 2.86% -33.16% -33.95% 1.16%
In the case that the statistical standards for main business data of the company are adjusted during the reporting period, the main
business data of the company in the latest period are subject to those after the adjustment of the statistical standards at the end of
the reporting period
□Applicable Not applicable
IV. Non-core business analysis
Applicable □Not applicable
Unit: RMB
Proportion in Whether it is
Amount Cause description
total profit sustainable
Mainly due to futures investment and
Investment income 284,046,651.75 15.40% No
investment income from joint ventures
Mainly due to fluctuations in fair value
Profit (loss) from fair
-299,721,409.22 -16.25% gains/losses of financial liabilities at fair value No
value change
through profit or loss (FVTPL)
Mainly the inventory depreciation provision
Asset impairment -152,150,594.56 -8.25% No
accrued
Non-operating income 3,898,849.00 0.21% Mainly compensation income No
Non-operating Mainly due to sporadic non-recurring losses
expenses and donation outlay
Income from asset
-64,124.27 -0.003% Mainly the loss from disposal of fixed assets No
disposal
Credit impairment Mainly due to the changes in the provision for
loss bad debts of accounts receivable
Mainly due to value-added tax credit policy
Other income 1,064,837,456.41 57.73% Yes
benefits for advanced manufacturing enterprises
V. Analysis of assets and liabilities
Unit: RMB
At the end of the reporting period At the end of the previous year Increase
Proportion in Proportion in (decrease) of
Amount Amount proportion
total assets total assets
Monetary fund 14,892,639,075.65 3.88% 14,833,384,920.45 3.93% -0.05%
Accounts receivable 3,041,483,593.40 0.79% 6,821,971,706.36 1.81% -1.02%
Inventory 44,379,253,913.97 11.56% 44,566,934,616.59 11.80% -0.24%
Investment real estate 9,988,405.60 0.003% 10,124,128.60 0.003% 0.00%
Long-term equity
investment
Fixed assets 229,147,301,133.74 59.67% 232,497,113,015.70 61.53% -1.86%
Construction in progress 52,807,597,773.11 13.75% 44,036,132,096.28 11.65% 2.10%
Right-of-use assets 164,400,836.21 0.04% 176,237,821.55 0.05% -0.01%
Short-term borrowings 46,274,018,691.66 12.05% 44,090,969,803.23 11.67% 0.38%
Contractual liabilities 2,183,602,360.00 0.57% 5,995,580,462.05 1.59% -1.02%
Long-term borrowings 116,630,942,763.44 30.37% 119,518,340,862.41 31.63% -1.26%
Lease liabilities 161,307,988.09 0.04% 171,624,458.34 0.05% -0.01%
Non-current liabilities due
within one year
□Applicable Not applicable
Applicable □Not applicable
Unit: RMB
Impai Purch
Profit Accum Sales
rment ase
and loss ulated amou
accru amou
from fair nt in Oth
Amount at the ed in nt in
changes value the er Amount by the
Item beginning of the the the
in fair changes curre cha end of the period
period curre curre
value for recogni nt nges
nt nt
the zed in perio
perio perio
period equity d
d d
Financial assets
(excluding derivative
financial assets)
assets
Subtotal of financial
assets
Financial liabilities 1,303,911,939.76 1,580,746,582.87
Whether there are any significant changes in the measurement attributes of the Company’s major assets during the reporting period
□ Yes No
Original book value at the
Item Reasons for restriction
end of the period
Monetary fund 870,670,983.46 Letter of credit, bank acceptance bill, guarantee and borrowing deposit
Fixed assets 259,481,524,660.93 Borrowing and letters of credit as collateral
Construction in progress 29,756,065,409.14 Borrowing and letters of credit as collateral
Intangible assets 6,229,413,556.02 Borrowing and letters of credit as collateral
Total 296,337,674,609.55
VI. Analysis of Investment Status
Applicable □Not applicable
Investment amount in the reporting period
Investment amount in the same period of last year (RMB) Variations
(RMB)
□Applicable Not applicable
□Applicable Not applicable
(1) Securities investment
□Applicable Not applicable
The Company had no securities investment during the reporting period.
(2) Investment in derivatives
Applicable □Not applicable
Applicable □ Not applicable
Unit: RMB 10,000
Proportion
of
investment
Profit and amount at
Accumulated Purchase Sales
loss from the end of
Initial fair value amount amount
Derivatives Beginning changes in Ending the period
investment changes in the in the
investment type amount fair value amount in the net
amount recognized reporting reporting
for the assets at
in equity period period
period the end of
the
reporting
period
Forward foreign
exchange contract
Paper futures
contract
Total 44,111.13 -5,579.60 36,438.43 0.84%
Accounting
policies and
specific principles
of accounting for
hedging
operations during
the reporting
No
period, and
explanation of
whether there is
any significant
change compared
with the previous
reporting period
Explanation of the
actual profit and
loss situation in The Company realized investment gains of RMB 12.4479 million during the reporting period
the reporting
period
Explanation of
Not applicable
hedging effect
Source of funds
for derivatives Owned fund
investment
Futures hedging operations
(I) Risk analysis of futures hedging operations
converge during the delivery period. However, in rare irrational market scenarios, futures and spot price
discrepancies may persist through delivery period, potentially impacting the Company’s hedging proposals and
even causing losses.
losses due to the forced liquidation because of the inability to replenish margin in a timely manner. Futures
trading may pose liquidity risk due to inactive trading, which makes it difficult to transact business.
unexpected losses due to deficiencies in information systems or internal controls.
violate the relevant provisions of the contract and terminate the contract, resulting in a loss to the Company.
may cause the contract to be unable to be properly executed and result in losses to the Company.
(II) Risk control measures to be taken by the Company for the futures hedging business
Company's futures hedging activities are limited to the futures varieties related to the raw materials or products
required for the Company's operations.
establishes principles for the design of hedging plans and provides for specific approval authority for hedging
Explanation of plans. The Company's hedging business is only for the purpose of avoiding commodity price risk, and does not
risk analysis and involve speculative and arbitrage transactions. The varieties of hedging business are limited to the raw materials
control measures
and products required by the Company, of which the quantity of hedging cannot exceed the volume of actual
for derivative
holding in the spot transactions, and the open interest cannot exceed the spot quantity required for hedging purposes.
reporting period 3. In accordance with the relevant provisions of the Rules Governing the Listing of Shares on the Shenzhen
(including but not Stock Exchange, the Company established Commodity Futures Hedging Management System to manage its
limited to market futures business, which can minimize operational risks caused by imperfect systems and inappropriate work
risk, liquidity risk,
credit risk, procedures.
operational risk, 4. Establish computer systems and related facilities that meet the requirements to ensure that transactions are
legal risk, etc.) carried out properly. When a failure occurs, take timely action to minimize losses.
Foreign exchange derivative transactions
(I) Risk analysis of foreign exchange derivatives trading business
the Company's expectations, the Company’s cost expenditure after locking in the exchange rate or interest rate
cost may exceed the cost expenditure without locking in, which may cause potential losses.
which may result in risks due to inadequate internal control systems.
inability of goods to be collected within the estimated payback period, or the delay in payment to suppliers will
affect the Company’s cash flow, which may cause a failure to fully match the actual cash flow incurred with the
duration or amount of the foreign exchange derivatives business that has been operated.
Payback prediction risk: The Company usually makes payment and payback prediction based on purchase
orders, customer orders and predicted orders. However, in the process of actual execution, suppliers or
customers may adjust their own orders and prediction, resulting in inaccurate payback prediction by the
Company, which leads to the risk of delayed settlement of foreign exchange derivatives that have been operated.
cause the contract to be unable to be properly executed and result in losses to the Company.
(II) Risk control measures to be taken by the Company for foreign exchange derivatives trading business
specified no foreign exchange derivatives trading solely for speculative purposes. All such trading must be based
on normal production and operational needs, supported by specific business activities, and aimed at hedging
against and preventing exchange rate or interest rate risks. The system makes clear provisions on the operating
principles of the Company's business, approval authority, internal review process, responsible departments and
responsible persons, information segregation measures, internal risk reporting system and risk handling
procedures, etc. The system complies with the relevant requirements of the regulatory authorities, meets the
needs of actual operation, and the risk control measures formulated are effective and efficient.
departments, have clear management positioning and responsibilities, and responsibilities are assigned to the
specific person, through hierarchical management, fundamentally eliminating the risk of single person or
separate department operation, and effectively controlling the risk under the premise of improving the speed of
response to the risk.
legal qualifications, and closely follows the laws and regulations in the relevant fields to avoid any legal risks
that may arise.
Changes in the
market price or
product fair value
of invested
derivatives during
the reporting
period, where the
analysis of the fair The Company values its hedging investments at a fair value. Forward foreign exchange is basically determined
value of in accordance with the prices provided or obtained by banks and other pricing services, etc., and the Company
derivatives should performs fair value measurement and recognition on a monthly basis; the trading price of futures is the fair price.
disclose the
specific
methodology used
and the setting of
relevant
assumptions and
parameters
Involvement in
None
lawsuits (if any)
Announcement
disclosure date of
the board of
directors for April 24, 2025
derivatives
investment
approval (if any)
Announcement
disclosure date of
the shareholders’
meeting for May 17, 2025
derivatives
investment
approval (if any)
The Proposal on 2025 Annual Futures Hedging Business was reviewed and approved at the 23rd Meeting of the 6th Board of
Directors held on April 24, 2025, and further approved at the 2024 General Meeting of Shareholders. For details, please refer to
the Announcement on Carrying Out 2025 Annual Futures Hedging Business (Announcement No.: 2025-017) published on April
CNINFO (http://www.cninfo.com.cn). The Company strictly carries out relevant business in accordance with the proposals
approved in the aforementioned meetings.
□Applicable Not applicable
The Company did not have derivative investment for speculative purposes during the reporting period.
□Applicable Not applicable
The Company did not use the raised funds during the reporting period.
VII. Sales of Major Assets and Equities
□Applicable Not applicable
The Company did not sell any major assets during the reporting period.
□Applicable Not applicable
VIII. Analysis of Main Holding and Joint-stock Companies
Applicable □Not applicable
Main subsidiaries and joint-stock companies affecting more than 10% of the Company’s net profit
Unit: RMB 10,000
Company name Company type Main business Registered capital Total assets Net assets Operating income Operating profit Net profit
Production, sales, storage
ZPC Subsidiary and transportation of 5,880,000 29,216,983.74 9,711,343.28 12,079,608.78 238,812.59 213,225.61
petroleum products
Production and sales of
Zhongjin
Subsidiary chemical products and 600,000 2,839,128.73 498,758.98 992,016.21 -73,840.48 -63,349.99
Petrochemical
petroleum products
Project investment, domestic
Yisheng
Subsidiary trade, import and export of 201,800 1,803,399.08 752,703.38 1,133,626.73 551.97 915.21
Investment
goods
Production and sales of PTA
Yisheng Dahua Subsidiary 245,645 1,634,518.18 583,955.33 1,133,626.73 325.25 691.48
and polyester bottle chips
Yisheng New
Subsidiary Production and sales of PTA 300,000 1,073,703.44 181,297.70 1,382,976.54 3,240.41 3,031.30
Materials
Joint-stock Production and sales of PTA USD
Zhejiang Yisheng 2,129,370.54 931,882.67 1,239,824.17 14,361.48 12,652.04
company and PIA 514,447,100
Joint-stock Production and sales of PTA
Hainan Yisheng 458,000 2,007,886.87 685,989.03 1,503,199.66 3,330.59 133.35
company and polyester bottle chips
Production and sales of
Shengyuan
Subsidiary polyester chips and 200,000 927,929.45 210,959.93 317,398.66 -1,266.73 -1,412.73
Chemical Fiber
polyester filaments
Acquisition and disposal of subsidiaries during the reporting period
□Applicable Not applicable
Description of major holding companies and joint-stock companies
(1) Zhejiang Petroleum & Chemical Co., Ltd.
Zhejiang Petroleum & Chemical Co., Ltd. (ZPC) is the implementing body of the Company's 40 million
tons/year refining and chemical integration project. Its major business is production, sales, storage and
transportation of petroleum products. With Li Shuirong as its legal representative, ZPC, a holding subsidiary of
the Company, owns a registered capital of RMB 55,800 million. By June 2025, the company had total assets of
RMB 292,169.84 million and net assets of RMB 97,113.43 million; From January to June 2025, the company
achieved an operating revenue of RMB 120,796.09 million and a net profit of RMB 2,132.26
million.
(2) Ningbo Zhongjin Petrochemical Co., Ltd.
The business scope of Ningbo Zhongjin Petrochemical Co., Ltd. includes the storage of chemical products;
wholesale and retail of chemical products and petroleum products (except hazardous chemicals). With Li
Shuirong as its legal representative, Zhongjin Petrochemical, a wholly-owned subsidiary of the Company, owns a
registered capital of RMB 6,000 million. By June 2025, the company had total assets of RMB 28,391.29 million
and net assets of RMB 4,987.59 million; From January to June 2025, the company achieved an operating revenue
of RMB 9,920.16 million and a net profit of RMB -633.5 million.
(3) Dalian Yisheng Investment Co., Ltd.
Dalian Yisheng Investment Co., Ltd. is mainly engaged in industrial investment, domestic trade, and import
and export of goods. With Li Shuirong as its legal representative, Yisheng Investment owns registered capital of
RMB 2,018 million. The Company holds 70% of its equity. By June 2025, the company had total assets of RMB
operating revenue of RMB 11,336.27 million and a net profit of RMB 9.15 million.
(4) Yisheng Dahua Petrochemical Co., Ltd.
Yisheng Dahua Petrochemical Co., Ltd. is mainly engaged in the production and sales of PTA and polyester
bottle chips, domestic trade, and import and export of goods. With Li Shuirong as its legal representative, Yisheng
Dahua Petrochemical owns a registered capital of RMB 2,456.45 million. By June 2025, the company had total
assets of RMB 16,345.18 million and net assets of RMB 5,839.55 million; From January to June 2025, the
company achieved an operating revenue of RMB 11,336.27 million and a net profit of RMB 6.91 million.
(5) Zhejiang Yisheng New Materials Co., Ltd.
Zhejiang Yisheng New Materials Co., Ltd. is mainly engaged in the production and sales of PTA. The legal
representative is Xu Baoyue, the registered capital is RMB 3 billion, and Ningbo Zhongjin Petrochemical Co., Ltd.
holds 51% of its equity. By June 2025, the company had total assets of RMB 10,737.03 million and net assets of
RMB 1, 812.98 million; From January to June 2025, the company achieved an operating revenue of RMB
(6) Zhejiang Yisheng Petrochemical Co., Ltd.
Zhejiang Yisheng Petrochemical Co., Ltd. is mainly engaged in PTA and PIA production and sales. With
Fang Xianshui as its legal representative, Yisheng Petrochemical owns a registered capital of USD 514,447,100.
By June 2025, the company had total assets of RMB 21,293.71 million and net assets of RMB 9,318.83 million;
From January to June 2025, the company achieved an operating revenue of RMB 12,398.24 million and a net
profit of RMB 126.52 million.
(7) Hainan Yisheng Petrochemical Co., Ltd.
Hainan Yisheng Petrochemical Co., Ltd. is a joint-stock subsidiary of Yisheng Investment, the Company's
holding subsidiary. The Company's main business includes the production and sales of PTA and polyester bottle
chips, and import and export business. With Fang Xianshui as its legal representative, Yisheng Petrochemical
owns a registered capital of RMB 4,580 million. Yisheng Investment holds 50% of its equity. By June 2025, the
company had total assets of RMB 20,078.87 million and net assets of RMB 6,859.89 million; From January to
June 2025, the company achieved an operating revenue of RMB 15,032 million and a net profit of RMB 1.33
million.
(8) Zhejiang Shengyuan Chemical Fiber Co., Ltd.
Zhejiang Shengyuan Chemical Fiber Co., Ltd. is the implementing body of the Company’s multi-functional
fiber technical transformation project. Its business scope covers the production and sales of polyester chips and
polyester filaments. With Li Shuirong as its legal representative, Shengyuan Chemical Fiber, a wholly-owned
subsidiary of the Company, owns a registered capital of RMB 2,000 million. By June 2025, the company had total
assets of RMB 9,279.29 million and net assets of RMB 2,109.6 million; From January to June 2025, the company
achieved an operating revenue of RMB 3,173.99 million and a net profit of RMB -14.13 million.
IX. Structured Entities Controlled by the Company
□Applicable Not applicable
X. Risks Faced by the Company and Countermeasures
As a member of the crude oil industrial chain, the Company’s main cost of production is the cost of upstream
raw materials. Therefore, the fluctuation of crude oil prices will result in the price fluctuation of products in the
industry chain. Our main products are aromatic hydrocarbons, chemicals and oil products, which are closely
related to the national economy and people's livelihood. The industry development is highly correlated with the
prosperity of the national economy, and macroeconomic changes will have a certain impact on our performance.
The Company’s procurement-production-sales team possesses extensive experience in purchasing, production,
sales, hedging, and logistics. With support from the marketing department, the Company will closely monitor
market fluctuations, adhering to a dual approach of strategic procurement and opportunistic purchasing; It flexibly
adjusts product mix and production capacity based on market demand, dynamically arranges long-term and short-
term contracts, and strengthens sales management to mitigate adverse impacts to the Company from raw material
price volatility.
The Company engages in overseas procurement and sales. As business operations continue to expand, the
volume of foreign currency-denominated sales and purchases has increased significantly. Meanwhile, given the
complexity of factors influencing foreign exchange rate movements and substantial market uncertainties,
significant fluctuations in RMB exchange rates may potentially affect the Company's operating performance. In
response, the Company will conduct foreign exchange derivative transactions in compliance with legal, prudent,
secure, and effective principles based on its foreign business, grounded in actual business needs, to hedge against
and mitigate exchange rate risks.
With the expansion of domestic refining and chemical integration capacity and the promotion of the strategy
of “reducing oil and increasing chemicals” in recent years, the basic chemical raw materials and general chemical
products in the downstream of refining and chemical industry are characterized by certain homogenization. With
the support of the Company’s complete and refined industrial chain platform, the Company will still be at the left
end of the industry cost curve in the future, thus occupying a favorable position in the market competition. On the
other hand, many products in the new materials project planned by the Company have limited domestic
production capacity or even rely entirely on imports, which will bring excess returns to the Company.
Petrochemical industry is a capital-intensive industry with large investment scale and long construction
period. Continued large-scale capital investment will likely increase the level of asset-liability ratio and trigger
cash flow risks. Besides, as demand in the downstream sector of the industry is gradually increasing, the return on
invested capital may also be less than expected. After the second phase of ZPC was put into production, although
the Company planned several new materials projects intensively, it has strictly controlled the pace of investment
and construction, adjusted the project content in strict accordance with the market situation, maintained a
reasonable asset-liability ratio, and actively negotiated cooperation with foreign petrochemical giants such as
Saudi Aramco to create a more competitive refining and chemical integration platform.
XI. Formulation and Implementation of Market Value Management System and Valuation
Promotion Plan
Whether the company has formulated a market value management system.
Yes □No
Whether the company has disclosed the valuation promotion plan.
□ Yes No
Market value management is a critical component of the Company's long-term development, which can
enhance the Company’s market competitiveness and investor confidence through scientific and effective
management practices, thereby achieving sustained growth in corporate value. In order to strengthen market
value management and improve investor returns, the Company has formulated the Market Value Management
System in accordance with the Securities Law of the People's Republic of China, the Guideline No. 10 for
Supervision of Listed Companies - Market Value Management, the Rules Governing the Listing of Shares on
Shenzhen Stock Exchange, and other applicable laws, regulations, and regulatory documents, and in
combination with its own actual business development. The Proposal on the Formulation of the was reviewed
and approved at the 22nd Meeting of the Sixth Board of Directors. In the future, the Company will strictly
implement such system to standardize relevant practices, and continuously enhance investment value and
shareholder returns, thus laying a solid foundation for long-term, high-quality development.
XII. Implementation of the Action Plan of “Double Improvement of Quality and Return”
Whether the Company has disclosed the action plan announcement of “Double improvement of quality and return”.
Yes □No
In order to implement the guiding ideology of “activating the capital market and boosting investors’
confidence” put forward at the meeting of the Political Bureau of the CPC Central Committee on July 24, 2023
and “improving the quality and investment value of listed companies, taking more powerful and effective
measures, focusing on stabilizing the market and confidence” put forward at the executive meeting of the State
Council on January 22, 2024, and earnestly protect the interests of all investors, the Company has formulated the
action plan of “double improvement of quality and return” based on its confidence in the future development
prospects of the Company and its recognition of the stock value, and disclosed it on March 2, 2024. Details are as
follows:
Rongsheng Petrochemical ranks among the global leaders in the petrochemical industry. In May 2025, it
ranked 5th in the list of “Global Most Valuable Chemical Brands 2025” released by Brand Finance, a renowned
UK-based brand valuation and strategy consultancy. In July 2025, US Chemical & Engineering News (C&EN)
ranked Rongsheng Petrochemical 14th in its “Global Top 50 Chemical Companies 2024”, marking the
Company’s fifth consecutive year on the list. The Company is firmly putting into practice the “vertical and
horizontal strategy”. It has established seven production bases in Bohai Economic Rim, Yangtze River Delta
Economic Circle and Hainan Belt and Road Economic Circle, forming five industrial chains of polyester,
engineering plastics, new energy, high-end polyolefin and special rubber. It is one of the important producers of
polyester, new energy materials, engineering plastics and high value-added polyolefin in Asia, with the largest
production capacity of chemicals such as PX and PTA in the world. Since listing, the Company's business has
developed rapidly, and its operating income has increased from RMB 15,795,678,900 in 2010 to RMB
On the basis of the existing complete industrial chain, the Company actively arranges products related to new
energy and new materials, and the proportion of related products continues to increase. At the same time, the
Company actively carried out the global layout. In 2023, the Company introduced Saudi Aramco as a strategic
investor. At present, Saudi Aramco holds about 10% of the Company's equity through its wholly-owned
subsidiary. In early 2024, the Company entered into a Memorandum of Understanding (MoU) with Saudi Aramco.
Since the MoU signing, Rongsheng Petrochemical and Saudi Aramco have actively advanced cooperation matters,
subsequently executing several agreements including the Cooperation Framework Agreement, Framework
Agreement for Joint Development Agreement, and Development Framework Agreement. Currently, both parties
are engaged in further negotiations regarding specific terms of the joint investment to facilitate the realization of
their strategic objectives.
The Company keeps up with the forefront of international science and technology, and constantly launches
new technologies and products in clean energy, high-end materials and green development. The Company upholds
a technological R&D pattern driven by both independent innovation and cooperation. It has established many
world-class R&D platforms, including a high-tech R&D center, a workstation for academicians and experts, an
enterprise technology center, and a post-doctoral science and research workstation. Moreover, it engages in active
technology exchanges and discussions and promotes industry-university-research collaboration to acquire
resources from universities, the community, and the Company. With all sectors of society, it jointly promotes its
research capability and technological advancement and together create an innovative development system that is
open, healthy, and cooperative, where everyone can benefit.
While paying attention to its own development, the Company also attaches great importance to shareholders’
return. In order to improve and enhance the Company’s shareholder return mechanism and increase the
transparency and operability of profit distribution policies, the Company has formulated the Shareholders’ Return
Plan for the Next Three Years since its listing, according to the Company Law of People’s Republic of China, the
Supervision Guide for Listed Companies No.3-Cash Dividends of Listed Companies and other laws, regulations
and the Articles of Association, and has continuously updated them. Up to now, a total of 15 cash dividends have
been paid, with a total cash dividend of nearly RMB 9.4 billion. In the future, the Company will continue to
coordinate the dynamic balance of corporate development, performance growth and shareholder return according
to its development stage, and realize a “long-term, stable and sustainable” shareholder value return mechanism.
Based on the confidence in the Company’s future development prospects and the recognition of its long-term
value, the Company and its controlling shareholder Rongsheng Holding have actively carried out share repurchase
and increase plans in order to protect the interests of investors, especially small and medium-sized investors,
enhance investors’ confidence, promote the reasonable return of the Company's stock price to its long-term
intrinsic value, and promote the Company’s stable and sustainable development.。
Since the initial share repurchase on March 29, 2022, the Company has implemented three phases of share
repurchase programs, all of which have been completed. Cumulatively, the Company has repurchased
transaction value of RMB 6,987,904,924.02 (excluding transaction fees), among which 136,082,746 shares held in
the special repurchase securities account were successfully cancelled in July 2025. The detailed breakdown is
presented in the table below:
Number of shares Amount to be Repurchased
Repurchase Repurchase period repurchased repurchased (RMB amount (RMB
(shares) 100 million) 10,000)
Phase I (completed and
March 29, 2022-August 2, 2022 136,082,746 10-20 199,820.39
cancelled)
Phase II (completed) August 18, 2022-July 27, 2023 147,862,706 10-20 198,998.64
August 28, 2023-August 19,
Phase III (completed) 269,287,406 15-30 299,971.46
Total 553,232,858 - 698,790.49
Rongsheng Holdings, the controlling shareholder, implemented the increase plan twice between January 22,
total investment of approximately RMB 1,692.9317 million. Rongsheng Holding plans to increase its
shareholding with a total amount of no less than RMB 1 billion and no more than RMB 2 billion between April 8,
Number of shares Amount to be Amount
Share increase items Share increase period increased increased (RMB 100 increased (RMB
(shares) million) 10,000)
Phase I (completed) January 22, 2024-July 18, 2024 115,530,037 10-20 118,805.82
Phase II (completed) August 21, 2024-Febuary 20, 2025 56,892,217 5-10 50,487.35
Phase III (in progress) April 15, 2025- 10-20
July 8) July 8)
Total 246,118,152 - 230,989.16
The Company strictly abides by the requirements of relevant laws and regulations, constantly improves the
corporate governance structure, establishes and enhances the internal control system, regulates the company’s
operation, strives to achieve full coverage of the system, and promotes a more mature construction of the internal
control system. The Company has established a corporate governance structure of “three meetings and one
management”, namely the General Meeting of Shareholders, Board of Directors, Board of Supervisors and Senior
Management, which has independent business and operational autonomy and operates independently in business,
assets, personnel, institutions and finance.
The Company strictly abides by the principle of “truthfulness, accuracy, completeness, timeliness and
fairness”, constantly improves the effectiveness and transparency of information disclosure, and continuously
presents investors with information on the Company’s operations at multiple levels, from multiple angles and in
all directions. At the same time, the Company continuously expands the breadth and depth of investor
communication, and improves the open, fair, transparent and multi-dimensional investor communication channels,
so that investors can understand the Company’s core values more intuitively and comprehensively and enhance
their confidence in the Company.
In the future, the Company will continue to focus on its main business, adhere to the investor-oriented
principle, continue to practice the “double improvement of quality and return”, realize the sustainable and healthy
development of the Company, and strive to make positive contributions to stabilizing the market and confidence
through standardized corporate governance and positive investor returns.
Section IV Corporate Governance, Environment, and Social
Responsibilities
I. Changes in Directors, Supervisors and Senior Management
Applicable □Not applicable
Name Title Type Date Reason
Yao Zheng Independent Director Engagement May 16, 2025 Office term change
Yu Yi Independent Director Engagement May 16, 2025 Office term change
Yan Jianmiao Independent Director Dismission upon expiration of term May 16, 2025 Office term change
Zheng Xiaodong Independent Director Dismission upon expiration of term May 16, 2025 Office term change
Yu Fengdi Employee representative director Elected May 16, 2025 Office term change
Yu Fengdi Director Dismission upon expiration of term May 16, 2025 Office term change
II. Profit Distribution and Conversion of Capital Reserve into Share Capital during the
Reporting Period
□Applicable Not applicable
The Company plans not to distribute cash dividends, issues bonus stocks, or convert capital reserve into share capital in the semi-
annual period.
III. Implementation of the Company’s Equity Incentive Plan, Employee Stock Ownership
Plan or Other Employee Incentives
□Applicable Not applicable
The Company had no implementation of equity incentive plans, employee stock ownership plans or other employee incentives
during the reporting period.
IV. Environmental information disclosure status
Whether the listed company and its major subsidiaries are included in the Environmental Information Disclosure Compliance List
Yes □No
Number of companies included in the Environmental
Information Disclosure Compliance List (unit: 9
companies)
Number Company Name Query index for Environmental Information Disclosure Reports
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
&date=2024&type=true&isSearch=true
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
Zhejiang Petroleum & Chemical Co., Ltd.
(Mamu Oil Depot)
c&date=2024&type=true&isSearch=true
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
&date=2024&type=true&isSearch=true
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
Zhejiang Shengyuan Chemical Fiber Co.,
Ltd.
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
V. Social Responsibilities
Guided by the principle of “Collaborative Win-Win and Social Contribution”, the Company fulfills its CSR
commitments through diversified philanthropic initiatives. We have established a comprehensive stakeholder
engagement mechanism, collaborating with customers, suppliers, and community members to co-create value.
In customer service, we have established a customer-needs-driven service system that enhances
responsiveness through digital solutions while implementing stringent information security safeguards to ensure
comprehensive protection of customer data privacy.
In supply chain management, by implementing a “Transparent Procurement” policy, we have established a
supplier compliance evaluation system that achieves end-to-end process visibility through digital platforms, while
forging strategic partnerships with core suppliers to jointly build a sustainable supply chain ecosystem.
In philanthropy, we have developed a tripartite philanthropic model integrating “Educational Support +
Medical Aid + Community Empowerment”, with focused initiatives including funding educational infrastructure,
providing medical assistance in impoverished regions, and supporting special needs groups. We have also
implemented an employee volunteer service credit system to incentivize all employee participation in charitable
activities, fostering a socially conscious culture of collective goodwill.
We have continuously injected positive social energy into community development, advancing social
harmony while achieving mutual growth for both the enterprise and society.
Section V Important Matters
I. Commitments Fulfilled by the Company’s Actual Controllers, Shareholders, Related Parties, Acquirers, the Company, and Other
Relevant Parties During the Reporting Period, and Commitments not Fulfilled by the End of the Reporting Period
Commitment Commitment Time of Term of
Cause of Commitment Content of Commitment Fulfillment
Party Type Commitment Commitment
Share reform commitment Not applicable Not applicable Not applicable Not applicable Not applicable
Commitments stated in the
Report of Acquisition or Not applicable Not applicable Not applicable Not applicable Not applicable
Equity Change Report
Commitments made during
Not applicable Not applicable Not applicable Not applicable Not applicable
assets restructuring
Directors Li Shuirong and Li Yongqing and Supervisor Li
Guoqing promised that during their tenure, the annual
transfer of the issuer's shares (including directly and
Directors and Share lock-up
Commitment made during Commitment made indirectly held shares) would not exceed 25% of the total Commitment
supervisors of November 2, 2010 commitment for a
IPO or re-financing during IPO issuer’s shares (including directly and indirectly held honored
the Company period of 36 months
shares) held by them. Within six months after resignation,
they would not transfer the issuer’s shares directly or
indirectly held by them.
Equity incentive commitment Not applicable Not applicable Not applicable Not applicable Not applicable
Zhejiang Rongsheng Holding Group Co., Ltd., the
controlling shareholder of the Company, signed the Non-
Other commitments to competition Agreement with the Company and promised
Shareholders Commitment made not to compete with the Company in the same industry. Li Commitments
minority shareholders of the November 2, 2010 Long term
before issuance during IPO Shuirong, the de facto controller and the largest natural honored
Company
person shareholder of the Company, and other
shareholders, including Li Yongqing, Li Guoqing, Ni
Xincai, Xu Yuejuan and Zhao Guanlong, respectively
issued the Letter of Commitment on Avoiding Horizontal
Competition and promised not to compete with the
company in the same industry.
Rongsheng Holdings, the controlling shareholder of the
Company, plans to increase its shareholding in the
Commitment made During the share
Controlling Company within 6 months from January 19, 2024, and Commitments
Other commitments in the increase January 19, 2024 increase period and
shareholder promises not to actively reduce its shareholding in the honored
plan statutory time limit
Company during the share increase period and within the
statutory time limit.
Rongsheng Holdings, the controlling shareholder of the
Company, plans to increase its shareholding in the
Commitment made During the share
Controlling Company within 6 months from August 21, 2024, and Commitments
Other commitments in the increase August 21, 2024 increase period and
shareholder promises not to actively reduce its shareholding in the honored
plan statutory time limit
Company during the share increase period and within the
statutory time limit.
Whether the commitments are
Yes
fulfilled on time
If the commitments have not
been fulfilled on time, the
specific reasons for the failure
to complete the performance Not applicable
and the work plan for the next
step should be explained in
detail
II. Non-operating Occupation of Funds of the Listed Company by the Controlling Shareholder and Other Related Parties
□Applicable Not applicable
There was no non-operating occupation of funds of the listed company by the controlling shareholder and other related parties during the reporting period.
III. Illegal External Guarantee
□Applicable Not applicable
There was no illegal external guarantee during the reporting period.
IV. Appointment and Dismissal of Accounting Firm
Whether the semi-annual report has been audited
□Yes No
The semi-annual report has not been audited.
V. Statement of the Board of Directors and the Board of Supervisors on the “Non-standard
Audit Report” Issued by the Accounting Firm During the Reporting Period
□Applicable Not applicable
VI. Statement of the Board of Directors on the “Non-standard Audit Report” of the
Previous Year
□Applicable Not applicable
VII. Matters Related to Bankruptcy and Reorganization
□Applicable Not applicable
No matters related to bankruptcy and reorganization of the Company occurred during the reporting period.
VIII. Litigation Matters
Major litigation and arbitration matters
□Applicable Not applicable
The Company had no major litigation and arbitration during the reporting period.
Other litigation matters
□Applicable Not applicable
IX. Penalties and Rectification
□Applicable Not applicable
No penalties and rectification occurred during the reporting period.
X. Integrity of the Company, Its Controlling Shareholders and Actual Controllers
□Applicable Not applicable
XI. Major Related Party Transactions
Applicable □Not applicable
Proporti Above Settleme
Type of Pricing Price of Available
Contents of Amount of on to Trading limit the nt of Discl
related principles of related market
Related Relatio related related party similar approved appro related osur
party related party price for Disclosure index
party nship party transaction transact (RMB ved party e
transact party transactio similar
transaction (RMB 10,000) ion 10,000) limit transacti date
ion transaction n transaction
amount or not on
http://www.cninfo.c
om.cn/new/disclosu
Banker’s
Controll re/detail?stockCode
Purchas Coal and acceptanc April
Rongsheng ing Market =002493&announc
e of other Market price 536,358.38 94.27% 1,500,000 No e bill, spot Market price 25,
Holding sharehol price ementId=12232851
goods materials exchange, 2025
der 52&orgId=9900015
etc.
tTime=2025-04-25
http://www.cninfo.c
om.cn/new/disclosu
Minorit Crude oil, Letter of re/detail?stockCode
Purchas April
Saudi y fuel oil, Market credit, =002493&announc
e of Market price 5,092,475.48 58.16% 13,000,000 No Market price 25,
Aramco sharehol ethylene price spot ementId=12232851
goods 2025
der glycol exchange 52&orgId=9900015
tTime=2025-04-25
http://www.cninfo.c
om.cn/new/disclosu
Banker’s
Associat re/detail?stockCode
acceptanc April
Zhejiang ed Sales of PX, PTA, Market =002493&announc
Market price 412,544.31 26.19% 1,000,000 No e bill, spot Market price 25,
Yisheng enterpri goods etc. price ementId=12232851
exchange, 2025
se 52&orgId=9900015
etc.
tTime=2025-04-25
Total -- -- 6,041,378.17 -- 15,500,000 -- -- -- -- --
Details of return of large sales Not applicable
Actual performance during the reporting period
where the total amount of daily related party
None
transactions to occur in the current period is
estimated by category (if any)
Reason for substantial differences between the
transaction price and market reference price (if Not applicable
applicable)
□Applicable Not applicable
The Company had no related party transactions related to the acquisition or sales of assets or equity during the reporting period.
□Applicable Not applicable
The Company had no related party transactions related to joint outward investment during the reporting period.
□Applicable Not applicable
The Company had no related party transactions on credit and debt during the reporting period.
□Applicable Not applicable
There were no deposits, loans, credits or other financial operations between the Company and the related financial companies, and the related party.
□Applicable Not applicable
There were no deposits, loans, credits or other financial operations between the financial companies controlled by the Company
and the related party.
□Applicable Not applicable
There were no other major related party transactions during the reporting period.
XII. Material Contracts and Their Performance
(1) Entrustment
□Applicable Not applicable
The Company had no entrustment during the reporting period.
(2) Contracting
□Applicable Not applicable
The Company had no contracting during the reporting period.
(3) Lease
□Applicable Not applicable
The Company had no leasing during the reporting period.
Applicable □Not applicable
Unit: RMB 10,000
Guarantees of the Company to its subsidiaries (excluding guarantees for subsidiaries)
Count
If the
er- Whether
Gua Coll guaran
Date of disclosure of Actual guara it’s
Guarante rant ater tee has
Name of guarantee object announcement relating Actual occurrence date guarantee ntee Guarantee period related
e limit ee al (if been
to guarantee limit amount situati party
type any) perfor
on (if guarantee
med
any)
Guarantees of the Company to its subsidiaries
Count
If the
er- Whether
Gua Coll guaran
Date of disclosure of Actual guara it’s
Guarante rant ater tee has
Name of guarantee object announcement relating Actual occurrence date guarantee ntee Guarantee period related
e limit ee al (if been
to guarantee limit amount situati party
type any) perfor
on (if guarantee
med
any)
Shengyuan Chemical Fiber December 17, 2024 5,432,000 September 14, 2024 3,680 September 10, 2025 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 September 14, 2024 29,440 March 10, 2026 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 November 27, 2024 10,000 November 26, 2025 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 December 11, 2024 20,000 December 10, 2025 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 February 12, 2025 125 August 11, 2025 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 February 12, 2025 125 February 11, 2026 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 February 12, 2025 2,250 March 11, 2026 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 August 23, 2024 50 August 22, 2025 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 September 5, 2024 750 September 4, 2025 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 August 23, 2024 4,900 September 22, 2025 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 September 5, 2024 13,500 October 4, 2025 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 October25, 2024 125 October 25, 2025 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 October25, 2024 2,250 November 25, 2025 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 March 17, 2025 10,000 March 5, 2026 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 April 25, 2025 10,000 April 24, 2026 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 March 21, 2025 10,000 March 21, 2026 No Yes
Yisheng Dahua December 17, 2024 5,432,000 June 6, 2024 25,000 June 5, 2026 No Yes
Yisheng Dahua December 17, 2024 5,432,000 June 19, 2024 18,000 June 19, 2026 No Yes
Yisheng Dahua December 17, 2024 5,432,000 July 19, 2024 4,400 July 4, 2025 No Yes
Yisheng Dahua December 17, 2024 5,432,000 July 24, 2024 8,770 July 14, 2025 No Yes
Yisheng Dahua December 17, 2024 5,432,000 July 26, 2024 8,830 July 16, 2025 No Yes
Yisheng Dahua December 17, 2024 5,432,000 January 9, 2025 10,852.8 December 25, 2025 No Yes
Yisheng Dahua December 17, 2024 5,432,000 January 26, 2025 18,600 January 16, 2026 No Yes
Yisheng Dahua December 17, 2024 5,432,000 February 5, 2025 11,600 January 26, 2026 No Yes
Yisheng Dahua December 17, 2024 5,432,000 May 22, 2025 7,280 May 22, 2028 No Yes
Yisheng Dahua December 17, 2024 5,432,000 May 22, 2025 910 June 21, 2026 No Yes
Yisheng Dahua December 17, 2024 5,432,000 May 28, 2025 8,720 May 22, 2028 No Yes
Yisheng Dahua December 17, 2024 5,432,000 May 28, 2025 1,090 June 21, 2026 No Yes
Yisheng Dahua December 17, 2024 5,432,000 June 10, 2025 11,750 June 9, 2028 No Yes
Yisheng Dahua December 17, 2024 5,432,000 June 10, 2025 758 December 21, 2025 No Yes
Yisheng Dahua December 17, 2024 5,432,000 June 12, 2025 12,417 June 9, 2028 No Yes
Yisheng Dahua December 17, 2024 5,432,000 June 12, 2025 801 December 21, 2025 No Yes
Yisheng Dahua December 17, 2024 5,432,000 June 19, 2025 6,833 June 9, 2028 No Yes
Yisheng Dahua December 17, 2024 5,432,000 June 19, 2025 441 December 21, 2025 No Yes
Yisheng Dahua December 17, 2024 5,432,000 June 25, 2025 6,204.09 June 24, 2026 No Yes
Yisheng Dahua December 17, 2024 5,432,000 June 26, 2025 10,408.68 June 25, 2026 No Yes
Yisheng Dahua December 17, 2024 5,432,000 December 5, 2024 12,124.37 November 21, 2025 No Yes
Yisheng Dahua December 17, 2024 5,432,000 December 11, 2024 10,773 December 4, 2025 No Yes
Yongsheng Technology December 17, 2024 5,432,000 March 2, 2021 5,785.71 December 15, 2025 No Yes
Yongsheng Technology December 17, 2024 5,432,000 June 16, 2021 1,339 December 15, 2025 No Yes
Yongsheng Technology December 17, 2024 5,432,000 May 24, 2022 2,370 June 15, 2026 No Yes
Yongsheng Technology December 17, 2024 5,432,000 May 24, 2022 2,369 December 15, 2026 No Yes
Yongsheng Technology December 17, 2024 5,432,000 May 24, 2022 1,164.5 December 15, 2025 No Yes
Yongsheng Technology December 17, 2024 5,432,000 October 14, 2022 436.92 June 15, 2026 No Yes
Yongsheng Technology December 17, 2024 5,432,000 October 14, 2022 436.89 December 15, 2026 No Yes
Yongsheng Technology December 17, 2024 5,432,000 October 14, 2022 214.71 December 15, 2025 No Yes
Yongsheng Technology December 17, 2024 5,432,000 September 26, 2023 874 June 15, 2026 No Yes
Yongsheng Technology December 17, 2024 5,432,000 September 26, 2023 872 December 15, 2026 No Yes
Yongsheng Technology December 17, 2024 5,432,000 September 26, 2023 430 December 15, 2025 No Yes
Yongsheng Technology December 17, 2024 5,432,000 June 5, 2025 10,000 December 2, 2025 No Yes
Yongsheng Technology December 17, 2024 5,432,000 June 15, 2022 1,309.9 November 17, 2025 No Yes
Yongsheng Technology December 17, 2024 5,432,000 August 22, 2022 1,378.55 November 17, 2025 No Yes
Yongsheng Technology December 17, 2024 5,432,000 August 22, 2022 150.58 May 15, 2026 No Yes
Yongsheng Technology December 17, 2024 5,432,000 September 6, 2022 2,446.15 May 15, 2026 No Yes
Yongsheng Technology December 17, 2024 5,432,000 October 12, 2022 91.72 May 15, 2026 No Yes
Yongsheng Technology December 17, 2024 5,432,000 October 12, 2022 2,688.45 November 16, 2026 No Yes
Yongsheng Technology December 17, 2024 5,432,000 October 12, 2022 2,688.45 May 17, 2027 No Yes
Yongsheng Technology December 17, 2024 5,432,000 October 12, 2022 1,726.99 November 15, 2027 No Yes
Yongsheng Technology December 17, 2024 5,432,000 October 24, 2022 961.45 November 15, 2027 No Yes
Yongsheng Technology December 17, 2024 5,432,000 October 24, 2022 2,688.45 May 15, 2028 No Yes
Yongsheng Technology December 17, 2024 5,432,000 October 24, 2022 2,688.45 November 15, 2028 No Yes
Yongsheng Technology December 17, 2024 5,432,000 October 24, 2022 2,688.45 May 15, 2029 No Yes
Yongsheng Technology December 17, 2024 5,432,000 October 24, 2022 1,536.29 November 15, 2029 No Yes
Yongsheng Technology December 17, 2024 5,432,000 November 9, 2022 1,152.16 November 15, 2029 No Yes
Yongsheng Technology December 17, 2024 5,432,000 November 9, 2022 1,228.28 May 15, 2030 No Yes
Yongsheng Technology December 17, 2024 5,432,000 November 28, 2022 1,460.17 May 15, 2030 No Yes
Yongsheng Technology December 17, 2024 5,432,000 November 28, 2022 1,350.23 November 15, 2030 No Yes
Yongsheng Technology December 17, 2024 5,432,000 December 14, 2022 1,338.22 November 15, 2030 No Yes
Yongsheng Technology December 17, 2024 5,432,000 December 14, 2022 1,590.02 May 15, 2031 No Yes
Yongsheng Technology December 17, 2024 5,432,000 January 19, 2023 1,098.43 May 15, 2031 No Yes
Yongsheng Technology December 17, 2024 5,432,000 January 19, 2023 2,688.45 November 16, 2031 No Yes
Yongsheng Technology December 17, 2024 5,432,000 January 19, 2023 905.44 May 17, 2031 No Yes
Yongsheng Technology December 17, 2024 5,432,000 February 14, 2023 1,783 May 17, 2031 No Yes
Yongsheng Technology December 17, 2024 5,432,000 February 14, 2023 1,620.18 November 15, 2032 No Yes
Yongsheng Technology December 17, 2024 5,432,000 April 25, 2023 1,068.27 November 15, 2032 No Yes
Yongsheng Technology December 17, 2024 5,432,000 April 25, 2023 751.55 May 16, 20333 No Yes
Yongsheng Technology December 17, 2024 5,432,000 May 17, 2023 1,529.13 May 16, 20333 No Yes
Yongsheng Technology December 17, 2024 5,432,000 October 31, 2023 407.77 May 16, 20333 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 3, 2025 100 July 2, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 3, 2025 100 January 2, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 3, 2025 100 July 2, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 3, 2025 28,200 January 2, 2027 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 23, 2025 20,000 January 14, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 26, 2025 100 July 25, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 26, 2025 100 January 25, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 26, 2025 100 July 25, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 26, 2025 5,800 January 25, 2027 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 February 5, 2025 100 August 4, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 February 5, 2025 100 February 4, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 February 5, 2025 100 August 4, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 February 5, 2025 20,100 February 4, 2027 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 February 8, 2025 20,000 January 28, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 February 13, 2025 30,000 February 9, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 November 29, 2024 50,000 November 28, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 February 25, 2025 36,000 February 25, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 March 4, 2025 38,000 March 4, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 May 9, 2025 34,618.77 November 9, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 April 24, 2025 35,000 April 24, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 May 14, 2025 41,000 May 14, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 February 19, 2025 500 August 14, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 February 19, 2025 500 February 14, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 February 19, 2025 9,000 March 17, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 November 27, 2024 2,000 November 21, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 November 27, 2024 36,000 December 15, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 22, 2025 11,000 January 22, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 23, 2025 9,000 January 23, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 March 13, 2025 3,200 September 9, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 March 14, 2025 27,000 March 14, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 March 20, 2025 18,300 September 16, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 March 25, 2025 18,400 September 19, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 March 25, 2025 38,310 March 25, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 August 21, 2024 32,300 August 21, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 October 16, 2024 39,000 October 16, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 October 31, 2024 14,390 October 31, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 December 19, 2024 30,000 December 19, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 April 14, 2025 19,000 April 14, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 November 13, 2024 20,000 November 12, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 November 15, 2024 12,000 November 14, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 November 21, 2024 28,000 November 20, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 November 26, 2024 7,000 November 23, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 23, 2025 4,134.92 July 23, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 23, 2025 9,153.44 July 23, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 23, 2025 17,411.64 July 23, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 April 22, 2025 29,000 November 23, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 May 21, 2025 4,000 November 23, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 November 21, 2024 18,292.04 November 20, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 24, 2025 30,066.12 January 23, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 April 25, 2025 17,178.47 October 10, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 December 2, 2024 10,000 December 2, 2025 No Yes
ZPC December 17, 2024 6,260,000 July 31, 2018 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 10, 2018 56,561.04 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 March 18, 2019 57,375 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 3, 2018 8,516.49 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 9, 2018 13,984.71 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 9, 2018 20,975.79 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 10, 2018 3,633.9 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 10, 2018 6,991.29 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 13, 2018 2,589.78 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 16, 2018 24,605.46 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 15, 2018 5,181.6 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 31, 2018 25,500 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 October 23, 2018 42,706.89 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 October 26, 2018 7,763.22 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 October 30, 2018 3,625.69 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 October 31, 2018 15,542.25 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 November 7, 2018 4,931.73 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 November 8, 2018 10,098.54 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 November 8, 2018 7,513.32 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 3, 2018 3,653.13 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 November 9, 2018 12,324.66 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 1, 2019 18,884.79 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 3, 2019 12,944.31 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 4, 2019 2,071.82 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 November 9, 2018 5,284.62 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 4, 2019 9,062.7 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 4, 2019 4,813.18 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 8, 2019 4,921.5 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 9, 2019 12,928.5 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 10, 2019 6,473.42 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 14, 2019 3,114.77 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 15, 2019 9,328.92 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 30, 2019 65,790 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 31, 2019 10,363.2 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 30, 2019 1,553.87 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 February 1, 2019 8,531.79 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 4, 2019 2,074.17 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 February 1, 2019 5,439.15 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 February 1, 2019 4,401.93 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 February 3, 2019 18,134.07 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 February 11, 2019 2,336.08 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 February 12, 2019 3,364.47 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 February 11, 2019 13,829.16 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 February 27, 2019 46,920 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 March 1, 2019 5,946.09 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 February 1, 2019 2,324.07 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 March 7, 2019 3,624.06 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 March 7, 2019 9,062.7 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 March 8, 2019 1,035.91 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 March 8, 2019 3,107.24 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 March 12, 2019 2,332.23 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 March 13, 2019 1,557.39 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 March 15, 2019 12,695.43 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 March 29, 2019 18,360 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 April 8, 2019 2,585.7 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 April 10, 2019 517.96 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 April 11, 2019 1,036.07 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 March 7, 2019 1,549.38 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 April 11, 2019 1,815.09 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 April 12, 2019 4,406.91 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 April 12, 2019 519.13 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 April 12, 2019 3,624.06 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 April 15, 2019 1,294.68 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 May 1, 2019 5,688.54 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 April 11, 2019 774.69 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 May 7, 2019 2,899.35 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 May 7, 2019 17,340 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 May 7, 2019 5,696.7 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 May 9, 2019 2,330.43 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 May 10, 2019 776.93 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 May 13, 2019 1,297.82 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 May 13, 2019 1,812.39 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 May 16, 2019 8,288.52 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 June 1, 2019 3,106.92 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 June 4, 2019 9,062.79 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 May 7, 2019 1,239.81 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 June 5, 2019 5,181.6 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 June 5, 2019 6,472 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 June 6, 2019 3,107.74 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 June 6, 2019 35,700 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 June 6, 2019 2,595.65 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 June 12, 2019 15,542.25 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 June 20, 2019 259.59 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 July 1, 2019 51,000 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 July 5, 2019 2,848.31 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 July 8, 2019 1,035.91 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 July 8, 2019 17,850 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 July 10, 2019 10,363.2 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 July 10, 2019 3,374.34 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 July 10, 2019 2,332.23 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 June 5, 2019 1,291.83 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 July 10, 2019 1,815.09 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 July 11, 2019 774.69 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 July 16, 2019 2,585.7 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 July 16, 2019 4,659.36 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 July 31, 2019 28,487.07 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 2, 2019 5,178.74 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 7, 2019 2,595.65 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 7, 2019 6,347.46 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 7, 2019 3,881.61 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 September 23, 2019 2,588.25 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 September 23, 2019 2,076.72 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 September 29, 2019 44,370 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 September 30, 2019 7,771.38 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 7, 2019 2,723.4 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 October 9, 2019 2,715.24 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 October 21, 2019 7,513.32 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 October 21, 2019 4,911.81 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 October 29, 2019 26,520 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 November 15, 2019 6,481.59 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 October 9, 2019 1,165.86 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 November 18, 2019 2,177.19 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 November 19, 2019 929.73 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 November 121, 2019 74,970 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 December 18, 2019 2,164.95 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 December 19, 2019 3,624.06 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 December 24, 2019 3,889.77 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 16, 2020 4,921.5 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 16, 2020 2,849.37 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 16, 2020 1,578.45 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 16, 2020 7,513.32 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 16, 2020 1,528.47 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 February 14, 2020 1,808.26 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 February 18, 2020 525.3 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 March 16, 2020 3,364.47 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 March 19, 2020 5,181.09 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 March 31, 2020 10,200 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 April 1, 2020 16,575 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 April 17, 2020 1,291.83 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 April 17, 2020 1,815.09 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 May 13, 2020 2,040 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 June 3, 2020 3,106.92 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 June 5, 2020 3,106.92 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 July 4, 2023 13,007.16 March 15, 2027 No Yes
ZPC December 17, 2024 6,260,000 January 20, 2021 72,090 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 January 20, 2021 21,093 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 January 20, 2021 80,100 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 January 20, 2021 267,000 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 January 20, 2021 116,946 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 January 20, 2021 23,175.6 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 January 20, 2021 8,010 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 January 21, 2021 30,438 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 January 21, 2021 53,400 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 January 21, 2021 53,400 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 January 21, 2021 10,680 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 January 22, 2021 30,438 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 February 4, 2021 50,730 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 February 5, 2021 40,050 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 February 5, 2021 37,380 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 February 5, 2021 16,020 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 February 5, 2021 53,400 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 February 5, 2021 98,790 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 February 5, 2021 60,876 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 February 7, 2021 30,438 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 March 18, 2021 11,214 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 March 18, 2021 19,031.76 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 March 19, 2021 26,700 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 March 19, 2021 32,040 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 March 22, 2021 53,400 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 March 22, 2021 53,400 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 March 25, 2021 26,700 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 March 26, 2021 133,500 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 March 26, 2021 42,720 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 April 28, 2021 16,020 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 April 28, 2021 69,420 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 April 28, 2021 33,108 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 April 28, 2021 26,700 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 April 28, 2021 16,554 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 April 29, 2021 42,720 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 April 30, 2021 2,670 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 April 30, 2021 2,670 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 June 29, 2021 53,400 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 July 5, 2021 176,220 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 July 5, 2021 26,700 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 July 6, 2021 21,360 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 July 6, 2021 37,380 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 July 6, 2021 77,430 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 July 6, 2021 77,430 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 July 6, 2021 80,100 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 July 6, 2021 160,200 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 July 6, 2021 21,360 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 September 15, 2021 53,912.64 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 September 17, 2021 21,360 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 September 17, 2021 20,826 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 September 17, 2021 42,720 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 September 17, 2021 109,470 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 September 22, 2021 17,622 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 June 13, 2022 8,544 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 July 11, 2022 181.56 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 August 2, 2022 117.48 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 August 4, 2022 202.92 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 August 9, 2022 64.08 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 August 10, 2022 8.01 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 September 5, 2022 275.01 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 October 10, 2022 218.94 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 November 1, 2022 234.96 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 December 16, 2022 37.38 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 December 27, 2022 4,272 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 November 2, 2021 9.22 July 1, 2025 No Yes
ZPC December 17, 2024 6,260,000 November 18, 2021 0.43 July 1, 2025 No Yes
Total amount
actually incurred
Total limits of guarantees to subsidiaries approved of guarantees to
during the reporting period (B3) subsidiaries during
the reporting
period (B4)
Guarantees of a subsidiary to its subsidiaries
Count
If the
er- Whether
Gua Coll guaran
Date of disclosure of Actual guara it’s
Guarante rant ater tee has
Name of guarantee object announcement relating Actual occurrence date guarantee ntee Guarantee period related
e limit ee al (if been
to guarantee limit amount situati party
type any) perfor
on (if guarantee
med
any)
Yisheng Dahua December 17, 2024 209,000 January 3, 2025 89.79 July 3, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 January 24, 2025 33.64 July 24, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 January 24, 2025 28.12 July 24, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 January 24, 2025 78.16 July 24, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 March 21, 2025 78.93 September 21, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 March 21, 2025 32 September 21, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 April 21, 2025 34.1 October 21, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 March 27, 2025 3,517.34 September 26, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 March 28, 2025 3,483 September 27, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 May 13, 2025 3,671.65 November 10, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 May 16, 2025 4,250 November 10, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 May 13, 2025 2,557.5 November 28, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 December 4, 2024 13,500 December 3, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 June 13, 2025 2,000 October 15, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 June 13, 2025 2,889.5 October 15, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 June 13, 2025 2,000 December 10, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 June 13, 2025 2,889.5 December 10, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 June 26, 2025 999.23 December 23, 2025 No Yes
Total limits of guarantees to subsidiaries approved 209,000 Total amount 42,132
during the reporting period (C3) actually incurred
of guarantees to
subsidiaries during
the reporting
period (C4)
Total amount of guarantees of the Company (Including the above three mentioned guarantees)
Total amount
actually incurred
Total limits of guarantees approved during the reporting of guarantees
period (A3+B3+C3) during the
reporting period
(A4+B4+C4)
Total actual guarantees (i.e. A4+B4+C4) as a percentage of the Company's net assets 127.63%
□Applicable Not applicable
The Company had no entrusted asset management during the reporting period.
□Applicable Not applicable
The Company had no other major contracts during the reporting period.
XIII. Explanation of Other Major Matters
□Applicable Not applicable
The Company had no other major matters to be explained during the reporting period.
XIV. Major Matters of Subsidiaries
□Applicable Not applicable
Section VI Changes in Shares and Shareholders
I. Changes in Shares
Unit: share
Before the change Increase or decrease (+, -) After the change
New shares Bonus Capital Other Subtot
Number Ratio Number Ratio
issued shares conversion s al
I. Restricted shares 627,243,750 6.19% 627,243,750 6.19%
Including: Shares held by domestic legal persons
Shares held by domestic natural persons 627,243,750 6.19% 627,243,750 6.19%
Including: Shares held by foreign legal persons
Shares held by foreign natural persons
II. Shares not subject to sales restrictions 9,498,281,250 93.81% 9,498,281,250 93.81%
III. Total shares 10,125,525,000 100.00% 10,125,525,000 100.00%
Causes for change in shares
□Applicable Not applicable
Approval of changes in shares
□Applicable Not applicable
Transfer of share changes
□Applicable Not applicable
Implementation progress of share repurchase
□Applicable Not applicable
Implementation progress of reducing repurchased shares by centralized bidding
□Applicable Not applicable
Impact of share changes on financial indicators such as basic EPS, diluted EPS, net assets per share attributable to ordinary
shareholders of the Company for the most recent year and the latest period
□Applicable Not applicable
Other disclosures that the Company deems necessary or required by the securities regulatory authorities to be disclosed
□Applicable Not applicable
□Applicable Not applicable
II. Securities Issuance and Listing
□Applicable Not applicable
III. Number and Shareholding of the Company’s Shareholders
Unit: share
Total number of preferred shareholders with voting
Total number of common shareholders at the end
of the reporting period
any) (see Note 8)
Shareholdings of shareholders holding over 5% of shares or the top 10 shareholders (excluding shares lent through refinancing)
Number of Increase or Number of Pledge, marking or freezing
Number of
Nature of Shareholding shares held at decrease during shares held
Name of shareholders non-restricted
shareholders ratio the end of the the reporting with limited Share status Number
shares held
report period period sales conditions
Zhejiang Rongsheng Domestic non-state-
Holding Group Co., Ltd. owned legal person
Aramco Overseas Company Overseas legal
B.V. person
Domestic natural
Li Shuirong 6.35% 643,275,000 0 482,456,250 160,818,750 Not applicable 0
person
Hong Kong Securities Overseas legal
Clearing Company Limited person
Domestic natural
Li Guoqing 0.95% 96,525,000 0 72,393,750 24,131,250 Not applicable 0
person
Domestic natural
Xu Yuejuan 0.95% 96,525,000 0 0 96,525,000 Not applicable 0
person
Domestic natural
Li Yongqing 0.95% 96,525,000 0 72,393,750 24,131,250 Not applicable 0
person
Horizon Asset - Huaneng
Trust · Jiayue No. 7 Single
Fund Trust - Horizon Asset Other 0.54% 55,148,287 0 0 55,148,287 Not applicable 0
Huixin No. 43 Single Asset
Management Plan
Industrial and Commercial
Bank of China Limited -
Huatai-PineBridge CSI 300
Other 0.54% 54,380,051 1,875,300 0 54,380,051 Not applicable 0
Exchange-Traded Open-End
Index Securities Investment
Fund
Hua’neng Guicheng Trust
Co., Ltd. – Hua’neng Trust ·
Other 0.49% 50,078,500 0 0 50,078,500 Not applicable 0
Rongyue Weicheng
collective funds trust plan
The situation (if any) that strategic investors or
general legal persons become the top 10
Not applicable
shareholders due to the placement of new shares
(see Note 3)
Among the top 10 shareholders, Zhejiang Rongsheng Holding Group Co., Ltd. is the controlling shareholder of the Company. Li
Explanation of the relationship or concerted action Yongqing and Li Guoqing are nephews of Li Shuirong, Chairman of the Board of Directors of Zhejiang Rongsheng Holding Group Co.,
among the above shareholders Ltd. Xu Yuejuan is the sister-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.
Explanation of the above shareholders on
Not applicable
delegating/receiving/waiving voting rights
Special explanation on the existence of repurchase
Among the top 10 shareholders, Rongsheng Petrochemical Co., Ltd. repurchased 552,380,458 shares in the special securities account,
accounts among the top 10 shareholders (if any) (see
accounting for 5.46% of the Company's total share capital.
Note 11)
Shareholding of top 10 common shareholders not subject to sales restrictions (excluding shares lent through refinancing and executive lock-in shares)
Class of shares
Name of shareholders Number of shares not subject to sales restrictions held at the end of the reporting period
Class of shares Number
Zhejiang Rongsheng Holding Group Co., Ltd. 5,448,840,432 RMB ordinary shares 5,448,840,432
Aramco Overseas Company B.V. 1,012,552,501 RMB ordinary shares 1,012,552,501
Hong Kong Securities Clearing Company Limited 173,837,409 RMB ordinary shares 173,837,409
Li Shuirong 160,818,750 RMB ordinary shares 160,818,750
Xu Yuejuan 96,525,000 RMB ordinary shares 96,525,000
Horizon Asset - Huaneng Trust · Jiayue No. 7 Single
Fund Trust - Horizon Asset Huixin No. 43 Single 55,148,287 RMB ordinary shares 55,148,287
Asset Management Plan
Industrial and Commercial Bank of China Limited -
Huatai-PineBridge CSI 300 Exchange-Traded Open- 54,380,051 RMB ordinary shares 54,380,051
End Index Securities Investment Fund
Hua’neng Guicheng Trust Co., Ltd. - Hua'neng
Trust · 50,078,500 RMB ordinary shares 50,078,500
Rongyue Weicheng collective funds trust plan
Dai Deming 48,000,000 RMB ordinary shares 48,000,000
Ni Xincai 47,925,000 RMB ordinary shares 47,925,000
Explanation of the relationship or concerted action
Among the top 10 shareholders, Zhejiang Rongsheng Holding Group Co., Ltd. is the controlling shareholder of the Company, Xu
among the top 10 shareholders of outstanding shares
Yuejuan is the sister-in-law of Li Shuirong, Chairman of the Board of Directors of Zhejiang Rongsheng Holding Group Co., Ltd., and Ni
not subject to sales restrictions and among the top
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.
sales restrictions and the top 10 shareholders
Explanation of the top 10 shareholders’ participation Zhejiang Rongsheng Holding Group Co., Ltd. holds 5,408,840,432 shares through an ordinary account and 40,000,000 shares through a
in securities margin trading (if any) (see Note 4) credit account. Dai Deming holds 2,000,000 shares through a regular account and 46,000,000 shares through a margin account.
Participation of shareholders holding more than 5% shares, top 10 shareholders and top 10 shareholders of outstanding shares not subject to sales restrictions in lending shares by refinancing
business.
□Applicable Not applicable
Changes in top 10 shareholders and top 10 shareholders of outstanding shares not subject to sales restrictions due to lending/returning shares by refinancing business.
□Applicable Not applicable
Whether any of the top 10 shareholders of ordinary share and the top 10 shareholders of ordinary shares not subject to sales restrictions of the Company have any agreed repurchase trading
during the reporting period?
□Yes No
The top 10 shareholders of ordinary share and the top 10 shareholders of ordinary shares not subject to sales restrictions did not conduct the agreed repurchase transaction during the reporting
period.
IV. Equity Changes of Directors, Supervisors and Senior Management
□Applicable Not applicable
There were no equity changes of the Company’s directors, supervisors and senior management during the reporting period; see
V. Changes in Controlling Shareholder or Actual Controller
Change of the controlling shareholder during the reporting period
□Applicable Not applicable
The controlling shareholder of the Company remained unchanged during the reporting period.
Change of the actual controller during the reporting period
□Applicable Not applicable
The actual controller of the Company remained the same during the reporting period.
VI. Preferred Shares
□Applicable Not applicable
The Company had no preferred shares during the reporting period.
Section VII Bonds
□Applicable Not applicable
Section VIII Financial Reports
I. Audit Report
Whether the semi-annual report is audited
□Yes No
The Company’s semi-annual financial report is unaudited.
II. Financial Statements
The financial statement notes are represented in RMB.
Prepared by: Rongsheng Petrochemical Co., Ltd.
June 30, 2025
Unit: RMB
Item Ending balance Beginning balance
Current assets:
Monetary fund 14,892,639,075.65 14,833,384,920.45
Settlement provision
Lending funds
Trading financial assets
Derivative financial assets 460,333,719.53 475,766,685.17
Notes receivable
Accounts receivable 3,041,483,593.40 6,821,971,706.36
Accounts receivable financing 51,665,853.52 103,225,654.46
Advance payment 3,658,866,282.93 1,354,519,708.48
Premium receivables
Reinsurance receivables
Reinsurance contract reserves receivables
Other receivables 4,973,940,872.85 4,345,964,007.66
Including: Interest receivables
Dividends receivable
Redemptory monetary capital for sale
Stock 44,379,253,913.97 44,566,934,616.59
Where: data resources
Contract assets
Held-for-sale assets
Non-current assets due within one year
Other current assets 6,251,484,089.13 5,801,152,355.65
Total current assets 77,709,667,400.98 78,302,919,654.82
Non-current assets:
Loans and advances
Creditors investment
Other creditors investment
Long-term receivables
Long-term equity investment 9,715,088,710.27 9,516,636,321.17
Investment in other equity instruments
Other non-current financial assets
Investment real estate 9,988,405.60 10,124,128.60
Fixed assets 229,147,301,133.74 232,497,113,015.70
Construction in progress 52,807,597,773.11 44,036,132,096.28
Productive biological assets
Oil & gas assets
Right-of-use assets 164,400,836.21 176,237,821.55
Intangible assets 8,653,524,036.05 8,142,781,094.80
Where: data resources
Development expenses
Where: data resources
Goodwill
Long-term deferred expenses
Deferred income tax assets 1,340,655,426.01 1,237,176,277.28
Other non-current assets 4,462,505,805.36 3,926,823,773.78
Total non-current assets 306,301,062,126.35 299,543,024,529.16
Total assets 384,010,729,527.33 377,845,944,183.98
Current liabilities:
Short-term borrowings 46,274,018,691.66 44,090,969,803.23
Borrowings from the central bank
Borrowing funds
Trading financial liabilities 1,484,797,113.33 1,269,256,561.53
Derivative financial liabilities 95,949,469.54 34,655,378.23
Notes payable 2,356,024,860.95 3,204,293,497.95
Accounts payable 63,885,655,674.61 59,032,829,819.11
Advance collections
Contractual liabilities 2,183,602,360.00 5,995,580,462.05
Financial assets sold for repurchase
Deposits from customers and interbank
Funds from securities trading agency
Funds from securities underwriting agency
Payroll payable 679,364,470.29 996,809,278.49
Taxes payable 1,502,151,750.96 1,277,862,468.64
Other payables 9,068,973,579.80 6,588,756,879.48
Including: Interests payable
Dividends payable
Handling charges and commissions payable
Reinsurance payable
Held-for-sale liabilities
Non-current liabilities due within one year 41,925,650,561.52 38,322,495,216.94
Other current liabilities 270,153,302.03 742,351,889.84
Total current liabilities 169,726,341,834.69 161,555,861,255.49
Non-current liabilities:
Insurance contract reserves
Long-term borrowings 116,630,942,763.44 119,518,340,862.41
Bonds payable
Including: Preferred share
Perpetual bond
Lease liabilities 161,307,988.09 171,624,458.34
Long-term payables
Long-term payroll payable
Estimated liabilities
Deferred income 243,137,926.91 198,629,966.29
Deferred income tax liabilities 1,716,430,776.81 1,577,357,341.78
Other non-current liabilities
Total non-current liabilities 118,751,819,455.25 121,465,952,628.82
Total liabilities 288,478,161,289.94 283,021,813,884.31
Owner’s equity:
Share capital 10,125,525,000.00 10,125,525,000.00
Other equity instruments
Including: Preferred share
Perpetual bond
Capital reserve 10,820,205,249.02 10,819,566,635.04
Less: treasury stock 6,987,008,823.24 6,987,008,823.24
Other comprehensive income 217,273,429.03 280,892,216.98
Special reserves 52,187,550.73 19,057,187.43
Surplus reserves 1,270,743,066.03 1,270,743,066.03
Generic risk reserves
Undistributed profits 27,975,251,895.60 28,330,397,005.41
Total owner’s equity attributable to the parent
company
Minority equity 52,058,390,870.22 50,964,958,012.02
Total owners’ equity 95,532,568,237.39 94,824,130,299.67
Total liabilities and owner's equity 384,010,729,527.33 377,845,944,183.98
Legal representative: Li Shuirong Head of accounting: Wang Yafang Head of accounting body: Zhang
Shaoying
Unit: RMB
Item Ending balance Beginning balance
Current assets:
Monetary fund 1,683,898,192.86 682,038,492.96
Trading financial assets
Derivative financial assets
Notes receivable
Accounts receivable 9,721,994.62 2,470,580.97
Accounts receivable financing 6,057,875.14 7,377,152.89
Advance payment 176,497,143.37 153,158,590.35
Other receivables 3,544,187,248.36 2,378,142,849.26
Including: Interest receivables
Dividends receivable 550,000,000.00 550,000,000.00
Stock 296,356,444.72 169,343,856.05
Where: data resources
Contract assets
Held-for-sale assets
Non-current assets due within one year
Other current assets 85,959,467.50
Total current assets 5,802,678,366.57 3,392,531,522.48
Non-current assets:
Creditors investment
Other creditors investment
Long-term receivables
Long-term equity investment 49,754,365,861.80 48,129,034,147.12
Investment in other equity instruments
Other non-current financial assets
Investment real estate 9,988,405.60 10,124,128.60
Fixed assets 339,168,807.32 274,806,084.66
Construction in progress
Productive biological assets
Oil & gas assets
Right-of-use assets
Intangible assets 12,228,658.66 13,461,355.78
Where: data resources
Development expenses
Where: data resources
Goodwill
Long-term deferred expenses
Deferred income tax assets
Other non-current assets 2,271,130.13
Total non-current assets 50,115,751,733.38 48,429,696,846.29
Total assets 55,918,430,099.95 51,822,228,368.77
Current liabilities:
Short-term borrowings 6,626,088,468.06 7,055,037,415.98
Trading financial liabilities
Derivative financial liabilities
Notes payable 22,000,000.00 575,194,158.34
Accounts payable 5,368,238,642.13 5,205,888,310.81
Advance collections
Contractual liabilities 2,624,883,372.82 710,551,453.29
Payroll payable 24,058,674.39 53,751,135.30
Taxes payable 2,412,247.85 13,850,759.94
Other payables 10,497,184,752.26 8,264,563,912.00
Including: Interests payable
Dividends payable
Held-for-sale liabilities
Non-current liabilities due within one
year
Other current liabilities 341,234,838.47 92,371,688.93
Total current liabilities 29,414,610,795.98 24,759,908,898.20
Non-current liabilities:
Long-term borrowings 8,758,163,686.11 8,399,186,264.02
Bonds payable
Including: Preferred share
Perpetual bond
Lease liabilities
Long-term payables
Long-term payroll payable
Estimated liabilities
Deferred income 6,805,735.64 7,309,864.22
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities 8,764,969,421.75 8,406,496,128.24
Total liabilities 38,179,580,217.73 33,166,405,026.44
Owner’s equity:
Share capital 10,125,525,000.00 10,125,525,000.00
Other equity instruments
Including: Preferred share
Perpetual bond
Capital reserve 11,243,374,721.45 11,243,374,721.45
Less: treasury stock 6,987,008,823.24 6,987,008,823.24
Other comprehensive income 171,990,142.20 217,617,723.95
Special reserves
Surplus reserves 1,270,743,066.03 1,270,743,066.03
Undistributed profits 1,914,225,775.78 2,785,571,654.14
Total owners’ equity 17,738,849,882.22 18,655,823,342.33
Total liabilities and owner's equity 55,918,430,099.95 51,822,228,368.77
Unit: RMB
Item 2025 semi-annual 2024 semi-annual
I. Gross operating income 148,629,350,935.50 161,249,744,277.85
Including: operating revenue 148,629,350,935.50 161,249,744,277.85
Interest income
Earned premium
Handling charge and commission income
II. Gross operating costs 147,757,254,574.45 160,462,598,482.36
Including: operating costs 128,878,959,937.59 141,256,133,696.06
Interest expense
Handling charge and commission expenses
Surrender value
Net payments for insurance claims
Net reserve fund extracted for insurance liability
Policy dividend payment
Reinsurance costs
Taxes and surcharges 12,748,131,455.62 12,496,949,672.03
Marketing expenses 84,293,344.16 78,933,484.96
Administrative expenses 466,821,877.01 438,040,873.14
R&D expenses 2,369,091,695.16 2,496,929,812.35
Financial expenses 3,209,956,264.91 3,695,610,943.82
Including: interest expenses 3,280,153,933.32 3,544,593,781.09
Interest income 222,591,881.35 240,894,876.38
Add: Other income 1,064,837,456.41 1,253,751,467.78
Investment income (losses are presented in “-”) 284,046,651.75 -52,174,957.84
Including: Return on investment in associated enterprises and joint
ventures
Gains on derecognition of financial assets measured at amortized
cost
Exchange gain (loss expressed with “-”)
Net exposure hedging gain (loss expressed with “-”)
Income from changes in fair value (losses are presented in “-”) -299,721,409.22 115,037,218.53
Credit impairment losses (loss expressed with “-”) 87,104,774.79 -138,884,225.38
Asset impairment loss (losses are presented in “-”) -152,150,594.56 -12,655,239.18
Income from asset disposal (losses are presented in “-”) -64,124.27 5,269,441.94
III. Operating profit (losses expressed with “-”) 1,856,149,115.95 1,957,489,501.34
Add: Non-operating income 3,898,849.00 7,827,844.76
Less: Non-operating expenses 15,476,643.56 35,436,773.14
IV. Income before tax (losses expressed with “-”) 1,844,571,321.39 1,929,880,572.96
Less: Income tax expenses 178,317,788.37 257,909,218.53
V. Net income (net losses expressed with “-”) 1,666,253,533.02 1,671,971,354.43
(I) By business continuity
(II) By ownership
filled in with “-”)
VI. Other comprehensive income, net of tax -67,422,232.10 63,725,659.14
After-tax net of other comprehensive income attributable to the owners of
-63,618,787.95 68,146,399.25
parent company
(I) Other comprehensive income which may not be reclassified to gain
-590,642.24
and loss
and loss under the equity method
(II) Other comprehensive income which may be reclassified to gain and
-63,618,787.95 68,737,041.49
loss
-50,041,026.62 49,009,488.62
loss under the equity method
income
Other comprehensive income attributable to minority shareholders, net of
-3,803,444.15 -4,420,740.11
tax
VII. Total comprehensive income 1,598,831,300.92 1,735,697,013.57
Total comprehensive income attributable to owners of the parent company 538,465,316.44 926,081,282.39
Total comprehensive income attributable to minority shareholders 1,060,365,984.48 809,615,731.18
VIII. Earnings per share:
(I) Basic earnings per share 0.06 0.09
(II) Diluted earnings per share 0.06 0.09
Legal representative: Li Shuirong Head of accounting: Wang Yafang Head of accounting body: Zhang
Shaoying
Unit: RMB
Item 2025 semi-annual 2024 semi-annual
I. Operating income 874,759,022.69 1,667,089,209.61
Less: Operating costs 783,915,236.41 1,622,817,980.64
Taxes and surcharges 3,803,080.38 5,912,334.69
Marketing expenses 16,171,150.67 23,221,188.84
Administrative expenses 53,041,620.29 38,757,438.94
R&D expenses 51,520,823.00 40,769,492.32
Financial expenses 390,501,070.87 350,680,352.26
Including: interest expenses 389,284,382.25 392,165,659.03
Interest income 6,362,975.74 45,265,589.17
Add: Other income 347,023,654.77 338,665,781.84
Investment income (losses are presented in “-”) 169,273,572.94 123,163,894.95
Including: Return on investment in associated enterprises and joint
ventures
Income from derecognition of financial assets measured at
amortized cost (loss expressed with “-”)
Net exposure hedging gain (loss expressed with “-”)
Income from changes in fair value (losses are presented in “-”)
Credit impairment losses (loss expressed with “-”) -462,148.98 -4,422,822.78
Asset impairment loss (losses are presented in "-")
Income from asset disposal (losses are presented in “-”) 0.18 -157,689.80
II. Operating profit (loss to be filled out with the minus sign “-”) 91,641,119.98 42,179,586.13
Add: Non-operating income 2.15 1,102.15
Less: Non-operating expenses 5,757,786.29 3,760,517.66
III. Total profit (total loss to be filled out with the minus sign “-”) 85,883,335.84 38,420,170.62
Less: Income tax expenses
IV. Net profit (net loss to be filled out with the minus sign “-”) 85,883,335.84 38,420,170.62
(I) Net profits from continuing operation (net loss expressed with “-”) 85,883,335.84 38,420,170.62
(II) Net profits from discontinuing operation (net loss expressed with “-”)
V. Other comprehensive incomes, net of tax -45,627,581.75 62,860,285.67
(I) Other comprehensive income which may not be reclassified to gain and
-590,642.24
loss
loss under the equity method
(II) Other comprehensive income which may be reclassified to gain and loss -45,627,581.75 63,450,927.91
-45,627,581.75 63,450,927.91
under the equity method
VI. Total comprehensive incomes 40,255,754.09 101,280,456.29
VII. Earnings per share
(I) Basic earnings per share
(II) Diluted earnings per share
Unit: RMB
Item 2025 semi-annual 2024 semi-annual
I. Cash flow from operating activities:
Cash received from sales of goods or rendering of services 166,127,081,795.62 174,417,692,257.97
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 2,764,625,616.17 2,602,039,750.26
Cash received relating to other operating activities 2,915,095,527.88 2,920,163,105.87
Subtotal of cash inflow from operating activities 171,806,802,939.67 179,939,895,114.10
Cash paid for goods purchased and services received 145,101,204,904.23 156,652,864,492.85
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 2,179,536,574.50 2,295,802,786.75
Payments of all types of taxes 15,388,171,037.48 11,009,232,043.73
Cash paid relating to other operating activities 1,551,265,169.78 1,589,457,438.81
Subtotal of cash outflow from operating activities 164,220,177,685.99 171,547,356,762.14
Net cash flow from operating activities 7,586,625,253.68 8,392,538,351.96
II. Cash flows from investing activities:
Cash received from investment recovery 1,659,568,485.19 1,473,616,505.29
Cash received from the return on investment 48,654,510.65 13,228,639.60
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 33,463,822.77 59,352,298.76
Subtotal of cash inflow from investment activities 1,745,338,358.54 1,805,596,803.57
Cash paid for purchase and construction of fixed assets, intangible assets and
other long-term assets
Cash paid for investments 2,191,197,289.79 1,056,298,128.11
Net increase in pledge loans
Net cash paid for acquisition of subsidiaries and other business units
Cash paid relating to other investing activities 37,285,472.76 108,503,840.40
Subtotal of cash outflow from investment activities 17,805,709,465.41 18,509,130,726.34
Net cash flow from investment activities -16,060,371,106.87 -16,703,533,922.77
III. Cash flow from financing activities:
Cash received from absorption of investment 228,000,000.00
Including: Cash received by subsidiaries from investments of minority
shareholders
Cash received from borrowings 64,601,920,548.88 74,713,977,878.21
Cash received relating to other financing activities 12,429,276,412.04 18,799,408,866.65
Subtotal of cash inflow from financing activities 77,031,196,960.92 93,741,386,744.86
Cash paid for repayment of debts 61,676,972,719.77 69,885,306,739.83
Cash paid for distribution of dividends and profits or payment of interests 4,716,590,091.88 5,175,591,739.74
Including: Dividends or profits paid by subsidiaries to minority shareholders 228,000,000.00
Cash paid relating to other financing activities 1,092,449,633.16 4,679,731,600.44
Subtotal of cash outflow from financing activities 67,486,012,444.81 79,740,630,080.01
Net cash flow from financing activities 9,545,184,516.11 14,000,756,664.85
IV. Effect of change in exchange rate on cash and cash equivalents 6,697,093.82 -167,099,802.81
V. Net increase in cash and cash equivalents 1,078,135,756.74 5,522,661,291.23
Add: Opening balance of cash and cash equivalents 12,943,832,335.45 11,486,855,097.52
VI. Ending balance of cash and cash equivalents 14,021,968,092.19 17,009,516,388.75
Unit: RMB
Item 2025 semi-annual 2024 semi-annual
I. Cash flow from operating activities:
Cash received from sales of goods or rendering of services 8,368,331,142.55 8,485,308,901.03
Refunds of taxes and levies 1,975,629.38 5,512,767.96
Cash received relating to other operating activities 670,727,289.01 909,261,207.63
Subtotal of cash inflow from operating activities 9,041,034,060.94 9,400,082,876.62
Cash paid for goods purchased and services received 6,715,246,018.52 7,126,809,713.06
Cash paid to and on behalf of employees 130,826,793.13 177,602,399.78
Payments of all types of taxes 88,121,460.17 66,226,432.61
Cash paid relating to other operating activities 84,132,591.60 167,863,198.19
Subtotal of cash outflow from operating activities 7,018,326,863.42 7,538,501,743.64
Net cash flow from operating activities 2,022,707,197.52 1,861,581,132.98
II. Cash flows from investing activities:
Cash received from investment recovery
Cash received from the return on investment 43,654,510.65 393,228,639.60
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 463,029,809.36 504,638,350.00
Subtotal of cash inflow from investment activities 510,304,551.12 897,866,989.60
Cash paid for purchase and construction of fixed assets, intangible assets and
other long-term assets
Cash paid for investments 1,559,000,000.00 542,000,000.00
Net cash paid for acquisition of subsidiaries and other business units
Cash paid relating to other investing activities 1,860,300,000.00 634,100,000.00
Subtotal of cash outflow from investment activities 3,493,573,902.46 1,176,684,457.58
Net cash flow from investment activities -2,983,269,351.34 -278,817,467.98
III. Cash flow from financing activities:
Cash received from absorption of investment
Cash received from borrowings 9,959,500,000.00 10,530,190,000.00
Cash received relating to other financing activities 4,500,000,000.00 1,148,500,000.00
Subtotal of cash inflow from financing activities 14,459,500,000.00 11,678,690,000.00
Cash paid for repayment of debts 8,903,650,000.00 8,779,925,337.17
Cash paid for distribution of dividends and profits or payment of interests 1,222,453,084.65 1,245,925,277.56
Cash paid relating to other financing activities 2,368,601,946.63 4,402,960,578.42
Subtotal of cash outflow from financing activities 12,494,705,031.28 14,428,811,193.15
Net cash flow from financing activities 1,964,794,968.72 -2,750,121,193.15
IV. Effect of change in exchange rate on cash and cash equivalents -2,373,115.00 377,460.89
V. Net increase in cash and cash equivalents 1,001,859,699.90 -1,166,980,067.26
Add: Opening balance of cash and cash equivalents 682,038,492.96 3,154,529,147.56
VI. Ending balance of cash and cash equivalents 1,683,898,192.86 1,987,549,080.30
Amount of the current period
Unit: RMB
Owner’s equity attributable to the parent company
Other equity
instruments
Gen O Total
Item Other Minority
Pref Per O Less: eral t owners’
Share Capital compre Special Surplus Undistribut equity
erre petu t treasury risk h Subtotal equity
capital reserve hensive reserves reserves ed profits
d al h stock rese e
income
shar bon e rves r
es d r
I. Ending balance of the 10,125,52 10,819,56 6,987,00 280,892, 19,057,1 1,270,74 28,330,397, 43,859,17 50,964,958 94,824,130
previous year 5,000.00 6,635.04 8,823.24 216.98 87.43 3,066.03 005.41 2,287.65 ,012.02 ,299.67
Add: Changes in
accounting policies
Correction of
errors in the previous
period
Other
II. Opening balance of the 10,125,52 10,819,56 6,987,00 280,892, 19,057,1 1,270,74 28,330,397, 43,859,17 50,964,958 94,824,130
year 5,000.00 6,635.04 8,823.24 216.98 87.43 3,066.03 005.41 2,287.65 ,012.02 ,299.67
III. Increase or decrease in
- - -
the current period 638,613.9 33,130,3 1,093,432, 708,437,93
(decrease is presented in 8 63.30 858.20 7.72
“-”)
(I) Total comprehensive 602,084,104 538,465,3 1,060,365, 1,598,831,
income .39 16.44 984.48 300.92
(II) Capital contributed
and reduced by owners
invested by the owners
holders of other equity
instruments
payment recognized in
owners’ equity
- - -
(III) Profit distribution 957,229,214 957,229,2 957,229,21
.20 14.20 4.20
reserve
risk reserves
- - -
(or shareholders)
.20 14.20 4.20
(IV) Internal carry-
forward of owner’s equity
transferred into capital (or
share capital)
transferred into capital (or
share capital)
making up loss
benefit plans carried
forward to retained
earnings
incomes carried forward
to retained earnings
(V) Special reserve
the current period 546.03 46.03 4.57 0.60
period 182.73 82.73 1.14 3.87
(VI) Others 613,570.29
IV. Ending balance of the 10,125,52 10,820,20 6,987,00 217,273, 52,187,5 1,270,74 27,975,251, 43,474,17 52,058,390 95,532,568
current period 5,000.00 5,249.02 8,823.24 429.03 50.73 3,066.03 895.60 7,367.17 ,870.22 ,237.39
Amount of previous year
Unit: RMB
Owner’s equity attributable to the parent company
Other equity
instruments O
Item Other Total
Less: General Undistri t Minority
Share Pre Per Capital compre Special Surplus owners
treasury risk buted h Subtotal equity
capital fer pet reserve hensive reserves reserves ’ equity
Ot stock reserves profits e
red ual income
her r
sha bo
res nd
I. Ending balance of the 10,125,525 6,619,80 110,203, 60,677,2 974,151, 44,335,891,0 50,332,930 94,668,821,
previous year ,000.00 6 7,176.02 866.35 96.91 644.68 1 85.79 ,555.50 641.29
Add: Changes in
accounting policies
Correction of
errors in the previous
period
Other
II. Opening balance of the 10,125,525 6,619,80 110,203, 60,677,2 974,151, 44,335,891,0 50,332,930 94,668,821,
year ,000.00 7,176.02 866.35 96.91 644.68 85.79 ,555.50 641.29
III. Increase or decrease in
- - -
the current period 967,902. 359,711, 68,146,3 1,028,153, 626,782,47
(decrease is presented in “- 96 459.00 99.25 697.43 4.49
”)
(I) Total comprehensive 68,146,3 857,934, 926,081,282. 809,615,73 1,735,697,0
income 99.25 883.14 39 1.18 13.57
- -
(II) Capital contributed and 359,711, 228,000,00
reduced by owners 459.00 0.00
- -
by the owners 459.00 0.00
holders of other equity
instruments
payment recognized in
owners’ equity
- - -
(III) Profit distribution 957,314, 957,314,454. 957,314,45
reserve
risk reserves
- - -
(or shareholders)
(IV) Internal carry-forward
of owner’s equity
transferred into capital (or
share capital)
transferred into capital (or
share capital)
making up loss
benefit plans carried
forward to retained
earnings
incomes carried forward to
retained earnings
- - - -
(V) Special reserve 11,394,4 11,394,495.0 10,391,979 21,786,474.
the current period 416.80 80 9.50 6.30
(VI) Others 967,902.96 929,945.98
IV. Ending balance of the 10,125,525 6,979,51 178,350, 49,282,8 974,151, 43,934,519,8 51,361,084 95,295,604,
current period ,000.00 8,635.02 265.60 01.82 644.68 62.85 ,252.93 115.78
Amount of the current period
Unit: RMB
Other equity instruments Spec
Item Less: Other Undistrib Ot
Share Capital ial Surplus Total owners’
Preferred Perpetu Oth treasure comprehensiv uted he
capital reserve rese reserves equity
shares al bond er stock e income profits rs
rves
I. Ending balance of the previous year
Add: Changes in accounting policies
Correction of errors in the
previous period
Other
II. Opening balance of the year
- -
III. Increase or decrease in the current -
period (decrease is presented in “-”) 45,627,581.75
- 85,883,33
(I) Total comprehensive income 40,255,754.09
(II) Capital contributed and reduced by
owners
equity instruments
recognized in owners’ equity
- -
(III) Profit distribution 957,229,2 957,229,214.2
- -
(IV) Internal carry-forward of owner's
equity
(or share capital)
(or share capital)
forward to retained earnings
forward to retained earnings
(V) Special reserve
period
(VI) Others
IV. Ending balance of the current period
Amount of previous year
Unit: RMB
Other equity instruments Less: Other Undistrib Ot Total
Item Share Capital Special Surplus
Preferre Perpetu Oth treasure comprehens uted he owners’
capital reserve reserves reserves
d shares al bond er stock ive income profits rs equity
I. Ending balance of the previous year
Add: Changes in accounting policies
Correction of errors in the
previous period
Other
II. Opening balance of the year
- -
III. Increase or decrease in the current 359,711, 62,860,285.
period (decrease is presented in “-”) 459.00 67
(I) Total comprehensive income
(II) Capital contributed and reduced by 359,711,
owners 459.00
equity instruments
recognized in owners’ equity
- -
(III) Profit distribution 957,314,4 957,314,454.
- -
(IV) Internal carry-forward of owner’s
equity
share capital)
share capital)
forward to retained earnings
forward to retained earnings
(V) Special reserve
(VI) Others
IV. Ending balance of the current period
III. Company Profile
Rongsheng Petrochemical operates in the petrochemical industry. The operating activities mainly are the
production and sales of refined oil products, chemical products, PTA, polyester chips, polyester filaments and
films. Rongsheng Petrochemical is a joint-stock limited company initiated and established on the foundation of
Rongsheng Chemical Fiber Group Co., Ltd. by Zhejiang Rongsheng Holding Group Co., Ltd., as well as natural
persons including Li Shuirong, Li Yongqing, Li Guoqing, Xu Yuejuan, Ni Xincai and Zhao Guanlong. The
Company was registered on June 18, 2007 and is headquartered in Hangzhou, Zhejiang Province. Shares of the
Company were listed for trading at Shenzhen Stock Exchange on November 2, 2010. As of June 30, 2025, the
Company holds the Business License (Unified Social Credit Code: 91330000255693873W) issued by Zhejiang
Administration for Market Regulation, with a registered capital of RMB 10,125,525,000.00 and a total of
These financial statements were approved for issuance by the Company’s Seventh Board of Directors at its
IV. Preparation Basis of Financial Statements
The financial statements of the Company are prepared on a going concern basis.
There are no matters or circumstances that cause the Company to have serious doubts about its going concern
ability within 12 months from the end of the reporting period.
V. Significant Accounting Policies and Accounting Estimates
Important tips: According to the actual production and operation characteristics, the Company has formulated
specific accounting policies and accounting estimates for transactions or events such as impairment of financial
instruments, inventory, construction in progress, depreciation of fixed assets, intangible assets and revenue
recognition.
The financial statements prepared by the Company comply with the requirements of the Accounting
Standards for Business Enterprises, which truthfully and completely reflect the Company’s financial position,
business achievements, cash flow and other relevant information.
The accounting year is the calendar year from January 1 to December 31.
The business cycle of the Company is short, and 12 months is taken as the liquidity division standard of
assets and liabilities.
The Company and its domestic subsidiaries adopt RMB as the recording currency, while overseas
subsidiaries such as Hong Kong Sheng Hui Co., Ltd., Hong Kong Yisheng Dahua Petrochemical Co., Ltd.,
Yisheng New Materials Trading Co., Ltd., Rongsheng Petrochemical (Hong Kong) Co., Ltd., Rongsheng
Petrochemical (Singapore) Private Co., Ltd., Rongtong Logistics (Singapore) Private Co., Ltd., and Zhejiang
Petroleum & Chemical (Singapore) Private Co., Ltd. engaging in overseas operations, choose the currency in the
main economic environment where they operate as the recording currency.
Applicable □Not applicable
Item Importance standard
Important advance payments aged more than 1 year A single prepayment amount exceeding 0.5% of total assets
Significant dividends receivable aged over 1 year A single prepayment amount exceeding 0.5% of total assets
Important construction in progress A single prepayment amount exceeding 0.5% of total assets
Important accounts payable aged more than 1 year A single prepayment amount exceeding 0.5% of total assets
Important other payable aged more than 1 year A single prepayment amount exceeding 0.5% of total assets
Important contractual liabilities aged more than 1 year A single prepayment amount exceeding 0.5% of total assets
Important overseas operating entity 15% of total income
Important cash flows from investing activities A single prepayment amount exceeding 0.5% of total assets
Important non-wholly owned subsidiary Subsidiaries with total single assets exceeding 3% of total assets
Joint ventures with single investment book value exceeding 0.5% of
Important joint ventures
the Company’s total assets
A single amount exceeding 3% of total assets or other matters that have
Important contingencies
a significant impact on investors’ decisions
Profit distributions after the balance sheet date and other matters that
Important post-balance sheet events
have a significant impact on investors’ decisions
The assets and liabilities acquired by the Company in business combination shall be measured according to
the book value of the combined party in the consolidated financial statements of the final controlling party on the
date of combination. The Company shall adjust the capital reserve according to the difference between the book
value share of the owner’s equity of the combined party in the consolidated financial statements of the final
controlling party and the book value of the consolidated consideration paid or the total face value of the issued
shares; If the capital reserve is not sufficient for offsetting, the adjustment is made to retained earnings.
On the purchase date, the difference between the combined cost and the fair value share of the identifiable
net assets of the acquiree obtained in the merger is recognized as goodwill. If the combined cost is less than the
fair value share of the identifiable net assets of the acquiree obtained in the combination, first, the fair value of
identifiable assets, liabilities and contingent liabilities of the acquiree and the measurement of combined cost are
reviewed. If the combined cost is still less than the fair value share of identifiable net assets of the acquiree
obtained in the merger after review, the difference is included in the current gain and loss.
Control means the Company has the power over the investee, enjoys variable returns by participating in the
relevant activities of the investee, and has the ability to use the power to influence the variable amount of returns.
The parent company brings all subsidiaries under its control into the consolidation scope of the consolidated
financial statements. The consolidated financial statements are based on the financial statements of the parent
company and its subsidiaries and are prepared according to other related documents by the parent company in
accordance with the Accounting Standards for Business Enterprises No. 33—Consolidated Financial Statements.
share of interest in the joint operation:
(1) Recognition of assets held individually and assets held jointly on a holding share basis;
(2) Recognition of liabilities assumed individually and liabilities assumed jointly on a holding share basis;
(3) Recognition of revenue from the sale of the Company’s share of common operation output;
(4) Recognition of income from joint operations arising from the sale of assets based on the Company's share
of ownership;
(5) Recognition of expenses incurred separately and recognition of expenses incurred in joint operations
based on the Company’s share of ownership.
Cash listed in the statement of cash flows refers to cash on hand and deposits that can be used for payment at
any time. The term “cash equivalents” refers to short-term and highly liquid investments that are readily
convertible to known amounts of cash and which are subject to an insignificant risk of change in value.
In foreign currency transactions, the spot exchange rate at the transaction date shall be adopted at the initial
recognition to convert the foreign currency into the amount of RMB. On the balance sheet date, the monetary
items denominated in foreign currencies are translated at the spot exchange rate on the balance sheet date. The
exchange differences arising from the exchange rate are included in current gain and loss except for the exchange
difference between the principal and interest of foreign currency-specific borrowings related to the acquisition and
construction of assets eligible for capitalization. The foreign currency non-monetary items measured at historical
cost are still translated at the spot exchange rate at the transaction date, and their RMB amount shall not be
changed. Foreign currency non-monetary items measured at fair value are translated at the spot exchange rate at
the determination date of fair value, and the exchange differences are included in current gain and loss or other
comprehensive income.
Items of assets and liabilities in the balance sheet are translated at the spot exchange rate prevailing on the
balance sheet date. Except for the “undistributed profit” item, other items of owner's equity are translated at the
spot exchange rate at the transaction date. Income and expense items in the income statement are translated at the
approximate spot exchange rate at the transaction date. The converted difference in foreign currency financial
statements arising from the above translations is included in other comprehensive income.
At initial recognition, financial assets are classified into the following three categories: (1) financial assets at
amortized cost; (2) financial assets at fair value through other comprehensive income; and (3) financial assets at
fair value through gain and loss.
At initial recognition, financial liabilities are classified into four categories: (1) financial liabilities at fair
value through gain and loss; (2) financial liabilities that are formed since the transfer of financial assets do not
comply with the conditions for derecognition or continue to involve in the financial assets to be transferred; (3)
financial guarantee contracts not falling under the above (1) or (2), and loan commitments not falling under the
above (1) and lending at a rate lower than the market interest rate; (4) financial liabilities at amortized cost.
financial li abilities
(1) Recognition basis and initial measurement methods for financial assets and financial liabilities
A financial asset or a financial liability shall be recognized when the Company becomes a party to a financial
instrument contract. A financial asset or financial liability shall be measured at fair value at the initial recognition.
For financial assets or financial liabilities at fair value through gain and loss, the transaction expenses thereof shall
be directly recorded in current gain and loss. For other categories of financial assets or financial liabilities, the
related transaction expenses are included in the initial recognition amount. However, if the accounts receivable
initially recognized by the Company do not contain significant financing components or the Company does not
consider the financing components in contracts less than one year, the initial recognition shall be carried out
according to transaction price as defined in the Accounting Standards for Business Enterprises No. 14—Revenue.
(2) Subsequent measurement method for financial assets
Financial assets measured at the amortized cost are subsequently measured with the amortized cost by means
of effective interest method. Gains or losses arising from financial assets measured at amortized cost and not part
of any hedging relationship are included in current gain and loss upon derecognition, reclassification, amortization
under the effective interest method or recognition of impairment.
They are subsequently measured at fair value. Interest, impairment losses or gains and exchange gains and
losses calculated by the effective interest method are included in current gain and loss, and other gains or losses
are included in other comprehensive income. Upon derecognition, the accumulated gain or loss previously
included in other comprehensive incomes is transferred from other comprehensive incomes and included in the
current gain and loss.
They are subsequently measured at fair value. Dividends obtained (except those falling under the recovery of
investment costs) are included in current gain and loss, and other gains or losses are included in other
comprehensive income. Upon derecognition, the accumulated gain or loss previously included in other
comprehensive incomes is transferred out from other comprehensive incomes and included in retained earnings.
They are subsequently measured at fair value, and the resulting gains or losses (including interest and
dividend income) are included in current gain and loss, unless the financial asset is part of the hedging
relationship.
(3) Subsequent measurement method for financial liabilities
Financial liabilities measured with fair value and with the changes included in current profit and loss,
including the trading financial liabilities (including derivative instruments belonging to financial liabilities) and
the financial liabilities measured with fair value and with the changes included in current profit and loss. Such
financial liabilities are subsequently measured at fair value. Change in fair value of financial liability designated
to be measured at fair value through gain and loss due to change in the Company’s own credit risk is included in
other comprehensive income, unless the treatment will cause or expand the accounting mismatch in gain and loss.
Other gains or losses arising from such financial liabilities (including interest expenses, except changes in fair
value caused by changes in the own credit risk) are included in current gain and loss, unless the financial liabilities
are part of the hedging relationship. Upon derecognition, the accumulated gain or loss previously included in other
comprehensive incomes is transferred out from other comprehensive incomes and included in retained earnings.
for derecognition or continue to involve in the financial assets to be transferred
They are measured pursuant to relevant provisions under Accounting Standards for Business Enterprises No.
under 1) above and are loaned at a rate below the market interest rate
They are subsequently measured after initial recognition according to the higher one of the following: ① the
amount of loss reserve determined in accordance with the impairment provisions of financial instruments; ② the
remaining amount after the determined accumulative amortization amount is deducted from the initially
recognized amount in accordance with relevant provisions of the Accounting Standards for Business Enterprises
No.14—Revenue.
They are measured at amortized cost under the effective interest method. Gains or losses arising from
financial liabilities measured at amortized cost and not part of any hedging relationship are included in current
gain and loss when derecognized and amortized under the effective interest method.
(4) Derecognition of financial assets and financial liabilities
①The contractual rights to the cash flows from the financial asset expire;
②The transfer of such financial assets has been completed and is in line with the provisions on derecognition
of a financial asset under the Accounting Standards for Business Enterprises No. 23—Transfer of Financial Assets.
of the financial liabilities (or part thereof) shall be terminated accordingly.
Where the Company transfers almost all risks and returns related to the ownership of the financial assets
transferred, these financial assets will be derecognized, and the rights and obligations that occurred or were
retained during the transfer are separately recognized as assets or liabilities. Where almost all risks and rewards on
the ownership of financial assets are retained, the transferred financial assets shall continue to be recognized.
Where the Company has neither transferred nor retained any risk and reward relating to the ownership of the
financial assets, it shall be disposed of in the following conditions: (1) where the control over the financial asset is
not retained, the recognition of the financial asset shall be terminated, and the rights and obligations arising or
retained in the transfer s hall be separately recognized as assets or liabilities; 2) where the control over the
financial asset is retained, the relevant financial asset shall be recognized according to the degree of continued
involvement in the transferred financial asset, and the relevant liabilities shall be recognized accordingly. When
the overall transfer of financial assets meets the conditions for derecognition, the difference between the following
two amounts shall be included in the current gain and loss: (1) the book value of the transferred financial assets on
the date of derecognition; (2) the sum of the consideration received from the transfer of financial assets and the
amount of the derecognized part in a cumulative amount of change in fair value which is originally included in
other comprehensive income (the financial assets involved in the transfer are debt instrument investments at fair
value through other comprehensive income). A part of financial assets is transferred, and if the transferred part
meets the conditions for derecognition entirely, the book value of the whole financial asset before transfer shall be
allocated between the derecognized part and the continued recognition part according to their relative fair values
on the transfer date, and the difference between the following two amounts shall be included in current gain and
loss: (1) the book value of the derecognized part; (2) the sum of the consideration of the derecognized part and the
amount of the corresponding derecognized part in the accumulated amount of changes in fair value originally
directly included in other comprehensive income (the financial assets involved in the transfer are debt instrument
investments at fair value through other comprehensive income).
When determining the fair value of related financial assets and financial liabilities, the Company adopts the
valuation technique applicable in the prevailing circumstance and supported by sufficient available data and other
information. The Company classifies the input values used by the valuation technique as the following tiers and
uses them in turns:
(1) Tier 1 input value refers to the unadjusted quotations of the same assets or liabilities in an active market
which can be obtained on the measurement date;
(2) Tier 2 input value refers to them directly or indirectly observable input value of relevant assets or
liabilities apart from Tier 1 input value, including: quotations of similar assets or liabilities on an active market;
quotations of identical or similar assets or liabilities in markets that are not active; observable input values other
than quotations, such as interest rates and yield curves that are observable during normal quotation intervals; input
values for market validation, etc.;
(3) Tier 3 input value refers to the unobservable input value of relevant assets or liabilities, including the
volatility of interest rate and stock that cannot be directly observed or cannot be verified by observable market
data, the future cash flows of the disposal obligations assumed in the business combination, financial forecasts
made using its own data, etc.
On the basis of expected credit loss, for financial assets at amortized cost, debt instrument investments at fair
value through other comprehensive income, contract assets, lease receivables, loan commitments classified as
financial liabilities at fair value through gain and loss, financial guarantee contracts that do not belong to financial
liabilities at fair value through gain and loss or financial liabilities formed by the transfer of financial assets that
do not meet the conditions for derecognition or continue to be involved in the transferred financial assets shall be
impair ed and loss reserve shall be recognized.
Expected credit loss refers to the weighted average of credit losses of financial instruments weighted by the
risk of default. Credit loss refers to the difference between all contract cash flow receivables according to the
contract, and all cash flows expected to be collected, that is, the present value of all cash shortages. The financial
assets purchased or generated by the Company that have suffered credit impairment are discounted according to
the credit-adjusted effective interest rate of the financial assets。
For the purchased or originated financial assets with credit impairment, the Company only recognizes the
cumulative change of expected credit loss in the whole existence period after initial recognition as the loss reserve
on the balance sheet date.
For lease receivables, and the receivables and contract assets arising from transactions as stipulated under the
Accounting Standards for Business Enterprises No. 14—Revenue, the Company uses simplified measurement
methods to measure the loss reserve according to the expected credit loss amount equivalent to the whole duration.
For financial assets other than the above measurement methods, the Company assesses whether its credit risk
has increased significantly since initial recognition on each balance sheet date. If the credit risk has increased
significantly since the initial recognition, the Company shall measure the loss reserve according to the amount of
expected credit loss during the whole existence period. If the credit risk has not increased significantly since the
initial recognition, the Company shall measure the loss reserve according to the amount of expected credit loss of
the financial instrument in the next 12 months.
The Company uses available reasonable and based information, including forward-looking information, to
determine whether the credit risk of financial instruments has increased significantly since the initial recognition
by comparing the default risk of financial instruments on the balance sheet date with the default risk on the initial
recognition date.
On the balance sheet date, if the Company judges that the financial instrument only has low credit risk, it is
assumed that the credit risk of the financial instrument has not increased significantly since the initial recognition.
The Company evaluates the expected credit risk and measures the expected credit loss on the basis of a single
financial instrument or combination of financial instruments. When based on the portfolio of financial instruments,
the Company divides the financial instruments into different portfolios according to the common risk
characteristics.
The Company re-measures the expected credit loss on each balance sheet date, and the resulting increase or
reversal of the loss reserve is included in the current gain and loss as impairment loss or profit. For financial assets
at amortized cost, the loss provision is offset against the book value of the financial asset as given in the balance
sheet; For debt investment measured at fair value through other comprehensive income, the loss allowances are
recognized in other comprehensive income by the Company instead of offsetting the book value of the financial
assets.
Financial assets and financial liabilities are listed separately on the balance sheet and cannot offset each other.
However, if the following conditions are met at the same time, the net amount after mutual offset shall be listed in
the balance sheet: (1) the Company has the legal right to set off the recognized amount, and such legal right is
currently enforceable; (2) the Company intends either to settle on a net basis, or to realize the financial assets and
p ay off the financial liabilities simultaneously.
For the transfer of financial assets not in line with the conditions for derecognition, the Company does not
offset the transferred financial assets and liabilities.
The Company presents contract assets or liabilities in the balance sheet based on the relation between
performance obligation and customer payment. The Company will record the net amount of contract assets and
contract liabilities under the same contract after they are set off against each other.
The Company records the right to receive consideration from customers unconditionally (i.e., only depending
on the time lapses) as the receivables, and presents the right to receive consideration when goods have been
transferred to the customers, which depends on other factors other than the time lapses, as contract assets.
risk characteristics
Basis for
Portfolio category determining Method for measuring expected credit loss
portfolios
Banker's acceptance receivables With reference to historical credit loss experience and in
combination with the current situation and the forecast of
Type of notes future economic conditions, the expected credit loss is
Commercial acceptance bill receivables calculated through default risk exposure and the expected
credit loss rate in the whole duration
With reference to historical credit loss experience and in
combination with the current situation and the forecast of
Accounts receivable - aging portfolio Aging future economic conditions, the comparison table between
the aging of accounts receivable and the expected credit
loss rate is compiled to calculate the expected credit loss
Accounts receivable - trade accounts portfolio With reference to historical credit loss experience and in
Nature of account
of overseas subsidiaries combination with the current situation and the forecast of
Related parties future economic conditions, the expected credit loss is
Accounts receivable - Related party dealings calculated through default risk exposure and the expected
within the scope of
portfolio within the scope of consolidation credit loss rate in the whole duration
consolidation [note]
Related parties
Other receivables - Related party dealings
within the scope of
portfolio within the scope of consolidation
consolidation [note]
Other receivables - borrowing margin portfolio
Other receivables - government receivables
portfolio
With reference to historical credit loss experience and in
Other receivables - futures margin portfolio combination with the current situation and the forecast of
future economic conditions, the expected credit loss is
Other receivables - paper goods transaction calculated through default risk exposure and the expected
settlement portfolio Nature of account credit loss rate in the next 12 months or the whole duration.
Other receivables - deposit and margin
receivables portfolio
Other receivables - reserve fund receivables
portfolio
Other receivables - current account portfolio
[Note]: Related parties of the Company and within the scope of consolidated financial statements
Aging Accounts receivable expected credit loss rate (%)
Within 1 year (included, the same below) 5
Above 3 years 100
The age of accounts receivable is calculated from the month in which the payment is actually made.
provided by a single basis
For accounts receivable and contract assets with credit risk significantly different from the portfolio credit
risk, the Company makes provisions for expected credit losses by a single basis.
Inventories include finished products or commodities held for sale in daily activities, products in the process
of production, materials and supplies consumed in the process of production or providing labor services.
Inventories delivered shall be weighted average at the end of each month.
The perpetual inventory system is adopted for inventories.
(1) Low-value consumables
Low-value consumables are amortized using the one-off amortization method.
(2) Packages
Low-value consumables are amortized using the one-off amortization method.
On the balance sheet date, the inventory was measured at the lower of the cost and net realizable value.
Inventory falling price reserves were accrued based on the difference between the cost and the net realizable value.
The net realizable value of inventory directly used for sale will be determined by the amount of the estimated
selling price of the inventory minus the estimated sales expenses and related taxes. For inventories that need to be
processed, the net realizable value shall be determined in the normal production and operation process by
subtracting the estimated selling price of finished products produced from the estimated cost to be incurred when
completion, the estimated sales expenses and relevant taxes and fees. On the balance sheet date, if a part of the
same inventory has a contract price agreement and other parts do not have a contract price, the net realizable value
shall be determined respectively, and the corresponding cost shall be compared to determine the accrual or
reversal amount of inventory depreciation reserve respectively.
Joint control refers to the shared control over a certain arrangement according to the relevant agreement, and
the activities under such arrangement are subject to approval by the parties sharing the control power. Significant
influence refers to that one party has the power to participate in the decision-making of financial and operating
policies of the investee but is unable to control or jointly control these policies with other parties.
(1) For business combination under the same control, where the combining party uses cash payment, transfer
of non-cash assets, assumption of debts or issuing of equity securities as combination consideration, the share of
owner's equity of the combined party acquired in the book value of total owner's equity in consolidated financial
statements of the ultimate controller on the combination date shall be identified as the initial investment cost of
long term equity investment. The difference between the initial investment cost of long-term equity investment
and the book value of the combination consideration paid or the par value of the issued shares is adjusted against
the capital reserve. If the capital reserve is not sufficient for offsetting, the adjustment is made to retained earnings.
For the long-term equity investments formed through business combination under the same control and
implemented through multiple transactions step by step by the Company, it is a must to judge whether they are
“package deals”. If they are package deals, each deal is regarded as a deal to obtain control right for accounting
treatment. If it is not a package deal, on the date of combination, the share of the book value of net assets of the
combined party that should be enjoyed after combination in the consolidated financial statements of the ultimate
controller, is recognized as an initial investment cost. The difference between the initial investment cost of long-
term equity investment on the date of combination and the sum of the book value of long-term equity investment
before the combi nation is realized and the book value of consideration additionally paid to further acquire shares
on the date of combination is adjusted against the capital reserve. If the capital reserve is not sufficient for
offsetting, the adjustment is made to retained earnings.
(2) As for business combinations not under the same control, the fair value of the combination consideration
paid on the combination date is recorded as the initial investment cost of long-term equity investment.
For the long-term equity investments formed through business combination not under the same control and
implemented through multiple transactions step by step by the Company, the accounting treatment is different in
unconsolidated financial statements and consolidated financial statements:
using the cost method is measured at the sum of the book value of equity investment originally held and
investment cost additionally paid.
package deals, each deal is regarded as a deal to obtain control right for accounting treatment. Suppose these
transactions are not “package deals”, the equities of the acquiree held before the purchase date shall be re-
measured at fair value at the purchase date. The difference between the fair value and its book value shall be
recognized as current investment income. In case the equity of the acquiree held before the purchase date involves
other comprehensive income under the equity method, relevant other comprehensive income shall be transferred
to the current return on the purchase date, except for other comprehensive income resulting from the re-
measurement of the investee's net defined benefit plan liabilities or changes in net assets.
(3) Except for the formation of business combination: As for those obtained by cash payment, the actually
paid purchase price is taken as the initial investment cost; the long-term equity investment formed by issuing
equity securities, the fair value of issuing equity securities is taken as the initial investment costs. If acquired
through debt restructuring, its initial investment cost shall be determined in accordance with the Accounting
Standards for Business Enterprises No. 12—Debt Restructuring; in the case of non-monetary asset exchange, the
initial investment cost shall be determined in accordance with the Accounting Standards for Business Enterprises
No. 7—Exchange of Non-monetary Assets.
The long-term equity investment in the invested entity under its control will be accounted for through the
cost method; long-term equity investment in associated enterprises and joint ventures is accounted for under the
equity method.
losing
(1) Judgment principle for whether a “package deal” or not
If the equity investment in the subsidiary is disposed of step by step through multiple transactions until it
loses control, the Company will judge whether the step-by-step transaction is a “package deal” by combining the
terms of the transaction agreement, the disposal consideration obtained separately, the object of equity sale, the
disposal method and the disposal time in each step of the step-by-step transactions. The terms, conditions and
economic impact of each transaction meet one or more of the following conditions, which usually indicates that
multiple transactions are “package deals”:
other transactions.
(2) Accounting treatment for non-“package deals”
For disposal of equity, the difference between book value and the actual price of the acquisition shall be
recorded into current gain and loss. For the remaining equity, if the investor still has significant influence over the
investee or imposes joint control with other parties, it is accounted for by the equity method; In case of failure to
control, jointly control or significantly influence the investee, it shall be calculated in accordance with the
provisions of the Accounting Standards for Business Enterprises No. 22—Recognition and Measurement of
Financial Instruments.
Before losing control, the capital reserves (capital premium) are adjusted at the difference between the
disposal cost and the share in net assets of subsidiaries calculated continuously from the acquisition date or
combination date corresponding to the disposal of long-term equity investment; if the capital premium is not
sufficient to be offset, retained earnings are offset.
When losing control over a former subsidiary, the remaining equity is re-measured at the fair value on the
date of control loss. The balance of the sum of the consideration received through the disposal of equity and the
fair value of the remaining equity after deducting the entitled share of net assets continuously calculated at the
original shareholding ratio from the purchase date or the date of combination in the subsidiary is recognized in the
investment income for the period during which the control is lost, and is written off against goodwill. Other
comprehensive income related to equity investment in the former subsidiary is transferred into return on
investment for the period during which the control is lost.
(3) Accounting treatment for “package deals”
Each deal is considered as a deal for the disposal of the subsidiary and losing control of accounting treatment.
However, the difference between the disposal cost of each deal before losing the control and the book value of
long-term equity investment corresponding to the disposal investment is recognized as other comprehensive
income in individual financial statements, and when the control is lost, transferred together into gain and loss for
the period during which the control is lost.
Each deal is considered as a deal for the disposal of the subsidiary and losing control of accounting treatment.
However, the difference between the disposal cost of each deal before losing the control and the entitled share of
net assets of the subsidiary corresponding to the disposal investment is recognized as other comprehensive income
in consolidated financial statements, and when the control is lost, transferred together into gain and loss for the
period during which the control is lost.
Measurement model of investment properties
Measurement by the cost method
Depreciation or amortization methods
appreciation, and leased buildings.
depreciation or amortization conducted by the same methods for fixed assets and intangible assets.
(1) Recognition conditions
Fixed assets refer to tangible assets held for production, service, lease or operation with a service life of more
than one accounting year. Fixed assets can be recognized only when related economic benefits are very likely to
flow into the Company, and their costs can be measured reliably.
(2) Depreciation method
Depreciable Residual value Annual depreciation
Category Depreciation method
life (years) rate (%) rate (%)
Housing and buildings Straight-line depreciation method 5-30 5 or 10 19.00-3.00
Machinery and
Straight-line depreciation method 10-15 5 or 10 9.50-6.00
equipment
Transportation facilities Straight-line depreciation method 4-5 5 or 10 23.75-18.00
Other equipment Straight-line depreciation method 3-10 5 or 10 31.67-9.00
flow into the Company, and its costs can be measured reliably. Construction in progress is measured at the actual
cost incurred before such asset is ready for the intended use.
ready for its intended use. As for construction in progress which is ready for the intended use but has not gone
through the formalities of final accounts of completion, it shall be transferred into fixed assets at the estimated
value. Upon the final accounts of completion, the previous tentatively estimated value other than accrued
depreciation shall be adjusted based on actual costs.
Category Standards and timing for carrying forward construction in progress to fixed assets
The main project and supporting projects have been substantially completed and the engineering has met the
Housing and
predetermined design requirements, and has been accepted by the survey, design, construction, supervision and
buildings
other units.
Machinery and
After installation and commissioning, it meets the design requirements or the standards specified in the contract.
equipment
Where the borrowing costs incurred to the Company can be directly attributable to the acquisition and
construction or production of a qualifying asset for capitalization, it shall be capitalized and recognized as costs of
relevant assets; Other borrowing costs shall be recognized as an expense when they are incurred and included in
current gain and loss.
(1) Capitalization begins when the borrowing cost meets the following conditions: 1) asset expenditure has
been incurred; 2) the borrowing costs have been incurred; 3) the acquisition, construction or production activities
necessary to bring the asset to its intended use or sales have been initiated.
(2) Where the acquisition and construction or production process of assets eligible for capitalization are
interrupted abnormally and the interruption period lasts for more than 3 months, the capitalization of the
borrowing costs shall be suspended. The borrowing costs incurred during such period shall be recognized as
expenses of the current period until the asset’s acquisition and construction or production activity restarts.
(3) Capitalization of borrowing costs should be stopped when assets eligible for capitalization are purchased,
built or produced to the intended usable or saleable state.
In case of special borrowing for the acquisition & construction or production of assets eligible for
capitalization conditions, interest income to be capitalized shall be recognized after deducting the bank interests
for the unused portion or the investment income for short-term investment from the interest costs (including
recognized depreciation or amortization of premium under effective interest method) actually occurred in the
current period of specific borrowing. Where a general borrowing is used for the acquisition, construction, or
production of assets eligible for capitalization, it shall determine the capitalization amount of interests on the
general borrowing by multiplying the weighted average asset expenses of the part of the accumulative asset
expenses minus the special borrowings by the capitalization rate of the general borrowings used.
(1) Service life and its determination basis, estimation, amortization method or review procedure
management software, and so on, which are initially measured according to cost.
based on the expected realization method of economic benefits related to it within its service life; where the
expected realization method cannot be confirmed reliably, the straight-line method shall be adopted. Details are as
follows:
Item Service life and its determination basis Amortization method
Land-use right 15-50 years, registration period of land use right certificate Straight-line method
Know-how 6-10 years, expected income period Straight-line method
Management software 5-10 years, expected income period Straight-line method
Pollution dumping right 5-20 years, registration period of the certificate Straight-line method
Sea area use right 1-50 years, registration period of the certificate Straight-line method
(2) Collection scope of R&D expenditure and related accounting treatment methods
(1) Personnel labor expenses
Personnel labor expenses include the Company’s R&D personnel’s wages and salaries, basic pension
insurance premiums, basic medical insurance premiums, unemployment insurance premiums, work-related injury
insurance premiums, maternity insurance premiums and housing provident fund, as well as the labor costs of
external R&D personnel.
If R&D personnel serve on multiple R&D projects at the same time, the labor expenses shall be identified
based on the working time records of the R&D personnel for each R&D project provided by the Company’s
management department and allocated proportionally among the different R&D projects.
For personnel directly engaged in R&D activities and external R&D personnel who are also engaged in non-
R&D activities, the Company will allocate the actual labor expenses incurred in different positions between R&D
expenses and production and operating expenses based on reasonable methods such as the proportion of actual
working hours.
(2) Direct investment expenses
Direct investment expenses refer to the actual expenses incurred by the Company in implementing R&D
activities. Including: 1) directly consumed materials, fuel and power costs; 2) R&D and manufacturing costs of
molds and process equipment used for intermediate tests and product trials, purchase costs of samples, prototypes
and general testing means that do not constitute fixed assets, and inspection costs of trial products; 3) operating
maintenance, adjustment, inspection, testing, and repair of instruments and equipment used in R&D activities.
(3) Depreciation expenses and long-term deferred expenses
Depreciation expenses refer to the depreciation of instruments, equipment and buildings used for R&D
activities.
For instruments, equipment and buildings in use that are used for R&D activities and are also used for non-
R&D activities, necessary records shall be made on the use of such instruments, equipment and buildings, and the
actual depreciation incurred shall be allocated between R&D expenses and production and operating expenses
using a reasonable method based on factors such as actual working hours and area used.
Long-term deferred expenses refer to the long-term deferred expenses incurred during the renovation,
retrofitting, decoration, and repair of R&D facilities, which are aggregated based on actual expenditures and
amortized evenly over the specified period.
(4) Intangible assets amortization expenses
Intangible assets amortization expenses refer to the amortization expenses of software, intellectual property,
non-patented technologies (proprietary technologies, licenses, designs and calculation methods, etc.) used in R&D
activities.
(5) Design expenses
Design expenses refer to the expenses incurred in the conception, development and manufacture of new
products and new processes, the design of processes, technical specifications, procedures, and operating
characteristics, including related costs incurred in creative design activities to obtain innovative, creative, and
breakthrough products
(6) Equipment debugging and testing expenses
Equipment debugging and testing expenses refer to the expenses incurred in R&D activities during tooling
preparation, including the costs incurred in developing special and dedicated production machines, changing
product ion and quality control procedures, or formulating new methods and standards.
Expenses incurred for routine tooling preparation and industrial engineering for large-scale batch and
commercial production are not included in the collection scope.
(7) Commissioned external R&D expenses
Commissioned external R&D expenses refer to the expenses incurred when the Company entrusts other
domestic or foreign institutions or individuals to carry out R&D activities (the results of the R&D activities are
owned by the Company and are closely related to the Company's main business operations).
(8) Other expenses
Other expenses refer to other expenses directly related to R&D activities, including technical book and
material fees, material translation fees, expert consultation fees, high-tech R&D insurance premiums, retrieval,
demonstration, review, appraisal, and acceptance fees of R&D results, application fees, registration fees, agency
fees for intellectual property rights, conference fees, travel expenses, communication expenses, etc.
The expenses for the internal R&D projects at the research stage are accounted into the current profits and
losses in occurrence. The expenses for the internal R&D projects at the development stage can be recognized as
intangible assets only when meeting the following conditions: (1) Technically feasible to complete the intangible
assets, so that they can be used or sold; (2) With the intention to complete, use or sell the intangible assets; (3)
Ways of intangible assets to generate economic benefits, including those can prove that the products generated by
the intangible assets can be sold or the intangible assets themselves can be sold and prove that the intangible
assets to be used internally are useful; (4) With the support of adequate technical and financial and other resources
to complete the development of the intangible assets and with the ability to use or sell the intangible assets; (5)
The expenses attributable to the development stage of the intangible assets can be measured reliably.
Long-term assets such as long-term equity investment, investment properties measured by the cost model,
fixed assets, construction in progress, right-of-use assets and intangible assets with limited service lives shall be
evaluated for their recoverable amount in case of any sign of impairment at the balance sheet date. For goodwill
formed by business combination and intangible assets with uncertain service life, an impairment test should be
carried out every year regardless of whether there is a sign of impairment. Goodwill impairment testing must be
done in combination with the asset group or asset group portfolio to which it is linked.
Where the recoverable amount of asset is lower than its book value, the Company shall recognize the
provision for asset impairment based on the difference and recognize such loss into the current gains and losses.
Long-term deferred expenses refer to all expenses that have been paid and have an amortization period of
more than one year (excluding one year). Long-term deferred expenses are recorded at the actual incurred amount
and amortized on an average basis by stages over the beneficial period or prescribed period. In case that long-term
deferred expense items cannot benefit the future accounting periods, the amortized value of such unamortized
items shall be fully transferred into the current gain and loss.
The Company presents contract assets or liabilities in the balance sheet based on the relation between
performance obligation and customer payment. The Company will record the net amount of contract assets and
contract liabilities under the same contract after they are set off against each other.
The Company presents the obligation to transfer goods to the customer for considerations received or
receivable from the customer as a contract liability.
Employee remuneration includes short-term remuneration, post-employment, dismissal benefits, and other
long-term employee benefits.
(1) Accounting treatment method for short-term remuneration
The actual short-term remuneration in the accounting period when employees offer services for the Company
will be recognized as liabilities and included in current gain and loss or relevant asset cost.
(2) Accounting treatment method of post-employment benefits
Post-employment benefits are divided into defined contribution plans and defined benefit plans.
(1) Recognize the amount payable calculated according to the defined contribution plan in the accounting
period when the employees provide services for the Company as the liabilities and include in current profits and
losses or related asset costs.
(2) The accounting treatment for a defined benefit plan generally includes the following steps:
using unbiased and consistent actuarial assumptions, the obligations arising from the defined benefit plan are
measured, and the period for the relevant obligation is determined. In the meantime, the obligations arising from
the defined benefit plan are discounted to determine the present value and current cost of service of the defined
benefit plan.
of obligations in the defined benefit plan minus the fair value of assets shall be recognized as net liabilities or net
assets of the defined benefit plan. Where the defined benefit plan has any surplus, the Company will measure the
net assets of the defined benefit plan based on the surplus or asset limit of the defined benefit plan (whichever is
the lower);
service, the net interest of net liabilities or net assets of the defined benefit plan and changes arising from the re-
measurement of net liabilities or net assets of the defined benefit plan, in which the cost of service and net interest
of net li abilities or net assets of the defined benefit plan are recorded in the current gain and loss or relevant asset
cost, changes arising from the re-measurement of net liabilities or net assets of the defined benefit plan are
recorded in other comprehensive incomes and is not allowed to be carried back to gains or losses during the
subsequent accounting period, but the amounts recognized in other comprehensive incomes can be transferred
within the equity scope.
(3) Accounting treatment method for dismissal benefits
Where dismissal benefits are provided to employees, liabilities in employee remuneration are recognized and
included in the current gain and loss when: (1) the Company is not in a position to unilaterally withdraw dismissal
benefits provided under termination plans or layoff proposals; (2) when the Company recognizes the costs or
expenses related to restructuring involving the payment of dismissal benefits.
(4) Accounting treatment method for other long-term employee benefits
Where the Company provides other long-term employee benefits for its employees and the employee reaches
the conditions of the defined benefit plan, accounting treatment shall be adopted based on relevant provisions of
the defined benefit plan. For long-term employee benefits other than the aforesaid ones, the accounting treatment
should be conducted in accordance with relevant provisions of the defined benefit plan. In order to simplify
relevant accounting treatments, the employee remuneration cost resulting from other long-term employee benefits
shall be recognized as cost of service, the total net amount of component items, including net interest of net
liabilities or net asset of other long-term employee benefits, as well as changes arising from re-measurement of net
liabilities or net asset of other long-term employee benefits and so on, is recorded in current gain and loss or
relevant asset cost.
quality assurance, and loss-making contracts become current obligations of the company, the performance of such
obligations is likely to result in the outflow of economic benefits from the company, and the amount of such
obligations can be measured reliably, the Company shall recognize such obligations as estimated liabilities.
required to fulfill relevant current obligations and reviews the book value of the estimated liabilities on the
balance sheet date.
Disclosure of accounting policies adopted for revenue recognition and measurement according to business types
The Company assesses the contract from the commencement date of the contract and recognizes each
individual performance obligation included by the contract, and determines whether each individual performance
obligation will be fulfilled during a certain period or at a certain time point.
It will constitute performance of the obligation in a certain period of time if any of the following conditions
are met; otherwise it will constitute performance of obligation at a certain time point: (1) the customer obtains and
consumes economic benefits arising from contract performance by the Company; (2) the customer can control
goods in progress during the process of contract performance by the Company; (3) goods arising from contract
performance by the Company have irreplaceable purposes, and the Company is entitled to receive payment for
accumulatively completed performance proportion to date throughout the contract term.
If the performance obligations are performed within the specified period, the Company will recognize the
income within this period in accordance with the progress of the contract’s performance. If the performance
progress cannot be determined reasonably and the costs incurred are expected to be compensated, the income will
be recognized according to the costs incurred until the performance progress is determined reasonably. If the
performance obligations are performed at a time point, the Company will recognize the income at the time when
the customer obtains control power over goods or services. When judging whether the customer has already
obtained the right of control over goods, the Company shall consider the following items: (1) the Company has
the right to receive payment currently; namely, the customer assumes the obligation of making payment currently
in regards to the goods; 2) the Company has already transferred the legal ownership of the goods to the customer;
namely, the customer has already obtained the legal ownership of such goods; 3) the Company has already
transferred the material object of the goods to the customer, namely the customer has already obtained such goods
in the material object; 4) the Company has already transferred the significant risk and consideration of the
property in the goods to the customer, namely, the customer has already obtained the significant risk and
consideration of the property in the goods; (5) the customer has accepted such goods; (6) other signs that indicate
the customer has already obtained the control over goods.
(1) The income shall be measured by the Company according to the transaction price apportioned to each
single performance obligation. Transaction price refers to the amount of consideration the Company expects to
receive for the transfer of goods or services to the customer, but it does not include payments received on behalf
of the third party or funds to be returned to the customer.
(2) In case of variable consideration in contract, the Company will determine the best estimate of variable
consideration in line with the expected or most possible amount, but the transaction price that contains variable
consideration will not exceed the amount of accumulated recognized income that is least likely to be reversed
when relevant uncertainties are removed.
(3) If there is significant financing in the contract, the Company shall determine the transaction price
according to the amount payable in cash when the client obtains control of the goods or services. The difference
between the transaction price and contract consideration is amortized by the effective interest method during the
term of the contract. On the contract commencement date, if the Company estimates that the time between the
customer’s acquisition of control over goods or services and the payment of the price by the customer will not
exceed one year, the significant financing in the contract shall not be considered.
(4) If there are two or more performance obligations in the contract, at the beginning of the contract, the
Company shall allocate the transaction price to each separate performance obligation according to the relative
proportion of the stand-alone selling price of the goods promised by each performance obligation.
The Company mainly sells oil refining products, chemical products, PTA, polyester chip, polyester yarn and
film, and so forth, fulfilling its performance obligation at a certain time point. Proceeds from domestic sales are
recognized when the Company has delivered the products to the buyer, the amount of product sales revenue has
been determined, the payment for goods has been recovered, or the collection voucher has been obtained, and the
relevant economic benefits are likely to flow in. Proceeds from overseas market sales are recognized when the
Company has declared the products at the customs and obtained the bill of lading according to the contract, the
amount of product sales revenue has been determined, the payment for goods has been recovered, or the collection
voucher has been obtained, and the relevant economic benefits are likely to flow in.
Where the incremental cost incurred by the Company to acquire the contract is expected to be recovered, it is
recognized in the form of contract acquisition cost as an asset. The contract acquisition cost for which the
amortization period does not exceed one year shall be directly included in the current gain and loss as incurred.
The costs incurred by the Company for performing the contract, if not within the applicability scope of relevant
standards relating to inventories, fixed assets or intangible assets, can be recognized as an asset within the contract
performance cost if the following conditions are met:
rial/manufacture cost (or similar costs), cost to be undertaken by the customer and other costs incurred under the
contract;
Assets related to contract cost are amortized on the same basis as recognition of revenue of goods or services
related to the asset and recognized in current gain and loss.
If the book value of assets relating to contract cost is higher than the remaining consideration expected to be
obtained due to the transfer of goods or services relating to the assets minus the estimated cost to be incurred, the
Company accrues impairment reserves for the excess portion and recognizes it as an asset impairment loss. If the
factors causing the impairment of the prior period change and make the remaining consideration expected to be
obtained due to the transfer of goods or services relating to the assets minus the estimated cost to be incurred
higher than the book value of the asset, the withdrew asset impairment provision shall be reversed and recorded in
the current gains or losses, but the book value of the asset after reversion shall not exceed the book value of the
asset at the reversion date under the condition of not withdrawing the impairment provision.
to meet the conditions attached to the government grants; (2) the Company can receive government grants. In the
case of a monetary asset, the government grants shall be measured according to the amount received or accrued.
In the case of a non-monetary asset, the government grants shall be measured at fair value; where the fair value
cannot be reliably obtained, it shall be measured in accordance with the nominal amount.
Government grants that are required by government documents to be used for the acquisition or other
formation of long-term assets are classified as asset-related government grants. If the government documents are
not clear, judgment shall be made on the basis of the basic conditions that must be met to obtain the grants, and
those that are based on the acquisition, construction or other formation of long-term assets are treated as asset-
related government grants. Government grants relating to the assets are either written off against the book value of
the relevant assets or recognized as deferred income. The government grants recognized as deferred income shall
be recorded in the gain and loss on a reasonable and systematic basis over the service life of relevant assets. The
government grants measured according to notional amount shall be directly included in current gain and loss. If
the relevant asset has been sold, transferred, retired or damaged before the end of the service life, the balance of
the relevant deferred income that has not been allocated will be transferred into the current gain and loss of asset
disposal.
Government grants other than those related to assets will be classified into income-related government grants.
For government grants that include both the asset-related and the income-related components, it is difficult to
distinguish between government grants that are asset-related or income-related and such grants are generally
classified as asset-related. Income-related government grants of the Company are used for compensation for
relevant costs & expenses or losses in subsequent periods, which are recognized as deferred income, and recorded
in current gain and loss or offset against relevant costs in the period of recognition of relevant costs, expenses or
losses. Government grants for compensation for incurred relevant costs and expenses or losses are directly
included in current gain and loss or offset against relevant costs.
incomes or written down related costs and expenses according to the economic and business nature. Government
grants not related to the daily activities of the Company are recorded in non-operating incomes and expenses.
(1) Where the Treasury disburses the discount interest funds to the lending bank, and the lending bank
provides loans to the Company at preferential policy interest rates, the Company shall use the actual amount of
loans received as the entry value and calculate the borrowing costs based on the principal and the preferential
policy interest rate.
(2) If the Treasury allocates the discount interest funds directly to the Company, the discount interest will be
used to offset the borrowing costs.
between the tax base and the book value if the tax base of items not recognized as assets or liabilities can be
determined based on tax laws), the deferred income tax assets or deferred income tax liabilities shall be calculated
and recognized based on the applicable tax rate during the expected asset recovery or liability settlement period.
temporary deductible difference. On the balance sheet date, if there is concrete evidence indicating that it is likely
to obtain enough taxable income in the future to offset temporary deductible difference, the deferred income tax
assets that were not recognized in previous accounting periods should be recognized.
is unlikely to obtain enough taxable income to offset gains generated from the deferred income tax assets, then it
is necessary to write down the book value of deferred income tax assets. If it is likely to obtain enough taxable
income, the deducted amount shall be recovered.
or income in the current gains or losses, excluding income taxes arising from: (1) business combination; (2)
transactions or events recognized directly in owner's equity.
deferred income tax liabilities as net amount after offset: (1) When the Company has the legal right to settle the
income tax assets and income tax liabilities of the Company in the current period with net amount; and (2) the
deferred income tax assets and deferred income tax liabilities are related to the income tax levied by the same tax
collection and management department from the same subject of tax payment or from different subjects of tax
payment but the subject of tax payment involved intends to settle the current income tax assets and current income
tax liabilities with the net amount or obtain the assets and liquidate the liabilities simultaneously in each future
important period when the deferred income tax assets and deferred income tax liabilities are written back.
(1) Accounting treatment method of lease as the lessee
On the commencement date of the lease term, the Company, as the lessee, recognizes the lease with a lease
term of no more than 12 months and without the purchase option as a short-term lease; and recognizes the lease
with lower value when a single leased asset is brand new as a low-value asset lease. In case of a sublease or
expected sublease of lease asset, the original lease will not be deemed as a low-value asset lease.
For all short-term leases and low-value asset leases, the Company will recognize the lease payment in the
relevant asset cost or current gain and loss under the straight-line method during each period of the lease term.
In addition to the above short-term leases and low-value asset leases under simplified treatment, the
Company recognizes the right-of-use assets and lease liabilities for the lease on the commencement date of the
lease term.
(1) Right-of-use assets
The right-of-use assets shall be initially measured at cost. The cost includes: 1) the initial measurement
amount of the lease liability; 2. the amount of lease payment made on or before the commencement date of lease
term, net of the relevant amount of used lease incentives (if any); 3. the initial direct expenses incurred by the
lessee; 4) expected cost to be incurred by the lessee for the purpose of disassembly and removal of lease assets,
restoration of the site where leased assets are located or restoration of leased assets to the status as agreed in lease
terms.
The Company will use the straight-line method to calculate the depreciation of the right-of-use assets. Where
it is reasonably certain that the ownership of the leased assets can be obtained at the expiry of the lease term, the
leased assets shall be depreciated by the Company over its remaining service life. Where it is not reasonably
certain that the ownership of the leased assets can be obtained at the time the term of the lease expires, the
Company shall accrue the depreciation within the shorter of the lease period and the remaining service life of the
leased assets.
(2) Lease liabilities
On the commencement date of the lease, the Company recognizes the present value of outstanding lease
payments as lease liabilities. In calculating the present value of the lease payments, the Company adopts the
interest rate embedded in the lease as the discount rate. If the Company is unable to determine the interest rate
embedded in the lease, it will adopt the incremental borrowing rate as the discount rate. The difference between
the lease payment and its present value is treated as unrecognized financing expenses, on which the interest
expenses are recognized at the discount rate of the present value of the lease payment during each period of the
lease term and included in the current gain and loss. The variable lease payments not included in the measurement
of lease liabilities shall be included in current gain and loss when actually incurred.
After the inception of the lease, the Company measures lease liabilities again according to the present value
of the lease payments after the change, and adjusts the book value of the right-of-use asset accordingly in case of
changes in the actual fixed payment amount, the expected payable amount of the guarantee residual value, the
index or ratio used to determine the lease payment amount, the purchase option, and evaluation result or the actual
exercise situation of the lease renewal option or the termination option. Where the book value of the right-of-use
asset has been reduced to zero, but a further reduction is required for the lease liabilities, the remaining amount
shall be included in the current gain and loss.
According to the Accounting Standards for Business Enterprises No.14-Revenue, the Company evaluates and
determines whether the asset transfer in the after-sale leaseback transaction belongs to sales.
If the asset transfer in the after-sale leaseback transaction belongs to sales, the Company will measure the
right-of-use assets formed by after-sale leaseback according to the part of the book value of the original assets
related to the right-of-use obtained by leaseback, and only recognize the relevant gains or losses for the right
transferred to the lessor.
If the asset transfer in the after-sale leaseback transaction does not belong to sales, the Company will
continue to recognize the transferred assets, and at the same time recognize a financial liability equal to the
transferred income, and conduct accounting treatment for the financial liability according to the Accounting
Standards for Business Enterprises No.22-Recognition and Measurement of Financial Instruments.
(2) Accounting treatment method of lease as the lessor
At the inception of the lease, a lease that transfers in substance almost all risks and rewards related to the
ownership of leased assets is classified as a financing lease by the Company as the as lessor. Except for the
financing lease, others are treated as the operating lease.
(1) Operating lease
During each period of the lease term, the Company recognizes the lease receipts as rental income under the
straight-line method, and the initial direct costs incurred are capitalized and amortized on the same basis as the
recognition of rental income, which is included in the current gain and loss by installment. Variable lease
payments the Company acquired in connection with operating leases that are not included in the lease receipts are
recognized in the current gain and loss when actually incurred.
(2) Financing lease
At the inception of the lease, the Company recognizes the financing lease receivables based on the net lease
investment (the sum of the unsecured residual value and the present value of the lease collection not received on
the first date of the lease term and discounted at the interest rate implicit in the lease), and derecognizes the
financing lease assets. During each period of the lease term, the Company calculates and recognizes the interest
income at the interest rate implicit in the lease.
The variable lease payments obtained by the Company that are not included in the measurement of the net lea
se investment are included in the current gain and loss when actually incurred.
According to the Accounting Standards for Business Enterprises No.14-Revenue, the Company evaluates and
determines whether the asset transfer in the after-sale leaseback transaction belongs to sales.
If the asset transfer in the after-sale leaseback transaction belongs to sales, the Company will carry out
accounting treatment on the asset purchase according to other applicable accounting standards for business
enterprises, and carry out accounting treatment on the asset lease according to the Accounting Standards for
Business Enterprises No.21-Lease.
If the asset transfer in the after-sale leaseback transaction does not belong to sales, the Company will not
recognize the transferred assets, but recognize the financial assets equal to the transferred income, and conduct
accounting treatment for the financial assets according to the Accounting Standards for Business Enterprises
No.22-Recognition and Measurement of Financial Instruments.
Accounting treatment methods related to repurchasing company’s shares
If the Company’s shares are purchased for reasons such as reducing the registered capital or rewarding
employees, they shall be treated as treasury stock according to the actual amount paid and registered for future
reference. If the repurchased shares are cancelled, the capital reserve will be offset by the difference between the
total par value of the shares calculated according to the cancelled par value and the number of cancelled shares
and the actual amount paid for the repurchase, and the retained earnings will be offset if the capital reserve is
insufficient; If the repurchased shares are awarded to the employees of the Company as equity-settled shares,
when the employees exercise the right to purchase the shares of the Company and pay the price, the cost of the
treasury stocks delivered to the employees and the accumulated amount of capital reserve (other capital reserve)
during the waiting period will be resold, and the capital reserve (equity premium) will be adjusted according to the
difference.
(1) Significant accounting policy changes
□Applicable Not applicable
(2) Changes in significant accounting estimate
□Applicable Not applicable
(3) The first implementation of the new accounting standards since 2025, and the first implementation of items related to
the financial statements at the beginning of that year
□Applicable Not applicable
(1) Work safety cost
The work safety costs withdrawn by the Company in accordance with the Administrative Measures for the
Collection and Utilization of Enterprise Work Safety Funds (CZ [2022] No. 136) promulgated by the Ministry of
Finance and the Ministry of Emergency Management were charged to the costs of relevant products or current
profits or losses and also to the “special reserve”. In the case of using the withdrawn safety production costs, if
they belong to cost expenditure, they shall directly offset the special reserves. Where a fixed asset is formed, the
expenditures incurred shall be collected under the item “Construction in Progress” and shall be recognized as a
fixed asset when the completed security project reaches the intended usable state. Moreover, the special reserves
shall be written down upon the cost of the formed fixed assets, and the accumulated depreciation of the same
amount shall be confirmed, and such fixed assets will not be depreciated in any following period.
(2) Segment report
The Company determines the operating segment on the basis of its internal organizational structure,
management requirements, internal reporting system and so on. Operating segments refer to components within
the Company satisfying all the following conditions:
to allocate resources to them and evaluate their performance;
and cash flow.
VI. Taxes
Tax category Basis of taxation Tax rate
The value-added tax received is calculated on the basis of sales of
goods and taxable service income calculated according to the tax 13%、9%、
Value-added tax
law. After deducting the VAT paid allowed for the current period, 6%[Note1]
the difference is VAT payable.
Consumption tax Taxable sales (volume) [Note 2]
Urban maintenance and construction tax Actual payment of turnover tax 7%、5%
Enterprise income tax Taxable income [Note 3]
The remaining value after deducting 30% from the original value of
Property tax the property in one go for ad valorem collection; the rental income 1.2%、12%
for rent based collection.
Education surcharge Actual payment of turnover tax 3%
Local education surcharge Actual payment of turnover tax 2%
[Note 1] VAT is calculated and paid at the tax rate of 13% for goods sold. Rental income and sales of liquefied petroleum gas
and steam shall be subject to VAT at the rate of 9%. Warehousing services and other businesses and interest income shall be subject
to VAT at the rate of 6%. The policy of “tax exemption, credit and refund” is implemented for export goods, and the export tax
rebate rate is 13%.
[Note 2] Sales of fuel oil, diesel and aviation kerosene are subject to consumption tax at RMB 1.2/liter. Sales of gasoline and
naphtha are subject to consumption tax at RMB 1.52/liter.
[Note 3] Explanation for enterprise income tax rate of taxpayers at different tax rates.
Name of taxpayer Income tax rate
Subsidiaries: Zhejiang Shengyuan Chemical Fiber Co., Ltd., Ningbo Zhongjin Petrochemical
Co., Lt d., Yisheng Dahua Petrochemical Co., Ltd., Zhejiang Petroleum & Chemical Co., 15%
Ltd., Zhejiang Yongsheng Technology Co., Ltd.
Subsidiaries: Hong Kong Sheng Hui Co., Ltd., Hong Kong Yisheng Dahua Petrochemical The tax shall be calculated and
Co., Ltd., Yisheng New Materials Trading Co., Ltd., Rongsheng Petrochemical (Hong Kong) paid according to the relevant tax
Co., Ltd.， Rong sheng Petrochemical (Singapore) Pte. Ltd., Rongtong Logistics rates of the country and region
(Singapore) Pte. Ltd., and Zhejiang Petroleum & Chemical (Singapore) Pte. Ltd. where the business is located.
Subsidiaries: Rongxiang Chemical Fiber Co., Ltd., Rongsheng International Trade (Hainan)
Co., Ltd., Dalian Zhejiang Yisheng New Materials Co., Ltd. and Zhejiang Rongyi Trading 20%
Co., Ltd., Zhejiang Rongyi Chemical Fiber Co., Ltd.
Other taxpayers other than the above 25%
Naphtha and Fuel Oil by the Ministry of Finance, People's Bank of China and State Taxation Administration (No.
Ethylene Aromatic Chemical Products from Naphtha and Fuel Oil by the Ministry of Finance, People’s Bank of
China, General Administration of Customs and State Taxation Administration (No. 2 [2013] of the Ministry of
Finance), the Interim Measures for the Refund (Exemption) of Consumption Tax for Naphtha and Fuel Oil Used
in the Production of Ethylene and Aromatic Chemical Products by the State Taxation Administration
(Announcement of the State Administration of Taxation No. 36 of 2012) and the Announcement on the Refund of
Consumption Tax for Ethylene and Aromatic Chemical Products from Naphtha and Fuel Oil by the State
Administration of Taxation and General Administration of Customs (Announcement No. 29 of 2013 of the State
Administration of Taxation and the General Administration of Customs), for enterprises that use naphtha and fuel
oil to produce ethylene and aromatics, the consumption tax contained in the naphtha and fuel oil purchased and
used for the production of ethylene and aromatic chemical products shall be refunded based on the actual quantity
consumed；in the case that the production enterprise implementing the fixed-point direct supply plan and selling
naphtha and fuel oil within the planned quantity limit, with a Chinese anti-counterfeiting special VAT invoice
with “DDZG” logo, it shall be exempted from consumption tax. The subsidiary Ningbo Zhongjin Co., Ltd. is
qualified for the tax refund, and the preferential policy of refunding consumption tax paid in the procurement
stage is applicable. Ningbo Zhongjin Petrochemical Co., Ltd. and Zhejiang Petroleum & Chemical Co., Ltd.
implementing the fixed-point direct supply plan meet the above conditions, and the preferential policy of
exemption from consumption tax on the sales stage is applicable.
According to the requirements of the Notice on Continuing the Increase of Refined Oil Consumption Tax by
the Ministry of Finance and State Administration of Taxation (No. 11 [2015] of the Ministry of Finance), the unit
consumption tax of diesel, aviation kerosene and fuel oil increase from RMB 1.1/L to RMB 1.2/L, and suspension
of consumption tax continues to apply in aviation kerosene. The subsidiary Zhejiang Petroleum & Chemical Co.,
Ltd. enjoys the preferential policy of suspension of consumption tax for selling aviation kerosene.
the State Administration of Taxation and the General Administration of Customs (Announcement No.39 of 2019
of the General Administration of Taxation of the Ministry of Finance) and the Announcement on Further
Strengthening the Implementation of the Tax Refund Policy for Value-added Tax at the End of the Period of the
Ministry of Finance and the State Administration of Taxation (Announcement No.14 of 2022 of the Ministry of
Finance and the State Administration of Taxation), the tax refund system for value-added tax at the end of the
period was tried out on April 1, 2019. The Company and some subsidiaries meet the relevant conditions for the
tax credit refund, and the total amount of tax credit refund received in this period is RMB 97.3468 million.
Authorities in 2022 issued by the Office of the National Leading Group for High-Tech Enterprise Certification
Management, subsidiaries Zhejiang Shengyuan Chemical Fiber Co., Ltd. (Certificate No.: GR202233004307) and
Zhejiang Petroleum & Chemical Co., Ltd. (Certificate No.: GR202233003797) were certified as National High-
Tech Enterprises (NHTEs), valid from December 2022 to November 2025. Both companies submitted NHTE
renewal applications in July 2025 and provisionally adopted a 15% preferential corporate income tax rate during
this reporting period.
According to the Announcement on Filing the First Batch of High-Tech Enterprises Recognized by Ningbo
Certification Authorities in 2022 issued by the same office, subsidiary Ningbo Zhongjin Petrochemical Co., Ltd.
obtained NHTE certification (Certificate No.: GR202233101251) valid from December 2022 to November 2025.
The company submitted its renewal application in June 2025 and provisionally adopted the 15% tax rate for this
period.
According to the Announcement on the Filing of the Second Batch of High-Tech Enterprises Recognized and
Reported by Dalian City Certification Organization in 2024 issued by the Office of the National High-tech
Enterprise Recognition Management Leading Group, the subsidiary Yisheng Dahua Petrochemical Co., Ltd.
passed the high-tech enterprise accreditation and obtained the High-tech Enterprise Certificate with the number of
GR202421201548, which is valid from 2024 to 2026. The enterprise income tax shall be calculated and paid at the
reduced tax rate of 15% in this period.
According to the Announcement on the Filing of the New Technology Enterprises Identified and Reported
by Zhejiang Provincial Certification Organization in 2024 issued by the Office of the National High-tech
Enterprise Recognition Management Leading Group, Zhejiang Yongsheng Technology Co., Ltd., a subsidiary, has
passed the high-tech enterprise accreditation and obtained the High-tech Enterprise Certificate with the number of
GR202433003748, with the validity period of 2024-2026. The enterprise income tax is calculated and paid at the
reduced tax rate of 15% in the current period.
and Individual Industrial and Commercial Households of the Ministry of Finance and the State Administration of
Taxation (Announcement No.12 of the Ministry of Finance and the State Administration of Taxation in 2023), the
taxable income of small and micro enterprises will be calculated at a reduced rate of 25%, and their corporate
income tax will be paid at a rate of 20%, which will continue to be implemented until December 31, 2027.
Subsidiaries Rongxiang Chemical Fiber Co., Ltd., Rongsheng International Trade (Hainan) Co., Ltd., Dalian
Yisheng New Materials Co., Ltd., Zhejiang Rongyi Trade Co., Ltd. and Zhejiang Rongyi Chemical Fiber Co., Ltd.
meet the above requirements in this period. The urban maintenance and construction tax, education surcharge and
local education surcharge are levied at half the rate for small low-profit enterprises. The subsidiaries Dalian
Yisheng New Materials Co., Ltd., Zhejiang Rongyi Chemical Fiber Co., Ltd. and Zhejiang Rongyi Trade Co., Ltd.
meet the above requirements in this period.
Manufacturing Enterprises of the Ministry of Finance and State Taxation Administration (Announcement No.43
of the Ministry of Finance and the State Administration of Taxation in 2023), from January 1, 2023 to December
payable value-added tax in the current period. In the current period, subsidiaries Zhejiang Shengyuan Chemical
Fiber Co., Ltd., Yisheng Dahua Petrochemical Co., Ltd., Ningbo Zhongjin Petrochemical Co., Ltd., Zhejiang
Petroleum & Chemical Co., Ltd. and Zhejiang Yongsheng Technology Co., Ltd. are entitled to the above-
mentioned policy of offsetting and deducting.
Administration of Taxation on the Policies Regarding Period-End Value-Added Tax Credit Refund on the Urban
Maintenance and Construction Tax, Education Fee Surcharge and Local Education Surcharge (Finance &
Taxation [2018] No. 80), taxpayers implementing the period-end value-added tax credit refund are permitted to
deduct the amount of the refunded VAT from the taxable (levied) bases of the Urban Maintenance and
Construction Tax, the Education Fee Surcharge and the Local Education Surcharge.
VII. Notes to Items in the Consolidated Financial Statements
Unit: RMB
Item Ending balance Beginning balance
Cash on hand 1,389,486.56 1,580,800.25
Bank deposit 13,468,459,512.05 12,624,073,263.80
Other monetary funds 1,422,790,077.04 2,207,730,856.40
Total 14,892,639,075.65 14,833,384,920.45
Including: Total amount of overseas deposits 5,289,220,194.53 2,835,618,399.02
Unit: RMB
Item Ending balance Beginning balance
Paper futures contract 49,514,874.08 55,586,387.34
Foreign exchange derivatives 410,818,845.45 420,180,297.83
Total 460,333,719.53 475,766,685.17
(1) Disclosure by aging
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (inclusive of 1 year) 2,855,763,467.26 6,823,012,066.63
Above 3 years 48,802,014.40 33,453,923.37
Total 3,267,845,370.91 7,140,247,993.04
(2) Classified disclosure by bad debt accrual method
Unit: RMB
Ending balance Beginning balance
Bad-debt Book
Book balance Bad-debt provision
provision balance
Category Book Book
Percen Percent
value Pro value
Amou Propor Amou tage of Am age of
port Amount
nt tion nt provisi ount provisio
ion
on n
Accounts receivable with 7,14
provision for bad debt 100.00 0,24 100. 318,276, 6,821,97
reserves based on aging % 7,99 00% 286.68 1,706.36
portfolio 3.04
Total 45,370. 1,777.5 6.93% 483,5 4.46%
% 7,99 00% 286.68 1,706.36
Provision for bad debt by combination: RMB 226,361,777.51
Unit: RMB
Ending balance
Name
Book balance Bad-debt provision Percentage of provision
Trade fund portfolio of overseas subsidiaries 1,104,768,859.05
Aging portfolio 2,163,076,511.86 226,361,777.51 10.46%
Total 3,267,845,370.91 226,361,777.51 6.93%
Accounts receivable of provision for bad debt by aging combination
Unit: RMB
Amount by the end of the period
Aging
Book balance Bad-debt provision Accrual ratio (%)
Within 1 year 1,750,994,608.21 87,549,730.41 5.00
Above 3 years 48,802,014.40 48,802,014.40 100.00
Subtotal 2,163,076,511.86 226,361,777.51 10.46
If the provision for bad debts of accounts receivable is accrued according to the general model of expected credit loss:
□Applicable Not applicable
(3) Bad debt reserves accrual, recovered or reversed in the current period
Provision for bad debts in the current period:
Unit: RMB
The amount of change in the current period
Beginning Recovere Ending
Category Write
balance Provision d or Other balance
-off
returned
Provision made for bad debt
reserves based on aging portfolio
Total 318,276,286.68 -91,914,509.17 226,361,777.51
(4) Accounts receivables and contract assets with top 5 ending balances by debtor
Unit: RMB
Ending balance of
Proportion of bad debt
Ending balance of accounts provision for
Ending balance
Ending balance of accounts receivable and accounts
Company name of contract
accounts receivable receivable and total ending receivable and
assets
contract assets balance of impairment
contract assets provision of
contract assets
Customer 1 479,271,195.41 479,271,195.41 14.67% 23,963,559.77
Customer 2 366,703,727.67 366,703,727.67 11.22% 131,749,877.81
Customer 3 268,831,228.38 268,831,228.38 8.23%
Customer 4 263,234,667.81 263,234,667.81 8.06% 13,161,733.39
Customer 5 219,529,725.21 219,529,725.21 6.72% 10,976,486.26
Total 1,597,570,544.48 1,597,570,544.48 48.90% 179,851,657.23
(1) Classified presentation of receivables financing
Unit: RMB
Item Ending balance Beginning balance
Banker’s acceptance 51,665,853.52 103,225,654.46
Total 51,665,853.52 103,225,654.46
(2) Receivables financing endorsed or discounted by the company at the end of the period and not expired
y et on the balance sheet date
Unit: RMB
Amount with recognition terminated at Amount with recognition not
Item
the end of the period terminated at the end of the period
Banker’s acceptance 2,031,796,035.40
Total 2,031,796,035.40
The acceptor of bank acceptance bills is a commercial bank with high credit, and it is not likely that the bank
acceptance bills accepted by the acceptor will not be paid at maturity, so the Company will derecognize these
bank acceptance bills that have been endorsed or discounted. However, if such bills are not honored at maturity,
the Company remains jointly liable to the holders in accordance with the Law of Negotiable Instruments.
Unit: RMB
Item Ending balance Beginning balance
Other receivables 4,973,940,872.85 4,345,964,007.66
Total 4,973,940,872.85 4,345,964,007.66
Unit: RMB
Nature of account Ending book balance Beginning book balance
Government receivables 4,566,020,651.93 3,675,348,932.89
Futures margin 309,288,459.37 313,138,787.88
Deposit receivable margin 30,562,769.90 285,638,372.22
Paper goods transaction settlement 55,658,838.02 75,500,340.27
Reserve fund receivables and others 66,811,684.55 30,929,370.92
Current accounts 10,800,000.00 10,800,000.00
Loan deposit 15,000,000.00
Total 5,039,142,403.77 4,406,355,804.18
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (inclusive of 1 year) 4,408,240,796.70 3,154,663,061.38
Above 3 years 17,568,197.34 22,549,991.53
Total 5,039,142,403.77 4,406,355,804.18
Applicable □Not applicable
Unit: RMB
Ending balance Beginning balance
Book balance Bad-debt provision Book balance Bad-debt provision
Category Book Percent Book
Percentage
Proport Amou value Amou Propo age of value
Amount of Amount
ion nt nt rtion provisio
provision
n
Provision made
for bad debt 5,039,14 100.00 65,201, 100.00 60,391,7 4,345,96
reserves based on 2,403.77 % 530.92 % 96.52 4,007.66
aging portfolio
Total 1.29% 940,8 55,804. 1.37%
Provision for bad debts based on portfolio: RMB 65,201,530.92
Unit: RMB
Ending balance
Name
Book balance Bad-debt provision Percentage of provision
Government receivables portfolio 4,566,020,651.93 42,270,374.53 0.93%
Paper goods transaction settlement portfolio 55,658,838.02
Futures margin portfolio 309,288,459.37
Deposit receivable margin portfolio 30,562,769.90 13,238,716.27 43.32%
Portfolio of petty cash receivable, etc. 66,811,684.55 4,292,440.12 6.42%
Current account portfolio 10,800,000.00 5,400,000.00 50.00%
Total 5,039,142,403.77 65,201,530.92 1.29%
Provision for bad debts is made according to the general model of expected credit loss:
Unit: RMB
Stage I Stage II Stage III
Bad-debt provision Expected credit Expected credit loss Expected credit loss for Total
loss in the next over the entire the entire duration (credit
credit impairment)
The balance as of January 1, 2025 2,857,644.85 2,858,135.80 54,676,015.87 60,391,796.52
The balance as of January 1, 2025
in the current period
--Transferred into Stage II -170,498.62 170,498.62
--Transferred into Stage III -190,000.00 190,000.00
Provision in current period 1,312,588.00 -1,975,697.77 5,472,844.17 4,809,734.40
Balance as of June 30, 2025 3,999,734.23 862,936.65 60,338,860.04 65,201,530.92
Changes in the carrying amount of the provision for losses that are significant in amount during the current period
□Applicable Not applicable
Provision for bad debts in the current period:
Unit: RMB
The amount of change in the current period
Beginning
Category Recovered or Write- Ending balance
balance Provision Other
returned off
Provision made for bad debt
reserves based on aging portfolio
Total 60,391,796.52 4,809,734.40 65,201,530.92
No significant recovery or reversal of bad debt provisions occurred during the current period.
Unit: RMB
Proportion in a Ending
Company total ending balance of
Nature of payment Ending balance Aging
name balance of other provision for
receivables bad debts
Company 1 Tax refund receivables 3,523,964,235.93 Within 1 year 69.93%
Company 2 Government receivables portfolio 603,036,416.00 2-3 years 11.97% 42,270,374.53
Company 3 Government receivables portfolio 439,020,000.00 Within 1 year 8.71%
Company 4 Futures margin portfolio 84,819,772.80 Within 1 year 1.68%
Paper goods transaction
Company 5 55,658,838.02 Within 1 year 1.10%
settlement portfolio
Total 4,706,499,262.75 93.39% 42,270,374.53
(1) Advance payments presented by age
Unit: RMB
Ending balance Beginning balance
Aging
Amount Proportion Amount Proportion
Within 1 year 3,618,997,151.43 98.91% 1,335,495,318.36 98.60%
Over 3 years 3,399,001.66 0.09% 190,338.32 0.01%
Total 3,658,866,282.93 100.00% 1,354,519,708.48 100.00%
Explanation for significant advance payments with an aging of over one year that have not been settled in a
timely manner:
As of the end of the reporting period, there were no significant advance payments outstanding for more than
one year.
(2) Top five payers with the biggest ending balances of advance payments
Unit: RMB
Company name Book balance Proportion in balance of advance payments (%)
Supplier 1 1,214,208,087.16 33.19%
Supplier 2 369,877,432.95 10.11%
Supplier 3 203,244,113.32 5.55%
Supplier 4 162,039,283.70 4.43%
Supplier 5 161,007,825.00 4.40%
Subtotal 2,110,376,742.13 57.68%
Whether the Company is subject to the disclosure requirements of the real estate industry
No
(1) Classification of inventories
Unit: RMB
Ending balance Beginning balance
Inventory Inventory
depreciation depreciation
reserves or reserves or
Item provision for provision for
Book balance Book value Book value Book value
impairment of impairment
contract of contract
performance performance
cost cost
Raw material
.16 .16 69.50 69.50
Products in process 11,146,019.89
.95 .06 02.95 8 11.87
Commodity stocks 56,961,748.59
Semi-finished products 353,746,058. 19,945,065.6 333,800,992.
shipped in transit 32 7 65
Work in process -
outsourced
Low-value consumables 150,998,338.35 150,998,338.35
Total 68,107,768.48
.45 .97 19.63 04 16.59
（2） Provision for obsolete inventory or for impairment of the cost of contract performance
Unit: RMB
Increase in the current
Decrease in the current period
Beginning period Ending
Item
balance Reversal or balance
Provision Other Other
write-off
Raw material
Products in process 75,164,691.08 11,146,019.89 75,164,691.08 11,146,019.89
Commodity stocks 68,717,646.29 141,004,574.67 152,760,472.37 56,961,748.59
Semi-finished products
shipped in transit
Total 152,150,594.56 247,870,229.12 68,107,768.48
Basis for determining net realizable value, and reasons for reversal or write-off of inventory depreciation
reserves in the current period:
Reasons for write-off of
Specific basis for determining net Reasons for reversal of
Item inventory depreciation
realizable value inventory depreciation reserves
reserves
The net realizable value is determined by
Raw The net realizable value of The inventory with
the estimated selling price of the related
materials, inventories with inventory inventory depreciation
finished goods minus estimated costs to
work in depreciation reserves increased in reserves was consumed/sold
completion, estimated selling expenses and
progress the previous period in this period
relevant taxes
The net realizable value is determined by The net realizable value of Inventory with recognized
Finished
the estimated selling price of related inventories with inventory inventory depreciation
goods, goods
finished products minus the estimated depreciation reserves increased in reserves was sold during
in transit
selling expenses and related taxes the previous period this period
Unit: RMB
Item Ending balance Beginning balance
VAT input tax to be deducted 4,680,818,658.48 5,238,332,408.47
Business income tax pre-paid 1,425,828,278.95 562,819,947.18
Prepaid urban maintenance and construction tax 84,488,338.50
Prepaid education surcharge 36,209,287.91
Prepaid surcharge for local education 24,139,525.29
Total 6,251,484,089.13 5,801,152,355.65
Unit: RMB
Increase and decrease in the current period End
ing
bal
Openin
Investme Pro anc
Begin g Re Declared Endin
Addi nt gains Other visi e of
ning balanc duc distributi O g
tion or losses compreh on pro
balan e of ed Other on of t balan
Investee al recognize ensive for visi
ce impair inv equity cash h ce
inve d under income im on
(book ment est changes dividend e (book
stme the adjustme pai for
value) provisi me s or r value)
nt equity nts rm imp
on nt profits
method ent air
me
nt
I. Joint ventures
II. Associated enterprise
Zhejiang Yi
sheng 37,956,11
Petrochemical 2.86
Co., Ltd.
Ningbo Hengyi
Trading Co., Ltd.
Zhejiang
Xiaoshan Rural 172,588,1 43,654,51
Commercial 41.95 0.65
Bank Co., Ltd.
Hainan Yisheng 3,529, - 3,524,
Petrochemical 633,1 6,340,305 988,8
.85
Co., Ltd. 26.07 .60 94.32
ZPC-ENN 14,20 17,12
(Zhoushan) Gas 9,724. 2,809.
.74
Co., Ltd. 51 25
Zhejiang
Dingsheng 61,05 71,72
Petrochemical 6,825. 4,017.
Engineering Co., 71 22
Ltd.
Zhejiang Derong 168,9 - 260,6
Chemicals Co., 69,22 9,537,904 96,73
Lt d. 8.97 .30 2.24
Zhoushan ZPC 74,98 81,55
Zhougang 0,969. 7,107.
.37 13,223.29
Tugboat Co., Ltd. 45 53
Zhejiang
Dongjiang Green 1,819,562
Petrochemical .91
Technology
Innovation
Center Co., Ltd.
Ningbo Coastal 4,671, 7,50 - 11,80
Public Pipe 038.0 0,00 363,408.2 7,629.
Gallery Co., Ltd. 6 0.00 9 77
Zhejiang Zhenshi 27,52 25,80
Port Service Co., 8,403. 4,179.
.49 .00
Ltd. 38 87
Subtotal 636,3 51,943,11 088,7
Total 636,3 51,943,11 088,7
The recoverable amount is determined according to the net amount of fair value minus disposal expenses
□Applicable Not applicable
The recoverable amount is determined according to the present value of the expected future cash flow
□Applicable Not applicable
(1) Investment real estate under the cost measurement mode
Applicable □Not applicable
Unit: RMB
Houses and Land-use Construction in
Item Total
buildings right progress
I. Original book value
(1) Outsourcing
(2) Transfers from inventories/fixed
assets/construction in progress
(3) Increase due to business merger
(1) Disposal
(2) Other transfer-out
II. Accumulated depreciation and accumulated
amortization
(1) Accrual or amortization 135,723.00 135,723.00
(1) Disposal
(2) Other transfer-out
III. Provision for impairment
(1) Accrual
(1) Disposal
(2) Other transfer-out
IV. Book value
The recoverable amount is determined according to the net amount of fair value minus disposal expenses
□Applicable Not applicable
The recoverable amount is determined according to the present value of the expected future cash flow
□Applicable Not applicable
(2) Investment real estate under the fair value method
□Appliable Not applicable
Unit: RMB
Item Ending balance Beginning balance
Fixed assets 229,147,301,133.74 232,497,113,015.70
Total 229,147,301,133.74 232,497,113,015.70
(1) Fixed assets
Unit: RMB
Housing and Machinery and Other
Item Transportation Total
buildings equipment equipment
I. Original book value:
current period
(1) Acquisition 2,761,168.73 533,323,610.91 26,217,353.86 2,398,804.03 564,700,937.53
(2) Transfer-in
from construction in 2,931,108.26 4,919,140,189.55 4,922,071,297.81
progress
(3) Increase due
to business merger
current period
(1) Disposal or
scrapping
II. Accumulated
depreciation
current period
(1) Accrual 1,593,917,903.87 7,210,616,317.55 8,597,474.88 16,700,301.35 8,829,831,997.65
current period
(1) Disposal or
scrapping
III. Provision for
impairment
current period
(1) Accrual
current period
(1) Disposal or
scrapping
IV. Book value
value
value
(2) Fixed assets with the certificate of title not transacted
Unit: RMB
Reasons for incomplete
Item Book value
certificates of title
Houses and buildings - tank farm, supporting buildings and others of ZPC 5,232,308,679.16 Still being processed
Houses and buildings - dormitories of ZPC 563,752,962.44 Still being processed
Houses and buildings - office buildings and others of Yisheng Dahua
Petrochemical Co., Ltd.
Houses and buildings - polymerization building and others of Zhejiang
Shengyuan Chemical Fiber Co., Ltd.
Houses and buildings - buildings of Zheyou Technology Co. Ltd. 82,559,405.56 Still being processed
Houses and buildings -film warehouse and others of Zhejiang Yongsheng
Technology Co. Ltd.
Subtotal 6,707,287,945.02
(3) Impairment test of fixed assets
□Applicable Not applicable
Unit: RMB
Item Ending balance Beginning balance
Construction in progress 49,283,767,532.48 42,746,526,646.14
Engineering materials 3,523,830,240.63 1,289,605,450.14
Total 52,807,597,773.11 44,036,132,096.28
(1) Construction in progress
Unit: RMB
Ending balance Beginning balance
Item Provision Provision
Book balance for Book value Book balance for Book value
impairment impairment
tons ethylene
and
downstream
chemical plant
(optimization
of product
structure of
Phase II
project)
Utilities and
supporting 5,037,015,877.41 5,037,015,877.41 899,607,272.74 899,607,272.74
facilities
Functional
polyester film
expansion
project with an 1,030,455,357.48 1,030,455,357.48 964,148,483.95 964,148,483.95
annual output
of 250,000
tons per year
High
performance 9,967,623,196.88 9,967,623,196.88 12,950,188,181.48 12,950,188,181.48
resin project
High-end new
material 5,462,807,649.92 5,462,807,649.92 3,140,188,910.32 3,140,188,910.32
project
Jintang New
Material 7,211,201,339.23 7,211,201,339.23 4,335,769,983.60 4,335,769,983.60
Project
Sporadic
projects
Total 49,283,767,532.48 49,283,767,532.48 42,746,526,646.14 42,746,526,646.14
(2) Changes in major construction in progress in the current period
Unit: RMB
Amou Includ
Oth Prop
nt of ing:
er ortio Accu Intere
fixed Capit
Incre dec n of mulat st
assets alized
ase in reas total ed capita
Budg Begin carrie Endin Projec amou
the es proj capita lizatio Sourc
et ning d g t nt of
Project curre in ect lized n rate e of
numb balan over balan progr intere
nt the inpu amou in the funds
er ce in the ce ess st in
perio cur t to nt of curre
curre the
d rent the intere nt
nt curre
peri bud st period
perio nt
od get
d period
ethylene and
downstream 137,0 788,6 798,12 135,23
chemical plant 56,62 73,79 0,474. 8,824. 3.29%
(optimization of 5.02 0.90 43 77
product structure
of Phase II project)
Bank
Utilities and 899,6 4,622, 484,6 5,037, 271,24 28,065
loan,
supporting 07,27 081,5 72,92 015,8 1,212. ,471.1 2.65%
other
facilities 2.74 29.73 5.06 77.41 59 8
source
High performance 5,380, 0,188, 77.0 75.00 loan,
resin project 000.0 181.4 7% % other
High-end new 6,910, 9.37 loan,
material project 000.0 % other
Jintang New 8,570, 9.07 19.00 loan,
Material Project 000.0 % % other
Total 469,1 202,98 9,012.
(3) Impairment test of construction in progress
□Applicable Not applicable
(4) Engineering materials
Unit: RMB
Ending balance Beginning balance
Item Provision for Provision for
Book value Book value Book value Book value
impairment impairment
Special
material
Special
equipment
Total 3,523,830,240.63 3,523,830,240.63 1,289,605,450.14 1,289,605,450.14
(1) Details of right-of-use assets
Unit: RMB
Item Housing and buildings Total
I. Original book value
II. Accumulated depreciation
(1) Accrual 11,836,985.34 11,836,985.34
(1) Disposal
III. Provision for impairment
(1) Accrual
(1) Disposal
IV. Book value
(2) Impairment test of right-of-use assets
□Applicable Not applicable
(1) Intangible assets
Unit: RMB
Proprietary Management Pollution Sea area use
Item Land-use right Total
technology software dumping right right
I. Original book value
current period
(1) 595,482,792.00 200,616.97 51,269.27 27,465,670.20 623,200,348.44
Acquisition
(2) Other 11,246,010.38 11,246,010.38
the current period
(1) Other 11,246,010.38 11,246,010.38
balance
II. Accumulated
amortization
current period
(1) Accrual 96,339,746.95 94,339.62 3,195,166.66 7,619,831.52 5,208,322.44 112,457,407.19
(2) Other 281,150.25 281,150.25
the current period
(1) Other 281,150.25 281,150.25
balance
III. Provision for
impairment
current period
(1) Accrual
the current period
(1) Disposal
balance
IV. Book value
value
book value
(2) Land-use right for which the certificate of title has not been obtained
Unit: RMB
Item Book value Reasons for incomplete certificates of title
Land-use right 1,080,668,152.16 Still being processed
Subtotal 1,080,668,152.16
(3) Impairment test of intangible assets
□Applicable Not applicable
(1) Deferred income tax assets before offset
Unit: RMB
Ending balance Beginning balance
Item Deductible Deductible
Deferred income tax Deferred income
temporary temporary
assets tax assets
difference difference
Provision for impairment of
assets
Unrealized profits from internal
transactions
Deductible loss 7,937,194,033.06 1,435,835,892.76 8,534,688,742.74 1,550,960,099.21
Changes in fair value of trading
financial instruments and 136,033,398.79 20,405,009.82 331,739,047.49 49,815,680.12
derivative financial instruments
Deferred income 236,242,191.27 36,247,439.77 191,230,102.07 29,528,959.74
Lease liabilities 175,391,811.15 26,308,771.67 182,212,003.42 27,331,800.51
Total 8,908,415,127.63 1,590,731,258.38 9,776,001,211.04 1,750,122,031.83
(2) Deferred income tax liabilities before offset
Unit: RMB
Ending balance Beginning balance
Item Taxable temporary Deferred income tax Taxable temporary Deferred income
difference liabilities difference tax li abilities
One-time pre-tax deduction of long-
term assets
The parent company, reflected at
the level of consolidated statements,
invests the borrowing as paid-in
capital into the subsidiary company, 2,032,973,050.71 318,318,245.76 2,066,452,064.88 319,599,270.81
which serves as the borrowing
interest for the capitalization of
long-term asset construction.
Changes in fair value of trading
financial instruments and derivative 453,467,665.45 68,894,901.82 432,807,147.83 64,977,475.17
financial instruments
Right-of-use assets 160,716,737.32 24,107,510.60 168,620,191.32 25,293,028.70
Government grants 439,020,000.00 109,755,000.00 694,020,000.00 173,505,000.00
Total 12,729,438,294.03 1,966,506,609.18 13,408,088,214.99 2,090,303,096.33
(3) Deferred income tax assets or liabilities presented as net amount after offset
Unit: RMB
Ending offset Ending balance of Beginning offset Beginning balance
amount of def erred income amount of of deferred income
Item deferred income tax assets and deferred income tax assets and
tax assets and liabilities after tax assets and liabilities after
liabilities offset liabilities offset
Deferred income tax assets 250,075,832.37 1,340,655,426.01 512,945,754.55 1,237,176,277.28
Deferred income tax liabilities 250,075,832.37 1,716,430,776.81 512,945,754.55 1,577,357,341.78
(4) Details of unrecognized deferred income tax assets
Unit: RMB
Item Ending balance Beginning balance
Deductible loss 2,814,198,895.32 3,061,760,213.17
Changes in fair value of trading financial instruments and derivative financial
instruments
Deferred income 6,895,735.64 7,399,864.22
Provision for impairment of assets 11,211,655.07 45,827,362.55
Lease liabilities 6,641,219.34 10,610,567.21
Total 2,932,217,098.05 3,126,066,845.38
(5) The deductible loss of unrecognized deferred income tax assets will expire in the following year
Unit: RMB
Year Ending amount Beginning amount Remarks
Total 2,814,198,895.32 3,061,760,213.17
Unit: RMB
Ending balance Beginning balance
Item Book Provision for Book Provision for
Book value Book value
balance impairment balance impairment
Prepayment for purchase 3,472,038,61 3,472,038,61 2,936,356,58 2,936,356,587.
of long-term assets 9.54 9.54 7.96 96
Rental value of silver 990,467,185. 990,467,185. 990,467,185. 990,467,185.8
leased in 82 82 82 2
Total
Unit: RMB
Period end Period beginning
Item Book Book Restriction Restriction Book Book Restriction Restriction
balance value type situation balance value type situation
Letter of
Letter of credit, bank
credit, bank acceptance
acceptance bill, silver
Monetary f Deposit bill, 1,889,552,5 1,889,552,5 Deposit lease
und occupation guarantee 85.00 85.00 occupation margin,
and guarantee
borrowing and
depo sit borrowing
depo sit
Borrowings Borrowings
Fixed 259,481,52 205,609,50 and letters 254,645,77 208,346,97 and letters
Mortgage Mortgage
assets 4,660.93 6,193.28 of credit as 8,826.31 1,958.41 of credit as
collateral collateral
Borrowings Borrowings
Intangible 6,229,413,5 5,567,692,3 and letters 6,229,413,5 5,629,806,1 and letters
Mortgage Mortgage
assets 56.02 78.63 of credit as 56.02 56.03 of credit as
collateral collateral
Borrowings Borrowings
Constructio
n in Mortgage Mortgage
progress
collateral collateral
Bank
Accounts
receivable Pledge
financing
collateral
Total
Unit: RMB
Item Ending balance Beginning balance
Guarantee borrowings 42,769,389,677.36 40,887,276,581.01
Credit borrowings 3,504,629,014.30 3,203,693,222.22
Total 46,274,018,691.66 44,090,969,803.23
Unit: RMB
Item Ending balance Beginning balance
Trading financial liabilities 1,484,797,113.33 1,269,256,561.53
Where: Fair value of leased silver 1,484,797,113.33 1,269,256,561.53
Total 1,484,797,113.33 1,269,256,561.53
Unit: RMB
Item Ending balance Beginning balance
Paper futures contract 93,269,592.68 34,655,378.23
Foreign exchange derivatives 2,679,876.86
Total 95,949,469.54 34,655,378.23
Unit: RMB
Category Ending balance Beginning balance
Banker’s acceptance 2,356,024,860.95 3,204,293,497.95
Total 2,356,024,860.95 3,204,293,497.95
Unit: RMB
Item Ending balance Beginning balance
Payable for material procurement and operation 57,365,805,904.72 50,482,691,896.90
Payable for purchase of long-term assets 6,519,849,769.89 8,550,137,922.21
Total 63,885,655,674.61 59,032,829,819.11
Unit: RMB
Item Ending balance Beginning balance
Other payables 9,068,973,579.80 6,588,756,879.48
Total 9,068,973,579.80 6,588,756,879.48
Unit: RMB
Item Ending balance Beginning balance
Current accounts 7,839,408,651.53 5,548,635,694.24
Deposit and security 1,002,094,010.55 916,055,524.03
Settled but unpaid operating expenses 163,590,846.64 110,443,622.88
Other 63,880,071.08 13,622,038.33
Total 9,068,973,579.80 6,588,756,879.48
As of the end of the period, there were no significant other payables aged over 1 year.
Unit: RMB
Item Ending balance Beginning balance
Loans 2,183,602,360.00 5,995,580,462.05
Total 2,183,602,360.00 5,995,580,462.05
As of the end of the reporting period, there were no significant contract liabilities outstanding for more
than one year.
(1) Presentation of employee benefits
Unit: RMB
Increase in the Decrease in the
Item Beginning balance Ending balance
current period current period
I. Short-term compensation 984,064,165.64 1,868,896,217.74 2,204,806,148.55 648,154,234.83
II. Post-employment benefits
- defined contribution plan
III. Dismissal welfare 220,281.63 220,281.63
Total 996,809,278.49 1,957,570,927.74 2,275,015,735.94 679,364,470.29
(2) Short-term remuneration
Unit: RMB
Beginning Increase in the Decrease in the
Item Ending balance
balance current period current period
Including: Medical insurance premium 7,046,508.11 45,777,863.48 46,105,889.51 6,718,482.08
Work-related injury insurance 799,779.48 5,297,852.22 4,213,857.39 1,883,774.31
premium
Birth insurance premium 181,474.02 181,474.02
expenses
Total 984,064,165.64 1,868,896,217.74 2,204,806,148.55 648,154,234.83
(3) Presentation of defined contribution plan
Unit: RMB
Beginning Increase in the Decrease in the
Item Ending balance
balance current period current period
Total 12,745,112.85 88,454,428.37 69,989,305.76 31,210,235.46
Unit: RMB
Item Ending balance Beginning balance
Value-added tax 526,046,975.53 13,254,307.86
Consumption tax 579,604,716.66 747,606,263.37
Enterprise income tax 91,802,918.29 89,950,544.34
Individual income tax 8,913,597.00 15,562,859.71
Urban maintenance and construction tax 89,951,281.99 98,714,225.59
Property tax 13,583,047.09 34,022,887.00
Land use tax 60,640,533.02 116,305,831.44
Education surcharge 37,154,277.47 42,653,919.65
Local education surcharge 24,770,818.26 28,437,246.39
Environmental protection tax 3,427,536.98 3,145,855.20
Stamp duty 46,505,836.67 67,254,962.09
Deed tax 19,750,212.00 20,953,566.00
Total 1,502,151,750.96 1,277,862,468.64
Unit: RMB
Item Ending balance Beginning balance
Long-term borrowings due within one year 41,904,925,519.12 38,301,297,104.65
Lease liabilities due within one year 20,725,042.40 21,198,112.29
Total 41,925,650,561.52 38,322,495,216.94
Unit: RMB
Item Ending balance Beginning balance
Output tax to be transferred 270,153,302.03 742,351,889.84
Total 270,153,302.03 742,351,889.84
Unit: RMB
Item Ending balance Beginning balance
Mortgage borrowings 62,547,589.60 187,683,275.31
Guaranteed borrowings 25,773,435,825.69 25,309,274,718.75
Credit borrowings 1,136,864,988.56 874,673,819.84
Pledge borrowings 89,658,094,359.59 93,146,709,048.51
Total 116,630,942,763.44 119,518,340,862.41
[Note] The long-term borrowings of the Company and its subsidiaries include contractual conditions, including debt-to-asset ratio,
current ratio, and interest coverage ratio. Failure to comply with these contractual conditions may result in the loans becoming
repayable on demand by the bank. The Company and its subsidiaries expect to comply with the aforementioned contractual
conditions.
Unit: RMB
Item Ending balance Beginning balance
Lease payments 203,156,443.18 212,198,297.79
Unacknowledged financial charges -41,848,455.09 -40,573,839.45
Total 161,307,988.09 171,624,458.34
Unit: RMB
Beginning Increase in the Decrease in the Reasons for
Item Ending balance
balance current period current period incurrence
Government grants
Government grants 198,629,966.29 58,145,100.00 13,637,139.38 243,137,926.91
related to assets
Total 198,629,966.29 58,145,100.00 13,637,139.38 243,137,926.91
Unit: RMB
Increase and decrease of this change (+, -)
Conver
sion of
Beginning balance New Issue of Ending balance
provide Subtota
issue of bonus Other
nt fund l
shares shares
into
shares
Total number of shares 10,125,525,000.00 10,125,525,000.00
Unit: RMB
Increase in the Decrease in the
Item Beginning balance Ending balance
current period current period
Capital premium (capital stock premium) 10,779,726,139.51 10,779,726,139.51
Other capital reserves 39,840,495.53 638,613.98 40,479,109.51
Total 10,819,566,635.04 638,613.98 10,820,205,249.02
Other notes, including notes to increase and decrease in the current period and its reasons:
As a result of other changes in owners' equity of associates other than net profit or loss, other comprehensive
income and profit appropriation, the Company's share, calculated on the basis of the proportion of shareholding,
was credited to capital surplus (other capital surplus) in the amount of RMB 638,613.98.
Unit: RMB
Beginning Increase in the Decrease in the
Item Ending balance
balance current period current period
Repurchase of public shares 6,987,008,823.24 6,987,008,823.24
Total 6,987,008,823.24 6,987,008,823.24
Unit: RMB
Amount incurred in the current period
Less: Amount
included in
Less: amount
other Less:
included in other
Beginning Amount comprehensive Inco Attributable to Attributable to
Item comprehensive Ending balance
balance incurred before incomes me the parent the minority
income previously
current income previously and tax company after shareholders
and then transferred
tax then transferred expen tax after tax
into current gain and
into current ses
loss
retained
earnings
I. Other comprehensive income that
cannot be reclassified into profit or
loss
II. Other comprehensive income to be
reclassified into profit or loss
Including: other comprehensive
income convertible into profit or loss 225,977,453.58 -51,943,118.30 -50,041,026.62 -1,902,091.68 175,936,426.96
by the equity method
Translation difference of
financial statements in foreign 54,914,763.40 -15,479,113.80 -13,577,761.33 -1,901,352.47 41,337,002.07
currency
Total other comprehensive income 280,892,216.98 -67,422,232.10 -63,618,787.95 -3,803,444.15 217,273,429.03
Unit: RMB
Item Beginning balance Increase in the current period Decrease in the current period Ending balance
Work safety expenses 19,057,187.43 203,467,546.03 170,337,182.73 52,187,550.73
Total 19,057,187.43 203,467,546.03 170,337,182.73 52,187,550.73
Other notes, including notes to increase and decrease in the current period and its reasons:
Changes in special reserve during the period were all attributable to safety production fees provided for and expended by subsidiaries Yisheng Dahua Petrochemical Co., Ltd., Ningbo
Zhongjin Petrochemical Co., Ltd., Zhejiang Yisheng New Materials Co., Ltd., Zhejiang Petroleum & Chemical Co., Ltd. and ZPC Zheyou Technology Co., Ltd.
Unit: RMB
Increase in the Decrease in the
Item Beginning balance Ending balance
current period current period
Statutory surplus reserve 1,270,743,066.03 1,270,743,066.03
Total 1,270,743,066.03 1,270,743,066.03
Unit: RMB
Item Current period Previous year
Undistributed profits at the end of the prior period before the adjustment 28,330,397,005.41 28,859,818,194.51
Total amount of undistributed profit at the beginning of adjustment (“+” for
increase, “-” for decrease)
Undistributed profit at the beginning of the period after adjustment 28,330,397,005.41 28,859,818,194.51
Add: Net profit attributable to the owner of the parent company in the current
period
Less: Appropriation of statutory surplus reserve 296,591,421.35
Common stock dividends payable 957,229,214.20 957,314,454.20
Undistributed profit at the end of the period 27,975,251,895.60 28,330,397,005.41
(1) Detailed breakdown
Unit: RMB
Amount incurred in the current period Amount incurred in the previous period
Item
Revenue Cost Revenue Cost
Primary business 148,009,181,013.17 128,437,128,123.01 160,079,424,414.28 140,556,935,637.10
Other businesses 620,169,922.33 441,831,814.58 1,170,319,863.57 699,198,058.96
Total 148,629,350,935.50 128,878,959,937.59 161,249,744,277.85 141,256,133,696.06
(2) Breakdown of Operating Revenue and Operating Costs
Unit: RMB
Amount in the current period Amount in the previous period
Item
Revenue Cost Revenue Cost
Oil refining 52,406,252,637.61 40,569,244,124.05 59,838,932,657.76 48,726,246,424.89
Chemical 60,742,136,938.65 53,407,151,495.43 57,596,453,886.82 49,118,458,197.00
PTA 15,754,125,991.87 15,707,088,918.89 26,077,114,974.80 26,373,338,285.23
Polyester chemical fiber film 11,125,503,900.41 10,959,123,038.16 8,458,552,743.59 8,345,372,567.39
Trade and others 8,601,331,466.96 8,236,352,361.06 9,278,690,014.88 8,692,718,221.55
Total 148,629,350,935.50 128,878,959,937.59 161,249,744,277.85 141,256,133,696.06
Unit: RMB
Item Amount in the current period Amount in the previous period
Revenue recognized at a certain point of time 148,625,506,295.70 161,249,318,488.86
Revenue recognized at a certain period of time 3,844,639.80 425,788.99
Total 148,629,350,935.50 161,249,744,277.85
(3) Information on performance obligations
The amount
The nature of the Types of quality
Whether it is expected to be
Time to fulfill goods that the assurance
Important payment the main refunded to
Item performance Company provided by the
terms responsible customers
obligations promises to Company and
person undertaken by the
transfer related obligations
Company
Advance receipts;
Sales Accounts receivable are Products
Upon delivery Warranty-type
of generally due within 30 complying with Yes None
of goods quality assurance
goods to 90 days after product national standards
delivery
(4) The revenue recognized in the current period included in the opening book value of contract liabilities is
RMB 5,995,580,462.05.
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
Consumption tax 11,175,699,023.28 10,978,246,370.38
Urban maintenance and construction tax 782,709,884.37 764,424,581.48
Education surcharge 337,116,153.80 332,817,591.84
Property tax 23,445,599.03 14,133,561.40
Land use tax 58,116,054.62 72,200,604.38
Vehicle and vessel use tax 43,838.21 44,985.46
Stamp duty 113,549,108.55 107,573,102.77
Local education surcharge 224,744,102.49 221,878,394.54
Environmental protection tax 6,381,089.55 5,630,479.78
Other 26,326,601.72
Total 12,748,131,455.62 12,496,949,672.03
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
Employee compensation 191,387,950.72 208,789,083.98
Office expenses 41,443,666.62 54,249,360.40
Depreciation and amortization expense 133,685,404.20 106,087,038.33
Insurance premium 56,591,532.93 30,511,570.43
Business entertainment expenses 9,292,968.52 6,882,681.56
Other 34,420,354.02 31,521,138.44
Total 466,821,877.01 438,040,873.14
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
Employee compensation 57,339,546.73 56,136,825.51
Sales business expenses 2,095,862.18 2,193,116.70
Other 24,857,935.25 20,603,542.75
Total 84,293,344.16 78,933,484.96
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
Direct input 1,705,509,902.92 1,665,062,813.44
Depreciation and amortization 347,075,587.62 454,966,340.52
Employee compensation 275,138,926.71 362,187,152.24
Equipment commissioning fee 6,088,072.49 8,550,243.78
Outsourcing R&D and others 35,279,205.42 6,163,262.37
Total 2,369,091,695.16 2,496,929,812.35
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
Interest expense 3,280,153,933.32 3,544,593,781.09
Interest income 222,591,881.34 240,894,876.38
Exchange gain or loss 1,363,537.16 186,839,681.50
Other 151,030,675.77 205,072,357.61
Total 3,209,956,264.91 3,695,610,943.82
Unit: RMB
Sources generating other incomes Amount incurred in the current period Amount incurred in the previous period
Government grants related to assets 13,637,139.38 12,759,033.44
Government grants related to income 401,568,707.90 354,442,587.20
Return of fees for withheld taxes 4,155,049.74 3,889,552.53
Value-added tax with deduction 644,538,133.02 881,642,794.60
Other 938,426.37 1,017,500.00
Total 1,064,837,456.41 1,253,751,467.78
Unit: RMB
Sources of income from changes in fair Amount incurred in the current
Amount incurred in the previous period
value period
Derivative financial assets 37,473,544.84 326,380,708.78
Derivative financial liabilities -93,269,592.68 -1,011,440.00
Trading financial liabilities -243,925,361.38 -210,332,050.25
Where: income from changes in fair
-243,925,361.38 -210,332,050.25
value arising from leasing silver
Total -299,721,409.22 115,037,218.53
Unit: RMB
Amount incurred in the previous
Item Amount incurred in the current period
period
Long-term equity investment income
calculated by equity method
Investment income from disposal of
trading financial liabilities
Financing discount loss of receivables -3,056,076.31 -346,723,053.25
Investment income from disposal of
derivative financial assets
Interest income from related party
lending
Total 284,046,651.75 -52,174,957.84
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
Bad debt losses 87,104,774.79 -138,884,225.38
Total 87,104,774.79 -138,884,225.38
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
Inventory depreciation loss -152,150,594.56 -12,655,239.18
Total -152,150,594.56 -12,655,239.18
Unit: RMB
Sources of asset disposal income Amount incurred in the current period Amount incurred in the previous period
Income from disposal of assets -64,124.27 5,269,441.94
Unit: RMB
Amount incurred in the Amount incurred in Amount included in non-recurring
Item
current period the previous period gain and loss of the current period
Income from indemnity and fines 3,232,472.57 7,023,731.21 3,232,472.57
Other 666,376.43 804,113.55 666,376.43
Total 3,898,849.00 7,827,844.76 3,898,849.00
Unit: RMB
Amount included in non-
Amount incurred in the Amount incurred in the
Item recurring gain and loss of
current period previous period
the current period
External donations 4,000,000.00 3,750,000.00 4,000,000.00
Impairment and disposal
losses of non-current assets
Indemnity, fines and late fee 8,747,499.44 31,084,001.90 8,747,499.44
Other 242,290.81 602,771.24 242,290.81
Total 15,476,643.56 35,436,773.14 15,476,643.56
(1) Presentation of income tax expenses
Unit: RMB
Amount incurred in the current Amount incurred in the previous
Item
period period
Income tax expenses in the current period 142,723,502.07 292,771,993.36
Deferred income tax expenses 35,594,286.30 -34,862,774.83
Total 178,317,788.37 257,909,218.53
(2) Adjustment of accounting profit and income tax expense
Unit: RMB
Amount incurred in the current
Item
period
Total profits 1,844,571,321.39
Income tax expenses calculated at the appropriate/applicable tax rate 461,142,830.35
Impact of different tax rates applied on subsidiaries -137,489,871.39
Influence of income tax during periods prior to adjustment -2,481,117.17
Influence of non-taxable income -47,574,458.44
Impact of non-deductible costs, expenses and losses 25,269,834.08
Impact of using deductible loss on deferred income tax assets unrecognized in prior
-567,388.46
periods
Impact of temporary deductible difference or deductible loss on deferred income tax assets
unrecognized in the current period
Impact of R&D cost plus deduction -155,437,274.24
Income tax expenses 178,317,788.37
See the Notes VII 35 for details.
(1) Cash related to operating activities
Other cash received related to operating activities
Unit: RMB
Amount incurred in the current Amount incurred in the
Item
period previous period
Recovery of bills, letters of credit and other deposits 946,130,946.82 1,274,732,571.30
Interest income received from bank deposits 222,591,881.35 240,894,876.38
Recovery of operating deposit and security deposit 500,536,662.41 77,717,964.04
Government grants received 1,168,356,849.18 1,277,709,639.73
Other 77,479,188.12 49,108,054.42
Total 2,915,095,527.88 2,920,163,105.87
Other cash paid related to operating activities
Unit: RMB
Amount incurred in the current Amount incurred in the
Item
period previous period
Payment of bills, letters of credit and other deposits 718,529,832.90 1,039,940,396.18
Cash disbursements from administrative expenses,
R&D expenses and sales expenses
Payment of bank charges 140,468,419.35 184,101,320.45
Payment of operating deposit and security deposit 152,596,821.33 77,799,264.13
Other 215,285,078.15 87,342,072.61
Total 1,551,265,169.78 1,589,457,438.81
(2) Cash related to investment activities
Other cash received related to investment activities
Unit: RMB
Amount incurred in the current Amount incurred in the
Item
period previous period
Recovery of bills, letters of credit and other deposits 20,810,762.77 58,439,047.20
Received deposit for project and land auction 12,466,400.00 700,000.00
Recovery of temporary borrowings and interest from
ZPC-ENN (Zhoushan) Gas Co., Ltd.
Total 33,463,822.77 59,352,298.76
Other cash paid related to investment activities
Unit: RMB
Amount incurred in the current Amount incurred in the
Item
period previous period
Paid deposit related to project and land auction 17,692,600.00 29,960,000.00
Payment of bills, letters of credit and other deposits 19,592,872.76 78,543,840.40
Total 37,285,472.76 108,503,840.40
(3) Cash related to financing activities
Other cash received related to financing activities
Unit: RMB
Amount incurred in the Amount incurred in the
Item
current period previous period
Temporary borrowings received from Zhejiang Rongsheng
Holding Group Co., Lt d.
Recovery of silver lease deposits 949,022,591.65
Recovery of borrowing deposit 132,500,000.00 250,000,000.00
Payment received for discounted but unexpired L/Cs and notes 8,317,753,820.39 17,650,908,866.65
Total 12,429,276,412.04 18,799,408,866.65
Other cash paid related to financing activities
Unit: RMB
Amount incurred Amount incurred
Item in the current in the previous
period period
Repayment of temporary borrowings to Zhejiang Rongsheng Holding Group Co., Ltd. 793,685,359.55 2,638,841,925.73
Repayment of entrusted loan and interest to Zhejiang Yisheng Petrochemical Co., Ltd. 561,272,792.49
Payment of financing fees 6,495,620.57 10,641,996.38
Payments for right-of-use assets 15,826,686.80 14,493,187.65
Payment of borrowing deposit 250,000,000.00
Payment for stock repurchase 359,901,072.78
Payment of silver lease deposit 276,441,966.24 844,580,625.41
Total 1,092,449,633.16 4,679,731,600.44
Changes in all liabilities arising from financing activities
Applicable □Not applicable
Unit: RMB 10,000
Increase in the current Decrease in the current
Opening period period Ending
Item
balance Non-cash Non-cash balance
Cash changes Cash changes
changes changes
Bank borrowings 20,191,060.78 6,460,192.05 373,369.23 6,543,633.36
Other payables – temporary
borrowings of Zhejiang 554,863.57 303,000.00 5,432.06 79,368.54 783,927.10
Rongsheng Holding Group
Other accounts payable -
dividends payable
Lease liabilities (including
those due within one year)
Total 20,765,206.61 6,763,192.05 475,027.92 6,720,307.49 21,283,119.10
(1) Supplementary information of Cash Flow Statement
Unit: RMB
Amount of prior
Supplementary information Current amount
period
Net profit 1,666,253,533.02 1,671,971,354.43
Add: Provision for impairment of assets 65,045,819.77 151,539,464.56
Fixed assets depreciation, oil and gas assets depletion, productive
biological assets depreciation
Depreciation of assets with right of use 11,836,985.34 12,075,356.96
Amortization of intangible assets 98,211,783.04 90,278,218.65
Amortization of long-term deferred expenses 45,701.13
Loss on disposing fixed assets, in tangible assets and other long-term
assets (gains expressed with “-”)
Loss from scrapping of fixed assets (income is presented with “-”) 2,486,853.31
Loss from fair value changes (gai ns expressed with “-”) 299,721,409.22 -115,037,218.53
Financial expenses (gains express ed with “-”) 3,200,618,546.85 3,750,706,175.81
Investment loss (gains expressed with “-”) -284,046,651.75 52,174,957.84
Decrease in deferred income tax assets (increase expressed with “-”) -103,479,148.73 -34,449,732.26
Increase in deferred income tax liabilities (decrease expressed with “-”) 139,073,435.03 69,312,507.09
Decrease in inventories (increase expressed with “-”) -5,047,811.25 6,466,710,786.77
Decrease in operating receivables (increase expressed with “-”) -1,269,368,564.74 -6,339,774,806.89
Increase in operating payables (decrease expressed with “-”) -4,604,242,244.15 -4,709,791,428.51
Other 65,583,666.73 -21,786,474.80
Net cash flow from operating activities 7,586,625,253.68 8,392,538,351.96
and withdrawal:
Debt into capital
Convertible corporate bonds due within one year
Fixed assets leased under finance leases
Ending balance of cash 14,021,968,092.19 17,009,516,388.75
Less: Beginning balance of cash 12,943,832,335.45 11,486,855,097.52
Add: Ending balance of cash equivalents
Less: Beginning balance of cash equivalents
Net increase in cash and cash equivalents 1,078,135,756.74 5,522,661,291.23
(2) Composition of cash and cash equivalents
Unit: RMB
Item Ending balance Beginning balance
I. Cash 14,021,968,092.19 12,943,832,335.45
Including: cash on hand 1,389,486.56 1,580,800.25
Bank deposits available for payment at any time 13,468,459,512.05 12,624,073,263.80
Other monetary funds available on demand 552,119,093.58 318,178,271.40
II. Ending balance of cash and cash equivalents 14,021,968,092.19 12,943,832,335.45
(3) Monetary funds that are not cash and cash equivalents
Unit: RMB
Reasons for not cash and
Item Current amount Amount of prior period
cash equivalents
Bank acceptance bill deposit 460,942,350.55 471,306,867.33
L/C deposit 275,710,042.40 475,632,655.05
These are all deposits for
Loan deposit 132,500,000.00 250,000,000.00 related businesses and are
subject to restrictions on use.
Guarantee deposit 1,470,312.71 20,001,187.21
Silver lease deposit 672,580,625.41
The accrued interest on the
Accrued interest on deposits 48,277.80 30,250.00
deposit
ETC deposit 1,000.00 ETC frozen funds
Total 870,670,983.46 1,889,552,585.00
(1) Monetary items in foreign currency
Unit: RMB
Ending balance in foreign
Item Conversion exchange rate Ending balance in RMB
currencies
Monetary fund
Including: USD 746,259,108.71 7.1586 5,342,170,455.59
EUR 4,505,592.36 8.4024 37,857,789.27
HKD 671,487.91 0.9120 612,363.40
Pound 2.70 9.8300 26.54
Singapore dollar 1,566,637.71 5.6179 8,801,214.02
Accounts receivable
Including: USD 510,377,633.83 7.1586 3,653,589,329.59
Other receivables
Including: USD 15,928,130.56 7.1586 114,023,115.42
Other payables
Including: USD 14,648,353.51 7.1586 104,861,703.44
Short-term borrowings
Including: USD 67,552,540.68 7.1586 483,581,617.71
Accounts payable
Including: USD 728,259,932.29 7.1586 5,213,321,551.33
EUR 6,694,997.04 8.4024 56,254,043.13
Pounds 678,025.00 9.8300 6,664,985.75
Long-term borrowings
Including: EUR 44,794,643.66 8.4024 376,382,513.89
Non-current liabilities due
within one year
Including: EUR 6,399,234.82 8.4024 53,768,930.65
(2) Description of the overseas operating entity, including important overseas operating entity, shall
disclose its main overseas business place, recording currency and the basis for selection, and shall also
disclose reasons in the case of changes in recording currency.
Applicable □Not applicable
Place of Recording
Company name Selection basis
registration currency
Hong Kong Sheng Hui Co., Ltd. Hong Kong, China
Hong Kong Yisheng Dahua Petrochemical Co.,
Hong Kong, China
Ltd.
Yisheng New Materials Trading Co., Ltd. Hong Kong, China
General settlement currency for
Rongsheng Petrochemical (Hong Kong) Co., Ltd. Hong Kong, China USD
company operation
Rongsheng Petrochemical (Singapore) Pte. Ltd. Singapore
Zhejiang Petroleum & Chemical (Singapore) Pte.
Singapore
Ltd
Rongtong Logistics (Singapore) Pte. Ltd. Singapore
(1) The Company as the lessee
Applicable □Not applicable
Variable lease payments not included in the measurement of lease liabilities
□Applicable Not applicable
Simplified treatment of short-term leases or rental expenses of low-value assets
Applicable □Not applicable
the notes to the financial statements in Note V (29). The amounts of short-term lease charges and low-value asset
lease charges recognized in profit or loss are as follows:
Unit: RMB
Amount in the current Amount of the same
Item
period period last year
Short-term lease expense 14,257,090.92 11,182,468.20
Lease expense of low value assets (exclude short-term lease)
Total 14,257,090.92 11,182,468.20
Unit: RMB
Amount in the current Amount of the same period
Item
period last year
Interest expense on lease liabilities 3,863,755.25 4,148,066.09
Total cash outflow related to leasing 15,936,527.01 14,128,824.16
Note XII 1 (II) to these financial statements.
(2) The Company as the lessor
Operating lease as lessor
Applicable □Not applicable
Unit: RMB
Amount of the same period last
Item Amount in the current period
year
Leasing revenue 3,844,639.80 425,788.99
Total 3,844,639.80 425,788.99
Financial lease as lessor
□Applicable Not applicable
Undiscounted lease receipts for each of the next five years
Applicable □Not applicable
Unit: RMB
Undiscounted annual lease receivables
Item
Ending amount Beginning amount
Year 1 2,137,089.00 2,137,089.00
Year 2 2,137,089.00 2,137,089.00
Year 3 2,137,089.00 2,137,089.00
Year 4 2,137,089.00 2,137,089.00
Year 5 2,137,089.00 2,137,089.00
Total undiscounted lease payments
beyond 5 years
(3) Recognition of the profit and loss of financial leasing sales as a manufacturer or distributor
□Applicable Not applicable
Supplier financing arrangements
(1) Terms and conditions of supplier financing arrangements
Unit: RMB
Bank Loan amount Borrowing date Payment due date Guarantor
Ningbo Xiepu Sub-branch of Rongsheng
Agricultural Bank of China Co., Ltd. Holding
Ningbo Xiepu Sub-branch of Rongsheng
Agricultural Bank of China Co., Ltd. Holding
Ningbo Xiepu Sub-branch of Rongsheng
Agricultural Bank of China Co., Ltd. Holding
Ningbo Xiepu Sub-branch of Rongsheng
Agricultural Bank of China Co., Ltd. Holding
Xiaoshan Sub-branch of China Rongsheng
Construction Bank Corporation Holding
Xiaoshan Sub-branch of China Rongsheng
Construction Bank Corporation Holding
Xiaoshan Sub-branch of China Rongsheng
Construction Bank Corporation Holding
Xiaoshan Sub-branch of China Rongsheng
Construction Bank Corporation Holding
Xiaoshan Sub-branch of China Rongsheng
Construction Bank Corporation Holding
Xiaoshan Sub-branch of China Rongsheng
Construction Bank Corporation Holding
Xiaoshan Sub-branch of China Rongsheng
Construction Bank Corporation Holding
(2) Liability details related to supplier financing arrangements
Unit: RMB
Item Amount by the end of the period Amount at the beginning of the period
Short-term borrowings 712,203,975.00 502,000,000.00
Including: Amounts already
received by suppliers
Subtotal 712,203,975.00 502,000,000.00
Due date range of payment at the Due date range of payment at
Item
end of the period the beginning of the period
March 17, 2025-September 16,
Liabilities classified under financing arrangements September 16, 2025-May 15, 2026
Unit: RMB
Amount by the end of Amount at the beginning
Non-cash change type
the period of the period
Reclassification from accounts payable to short-term borrowings 712,203,975.00 502,000,000.00
VIII. R&D expenditure
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item
period period
Direct input 1,705,509,902.92 1,665,062,813.44
Depreciation and amortization 347,075,587.62 454,966,340.52
Employee compensation 275,138,926.71 362,187,152.24
Equipment commissioning fee 6,088,072.49 8,550,243.78
Outsourcing R&D and others 35,279,205.42 6,163,262.37
Total 2,369,091,695.16 2,496,929,812.35
Including: expensed R&D expenditure 2,369,091,695.16 2,496,929,812.35
IX. Consolidation scope changes
Changes in consolidation scope for other reasons
Decrease in consolidation scope
Net assets on Profit from beginning
Date of
Company name Method of equity disposal the disposal of the period to
disposal
date disposal date
Zhejiang Rongshen New Industrial and commercial
March 24, 2025
Materials Co., Ltd. deregistration
Zhejiang Shengcheng New Industrial and commercial
March 24, 2025
Materials Co., Ltd deregistration
Zhejiang Huiyu New Industrial and commercial
March 24, 2025
Materials Co., Ltd. deregistration
X. Interests in other entities
(1) Group composition
Unit：RMB 10,000
Registered Principal place of Place of Business Shareholding ratio
Name of subsidiary Shareholding ratio
capital business registration nature Direct Indirect
Zhejiang Shengyuan Chemical Fiber Co., Ltd. 200,000.00 Xiaoshan, Zhejiang Xiaoshan, Zhejiang Manufacturing 100.00% Setup
Business
Hong Kong Sheng Hui Co., Ltd. USD1,970.00 Hong Kong, China Hong Kong, China Commercial 100.00% combinations under
the same control
USD10,526.0
Ningbo Yisheng Chemical Co., Ltd. Ningbo, Zhejiang Ningbo, Zhejiang Manufacturing 95.00% Setup
Dalian Yisheng Investment Co., Ltd. 201,800.00 Dalian, Liaoning Dalian, Liaoning Manufacturing 70.00% Setup
Yisheng Dahua Petrochemical Co., Ltd. 245,645.00 Dalian, Liaoning Dalian, Liaoning Manufacturing 84.60% Setup
Hong Kong Yisheng Dahua Petrochemical Co., Ltd. USD10.00 Hong Kong, China Hong Kong, China Commercial 100.00% Setup
Dalian Rongxincheng Trading Co., Ltd. 1,000.00 Dalian, Liaoning Dalian, Liaoning Commercial 100.00% Setup
Zhejiang Rongtong Chemical Fiber New Material Co., Ltd. 5,000.00 Xiaoshan, Zhejiang Xiaoshan, Zhejiang Commercial 100.00% Setup
Zhejiang Rongyi Chemical Fiber Co., Ltd. 1,000.00 Shaoxing, Zhejiang Shaoxing, Zhejiang Commercial 100.00% Setup
Dalian Yisheng New Materials Co., Ltd. 2,000.00 Dalian, Liaoning Dalian, Liaoning Manufacturing 100.00% Setup
Business
Ningbo Zhongjin Petrochemical Co., Ltd. 600,000.00 Ningbo, Zhejiang Ningbo, Zhejiang Manufacturing 100.00% combinations under
the same control
Ningbo Niluoshan New Energy Co., Ltd. 36,000.00 Ningbo, Zhejiang Ningbo, Zhejiang Manufacturing 100.00% Setup
Zhejiang Yisheng New Materials Co., Ltd. 300,000.00 Ningbo, Zhejiang Ningbo, Zhejiang Manufacturing 51.00% Business
combination not
involving
enterprises under
common control
Ningbo Rongxincheng Trading Co., Ltd. 1,000.00 Ningbo, Zhejiang Ningbo, Zhejiang Commercial 100.00% Setup
Yisheng New Materials Trading Co., Ltd. HKD100.00 Hong Kong, China Hong Kong, China Commercial 100.00% Setup
Zhejiang Rongyi Trading Co., Ltd. 1,000.00 Ningbo, Zhejiang Ningbo, Zhejiang Commercial 100.00% Setup
Rongsheng Petrochemical (Singapore) Pte. Ltd. USD10,100.00 Singapore Singapore Commercial 100.00% Setup
Rongtong Logistics (Singapore) Pte. Ltd. USD0.0001 Singapore Singapore Commercial 100.00% Setup
Rongsheng Petrochemical (Hong Kong) Co., Ltd. USD10.00 Hong Kong Hong Kong Commercial 100.00% Setup
Rongsheng International Trading Co., Ltd. 10,000.00 Xiaoshan, Zhejiang Xiaoshan, Zhejiang Commercial 100.00% Setup
Business
Zhejiang Petroleum & Chemical Co., Ltd. 5,880,000.00 Zhoushan, Zhejiang Zhoushan, Zhejiang Manufacturing 51.00% combinations under
the same control
ZPC Zheyou Technology Co., Ltd. 41,220.00 Zhoushan, Zhejiang Zhoushan, Zhejiang Manufacturing 70.00% Setup
Zhejiang Petroleum & Chemical (Singapore) Pte. Ltd. USD10.00 Singapore Singapore Commercial 100.00% Setup
ZPC Jintang Logistics Co., Ltd. 200,000.00 Zhoushan, Zhejiang Zhoushan, Zhejiang Commercial 100.00% Setup
Zhejiang ZPC Sales Co., Ltd. 10,000.00 Xiaoshan, Zhejiang Xiaoshan, Zhejiang Commercial 100.00% Setup
Zhoushan ZPC Sales Co., Ltd. 6,000.00 Zhoushan, Zhejiang Zhoushan, Zhejiang Commercial 100.00% Setup
Zhoushan ZPC Trading Co., Ltd. 6,000.00 Zhoushan, Zhejiang Zhoushan, Zhejiang Commercial 100.00% Setup
Ningbo ZPC Sales Co., Ltd. 1,000.00 Ningbo, Zhejiang Ningbo, Zhejiang Commercial 100.00% Setup
Taizhou ZPC Sales Co., Ltd. 1,000.00 Taizhou, Zhejiang Taizhou, Zhejiang Commercial 100.00% Setup
ZPC (Zhejiang Free Trade Zone) Green Petrochemical
Research Institute Co., Ltd.
Zhejiang ZPC Power Generation Co., Ltd. 10,000.00 Zhoushan, Zhejiang Zhoushan, Zhejiang Manufacturing 100.00% Setup
Zhoushan ZPC Logistics Co., Ltd. 1,000.00 Zhoushan, Zhejiang Zhoushan, Zhejiang Road transport 100.00% Setup
Rongxiang Chemical Fiber Co., Ltd. 20,000.00 Xiaoshan, Zhejiang Xiaoshan, Zhejiang Manufacturing 100.00% Setup
Zhejiang Yongsheng Technology Co. Ltd. 102,000.00 Shaoxing, Zhejiang Shaoxing, Zhejiang Manufacturing 70.00% Business
combinations under
the same control
Hainan Rongsheng International Trade Co., Ltd. 10,000.00 Danzhou, Hainan Danzhou, Hainan Commercial 100.00% Setup
Rongsheng Chemical (Shanghai) Co., Ltd. 5,000.00 Shanghai, China Shanghai, China Commercial 100.00% Setup
Rongsheng New Materials (Zhoushan) Co., Ltd. 500,000.00 Zhoushan, Zhejiang Zhoushan, Zhejiang Manufacturing 100.00% Setup
Rongsheng Energy (Zhoushan) Co., Ltd. 100,000.00 Zhoushan, Zhejiang Zhoushan, Zhejiang Manufacturing 100.00% Setup
Rongsheng New Materials (Taizhou) Co., Ltd. 100,000.00 Taizhou, Zhejiang Taizhou, Zhejiang Manufacturing 90.00% Setup
(2) Major non-wholly owned subsidiaries
Unit：RMB 10,000
Dividend announced to be
Gain and loss attributable to
Shareholding ratio of distributed to minority Ending balance of minority
Name of subsidiary minority shareholders in the
minority shareholders shareholders in the current equity
current period
period
Dalian Yisheng Investment Co., Ltd. 30.00% 242.61 200,882.06
Yisheng Dahua Petrochemical Co., Ltd. 15.40% 106.51 101,426.69
Zhejiang Yisheng New Materials Co., Ltd. 49.00% 1,423.38 88,644.72
Zhejiang Petroleum & Chemical Co., Ltd. 49.00% 105,783.03 4,782,593.12
(3) Main financial information of important partially-owned subsidiaries
Unit: RMB
Ending balance Beginning balance
Name of subsidiary Non- Non- Non- Non-
Current Total Current Total Current Total Current Total
current current current current
assets assets liabilities liabilities assets assets liabilities liabilities
assets liabilities assets liabilities
Dalian Yisheng 7,687,708, 10,346,282 18,033,990 8,465,596, 2,041,360, 10,506,956 7,147,381 10,529,90 17,677,28 8,836,810 1,312,253 10,149,06
Investment Co., Ltd. 607.04 ,155.21 ,762.25 890.52 083.43 ,973.95 ,977.77 6,295.30 8,273.07 ,317.71 ,421.18 3,738.89
Yisheng Dahua 9,523,089, 6,822,091, 16,345,181 8,464,268, 2,041,360, 10,505,628 8,982,897 7,001,071 15,983,96 8,835,075 1,312,253 10,147,32
Petrochemical Co., Ltd. 850.24 944.50 ,794.74 392.65 083.43 ,476.08 ,616.49 ,852.84 9,469.33 ,077.46 ,421.18 8,498.64
Zhejiang Yisheng New 2,566,311, 8,170,723, 10,737,034 6,911,322, 2,012,735, 8,924,057, 2,274,146 8,460,719 10,734,86 6,801,500 2,150,149 8,951,650
Materials Co., Ltd. 212.82 186.68 ,399.50 028.39 348.97 377.36 ,496.09 ,914.06 6,410.15 ,656.59 ,494.40 ,150.99
Zhejiang Petroleum & 44,496,081 247,673,75 292,169,83 97,520,551 97,535,853 195,056,40 49,531,70 244,769,3 294,301,0 95,805,92 103,580,7 199,386,6
Chemical Co., Ltd. ,381.44 6,049.09 7,430.53 ,200.08 ,464.97 4,665.05 7,967.86 29,281.62 37,249.48 2,176.62 77,338.89 99,515.51
Unit: RMB
Amount incurred in the current period Amount incurred in the previous period
Name of subsidiary Total Total
Cash flow from Operating Cash flow from
Operating income Net profit comprehensive Net profit comprehensive
financing activities income financing activities
income income
Dalian Yisheng 15,791,532,876.
Investment Co., Ltd. 12
Yisheng Dahua 15,791,532,876.
Petrochemical Co., Ltd. 12
Zhejiang Yisheng New 16,773,628,679.
Materials Co., Ltd. 50
Zhejiang Petroleum & 132,218,458,401 2,029,903,422.1
Chemical Co., Ltd. .42 9
(1) Important joint ventures or associated enterprises
Shareholding ratio Accounting method
Name of the joint venture or associated Principal place of
Place of registration Business nature for investments in
enterprise business Direct Indirect
joint ventures and
associated enterprises
Accounting by the
Zhejiang Yisheng Petrochemical Co., Ltd. Ningbo, Zhejiang Ningbo, Zhejiang Manufacturing 16.07% 13.93%
equity method
Accounting by the
Hainan Yisheng Petrochemical Co., Ltd. Yangpu, Hainan Yangpu, Hainan Manufacturing 50.00%
equity method
Zhejiang Xiaoshan Rural Commercial Bank Co., Accounting by the
Xiaoshan, Zhejiang Xiaoshan, Zhejiang Finance 9.712%
Ltd. equity method
Basis for one having voting rights of below 20% and significant influences or one having voting rights of 20% or above but no significant influence:
The company holds 9.712% of the shares of Zhejiang Xiaoshan Rural Commercial Bank Co., Ltd. and has a representative on the board of directors of the
company, who has the substantive right to participate in decision-making. The representative can participate in the formulation of financial and operating policies of
Zhejiang Xiaoshan Rural Commercial Bank Co., Ltd., so as to exert significant influence on it.
(2) Main financial information of important associated enterprises
Unit: RMB
Ending balance/amount incurred in the current period Beginning balance/amount incurred in the prior period
Zhejiang Zhejiang
Zhejiang Yisheng Hainan Yisheng Zhejiang Yisheng Hainan Yisheng
Xiaoshan Rural Xiaoshan Rural
Petrochemical Petrochemical Petrochemical Petrochemical
Commercial Bank Commercial Bank
Co., Ltd. Co., Ltd. Co., Ltd. Co., Ltd.
Co., Ltd. Co., Ltd.
Current assets 18,746,547,975.18 8,848,625,803.12 278,228,537,997.46 18,007,943,478.45 8,131,053,257.49 260,652,281,183.67
Non-current assets 2,547,157,403.10 11,230,242,895.62 124,356,159,876.67 2,741,961,606.23 11,585,208,302.00 131,191,013,484.36
Total assets 21,293,705,378.28 20,078,868,698.74 402,584,697,874.13 20,749,905,084.68 19,716,261,559.49 391,843,294,668.03
Current liabilities 10,582,296,551.42 8,127,427,787.47 352,165,320,020.88 10,573,546,592.33 8,089,815,969.61 335,547,942,251.55
Non-current liabilities 1,392,582,147.50 5,091,550,626.40 21,596,760,509.77 984,230,000.00 4,755,208,149.68 28,342,070,574.28
Total liabilities 11,974,878,698.92 13,218,978,413.87 373,762,080,530.65 11,557,776,592.33 12,845,024,119.29 363,890,012,825.83
Minority equity 304,277,227.89 313,277,227.89
Shareholders' equity attributable to the parent company 9,318,826,679.36 6,859,890,284.87 28,518,340,115.59 9,192,128,492.35 6,871,237,440.20 27,640,173,446.18
Share of net assets calculated by the shareholding ratio 2,795,648,003.81 3,429,945,142.43 2,769,644,155.35 2,757,638,547.71 3,435,618,720.10 2,684,413,645.09
Adjustments
- Goodwill 102,420,730.97 4,040,414.35 102,420,730.97 4,040,414.35
- Unrealized profits from internal transactions -7,376,979.08 -8,406,325.00
- Others 11,273,596.92 1,495,653.17 11,273,596.90 1,546,596.41
Book value of equity investment in associated enterprise 2,806,921,600.73 3,524,988,894.32 2,775,180,222.87 2,768,912,144.61 3,529,633,126.07 2,690,000,655.85
Fair value of equity investment in associated enterprise
with the public offer
Operating income 12,398,241,720.04 15,031,996,594.13 3,581,957,831.75 12,104,143,062.27 16,355,492,690.18 4,145,047,089.21
Net profit 126,520,376.17 1,333,455.86 1,795,647,866.84 72,216,785.54 112,481,708.13 1,611,200,043.73
Net profit from termination of operation
Other comprehensive income 177,810.84 -12,680,611.20 -450,524,766.61 -875,282.76 -40,912,892.55 717,977,303.36
Total comprehensive income 126,698,187.01 -11,347,155.34 1,345,123,100.23 71,341,502.78 71,568,815.58 2,329,177,347.09
Dividends received from associated enterprises in the
current year
(3) Summary of the financial information of minor joint ventures and associated enterprises
Unit: RMB
Ending balance/amount Beginning balance/amount
incurred in the current period incurred in the prior period
Associated enterprise:
Total of the following items calculated as per the respective
shareholding proportion
Joint venture:
Total book value of investments 607,997,992.35 528,090,394.64
Total of the following items calculated as per the respective
shareholding proportion
- Net profit -21,942,494.89 -45,694,583.93
- Other comprehensive income -1,902,091.68 -6,136,933.88
- Total comprehensive income -23,844,586.58 -51,831,517.81
XI. Government subsidies
receivable
Applicable □ Not applicable
The ending balance of accounts receivable: RMB 1,042,056,416.00.
Applicable □ Not applicable
As of the date of approval for issuance of this financial report, the Company still had government grants
receivable of RMB 1,012,056,416.00 pending payment by finance authorities.
Applicable □ Not applicable
Unit: RMB
Amount
Amount of Amount carried
Other
additional included in forward to Related to
Accounting Beginning change in Ending
subsidy in current non- other assets/incom
subject balance current balance
current operating income in e
period
period income current
period
Deferred 198,629,966. 58,145,100.0 13,637,139.3 243,137,926. Related to
income 29 0 8 91 assets
Applicable □ Not applicable
Unit: RMB
Amount incurred in the current Amount incurred in the
Accounting subject
period previous period
Amount of government subsidies included in other income 415,205,847.28 367,201,620.64
Total 415,205,847.28 367,201,620.64
XII. Risks related to financial instruments
Risks Relating to Financial Instruments The Company conducts risk management to seek the appropriate
balance between the risks and benefits from its use of financial instruments and to mitigate the adverse effects that
the risks of financial instruments have on the Company's financial performance. Based on this objective, the
Company's basic policy for risk management is to confirm and analyze all kinds of risks faced by the Company,
set up an appropriate risk bottom line, conduct risk management, and monitor all risks promptly and reliably to
limit risks within a specific range.
The Company faces various risks related to financial instruments in its daily activities, mainly including
credit risk, liquidity risk and market risk. The Management has deliberated and approved the policies governing
such risks, as outlined below.
(I) Credit risk
Credit risk refers to the risk that may bring financial loss to one party of the financial tool caused by the other
party's failure to perform its obligations in the contract.
(1) Evaluation method of credit risk
On each balance sheet date, the Company assesses whether the credit risk of relevant financial instruments
has increased significantly since initial recognition. When confirming whether the credit risks have increased
significantly since the initial recognition, the Company considers reasonable and well-founded information,
including qualitative and quantitative analysis based on the Company’s history data, external credit risk ratings
and forward-looking information, without incurring additional costs or efforts. Based on a single financial
instrument or a combination of financial instruments with similar credit risk characteristics, the Company
compares the default risks of the financial instruments on the balance sheet date with the default risks on the
initial recognition date so as to determine changes in the expected default risks of financial instruments during the
duration.
When one or more of the following quantitative and qualitative criteria is/are triggered, the Company
considers that the credit risks of financial instruments have increased significantly:
balance sheet date increases by more than a certain proportion compared with the initial recognition.
situation, and existing or expected changes in the technical, market, economic or legal environment, which will
have a significant adverse impact on the debtor's repayment ability to the Company, etc.
(2) Definition of default and credit-impaired assets
When a financial instrument meets one or more of the following conditions, the Company defines the
financial asset as a default, and its standard is consistent with the definition of credit impairment:
due to economic or contractual considerations related to the debtor's financial difficulties.
Key parameters for measuring expected credit loss include the probability of default (PD), loss given default
(LGD) and exposure at default (EAD). The Company has taken into account the quantitative analysis and
forward-looking information of historical statistical data (such as counterparty rating, guarantee method, collateral
type and repayment method), and established the PD, LGD and EAD models.
detailed in Notes VII 3 and VII 5 to these financial statements.
The credit risk to the Company mainly comes from monetary funds and accounts receivable. In order to
control the above related risks, the Company has taken the following measures respectively.
(1) Monetary fund
The Company deposits bank deposits and other monetary funds in financial institutions with high credit
rating, so its credit risk is low.
(2) Receivables
The Company regularly evaluates the credit of customers who trade by credit. According to the credit
evaluation results, the Company chooses to trade with recognized customers with good credit and monitors their
accounts receivable balance to ensure that the Company will not face significant bad debt risk.
Since the Company only conducts transactions with recognized third parties with good credit, no collateral is
required. Credit risk concentration is managed according to customers. As of June 30, 2025, the Company has a
certain credit concentration risk, because 48.90% (December 31, 2024: 49.37%) of the Company's accounts
receivable are from the top five customers ranking in terms of balance. The Company holds no collateral or other
credit enhancement for the balance of accounts receivable.
The maximum credit risk exposure of the Company is the book value of each financial asset on the balance
sheet.
(II) Liquidity risk
Liquidity risk refers to the risk of occurrence of capital shortage when the Company fulfills its obligations
settled by delivering cash or other financial assets. Liquidity risk may result from the inability to sell financial
assets at fair value as soon as possible; or because the other party is unable to repay its contractual debts; or from
debts due in advance; or from the inability to generate expected cash flow.
In order to control this risk, the Company comprehensively uses various financing means, such as bill
settlement and bank loan, and adopts the method of the appropriate combination of long-term and short-term
financing methods to optimize the financing structure, so as to maintain the balance between financing
sustainability and flexibility. The Company has obtained bank credit lines from a number of commercial banks to
meet working capital needs and capital expenditure.
Financial liabilities are classified by remaining maturity date
Unit: RMB
Ending balance
Item Undiscounted
Book value Within 1 year 1-3 years Above 3 years
contract price
Bank loans 204,809,886,974.22 213,739,469,190.12 89,336,135,597.12 61,695,446,460.44 62,707,887,132.56
Trading financial
liabilities
Derivative
financial liabilities
Notes payable 2,356,024,860.95 2,356,024,860.95 2,356,024,860.95
Accounts payable 63,885,655,674.61 63,885,655,674.61 63,885,655,674.61
Other payables 9,068,973,579.80 9,068,973,579.80 9,068,973,579.80
Lease liabilities 182,033,030.49 223,875,209.38 28,009,114.38 42,735,790.08 153,130,304.92
Subtotal 281,883,320,702.94 290,854,745,097.73 166,255,545,409.73 61,738,182,250.52 62,861,017,437.48
(Cont.)
Amount at the end of last year
Item Undiscounted
Book value Within 1 year 1-3 years Above 3 years
contract price
Bank loans 201,910,607,770.29 220,409,646,422.41 85,781,763,934.67 65,369,822,673.33 69,258,059,814.41
Trading financial
liabilities
Derivative
financial liabilities
Notes payable 3,204,293,497.95 3,204,293,497.95 3,204,293,497.95
Accounts payable 59,032,829,819.11 59,032,829,819.11 59,032,829,819.11
Other payables 6,588,756,879.48 6,588,756,879.48 6,588,756,879.48
Lease liabilities 192,822,570.63 240,977,160.43 29,438,043.89 47,718,409.83 163,820,706.71
Subtotal 272,233,222,477.22 290,780,415,719.14 155,940,994,114.86 65,417,541,083.16 69,421,880,521.12
(III) Market risk management
Market risk means a risk that the fair value or future cash flow of the financial instrument fluctuates due to
changes in market price. Market risk mainly includes interest rate risk and foreign exchange risk.
Interest rate risk refers to the risk that the fair value of financial instruments or cash flow in the future may
fluctuate due to changes in the market interest rate. The interest-bearing financial instruments with fixed interest
rates expose the Company to fair value interest rate risk, and the interest-bearing financial instruments with
floating interest rates expose the Company to cash flow interest rate risk. The Company determines the ratio of
fixed interest rate and floating interest rate financial instruments according to the market environment and
maintains an appropriate combination of financial instruments through regular review and monitoring. The cash
flow interest rate risk faced by the Company is mainly related to the bank borrowings with floating interest rates.
As of June 30, 2025, the bank borrowings with a floating interest rate of the Company are RMB
changes by 50 benchmark points, we believe that it will not have a significant impact on the total profits and
shareholders' equity.
Foreign exchange risk means a risk that the fair value or future cash flow of a financial instrument fluctuates
due to a change in the foreign exchange rate. The risk of exchange rate changes faced by the Company is mainly
related to the Company's foreign currency monetary assets and liabilities. For foreign currency assets and
liabilities, in case of short-term imbalance, the Company will buy and sell foreign currencies at the market
exchange rate when necessary to ensure that the net risk exposure is maintained at an acceptable level.
The Company's monetary assets and liabilities in foreign currencies at the end of the period are detailed in
Notes to the Financial Statements VII 57 (1) to the financial statements.
(1) Classification by transfer method
Applicable □ Not applicable
Unit: RMB
Nature of transferred Amount of transferred Derecognition Judgment basis for
Transfer method
financial assets financial assets status derecognition
Accounts receivable Substantially all risks and
Bill discounting 1,945,849,491.31 De-recognition
financing rewards have been transferred
Accounts receivable Substantially all risks and
Bill endorsement 85,946,544.09 De-recognition
financing rewards have been transferred
Total 2,031,796,035.40
(2) Financial assets derecognized due to transfer
Applicable □ Not applicable
Unit: RMB
Method of financial Amount of derecognized Gains or losses related to
Item
asset transfer financial assets derecognition
Accounts receivable financing Discounting 1,945,849,491.31 2,663,067.98
Accounts receivable financing Endorsement 85,946,544.09
Total 2,031,796,035.40 2,663,067.98
(3) Financial assets transferred with continuing involved assets
□ Applicable Not applicable
XIII. Disclosure of fair value
Unit: RMB
Ending fair value
Item Level 1 fair value Level 2 fair value Level 3 fair value
Total
measurement measurement measurement
I. Sustained measurement of fair value -- -- -- --
Total assets continuously measured at fair
value
(1) Fair value of leased silver 1,484,797,113.33 1,484,797,113.33
Total liabilities continuously measured at
fair value
II. Non-sustainable measurement of fair
-- -- -- --
value
measurement items
The Company’s Level 1 fair value measured derivative financial assets/liabilities consist of futures or paper
contracts held at the end of the reporting period. Trading financial liabilities represent obligations to repay leased
silver upon maturity. Their unrealized gains or losses are determined based on the market fair value.
parameters for continuous and non-continuous second-level fair value measurement items
The Company’s derivative financial assets/liabilities measured at Level 2 fair value consist of forward
foreign exchange contracts, whose fair value is determined by the Company using the present value of the
difference between the delivery exchange rate specified in the forward foreign exchange contract and the market
forward exchange rate on the balance sheet date.
parameters for continuous and non-continuous third-level fair value measurement items
The Company’s receivables financing measured at Level 3 fair value consist of bank acceptance bills, with
less credit risk and short remaining maturities, whose fair value is determined by the Company based on their face
value.
XIV. Related parties and related-party transactions
Proportion of
Proportion of the
the
Place of Company’s
Name of parent Registered Company’s
registratio Business nature voting rights held
company capital shares held by
n by the parent
the parent
company
company
Zhejiang Rongsheng Xiaoshan, Industrial investment RMB 53.81% 53.81%
Holding Group Co., Ltd. Zhejiang 834,664,000
Note to information about the Company’s parent company
The ultimate controlling party of the Company is Li Shuirong.
Other notes:
Li Shuirong directly holds 6.35% shares of the Company; Zhejiang Rongsheng Holding Group Co., Ltd.
holds 53.81% of the shares of the Company, and Li Shuirong holds 63.523% of the shares of Zhejiang Rongsheng
Holding Group Co., Ltd., thus indirectly holding 34.18% of the shares of the Company, so he holds a total of
See Note X for details of the Company’s subsidiaries.
See Note X for details of important joint ventures or associated enterprises of the Company.
Other joint ventures and associated enterprises that form balances in related party transactions with the
Company in the current or previous period are as follows:
Name of joint venture or associated enterprise Relation with the Company
Ningbo Hengyi Trading Co., Ltd. Associated enterprise
ZPC-ENN (Zhoushan) Gas Co., Ltd. Associated enterprise
Zhejiang Dingsheng Petrochemical Engineering Co., Ltd. Associated enterprise
Ningbo Coastal Public Pipe Gallery Co., Ltd. Associated enterprise
Zhejiang Zhenshi Port Service Co., Ltd. Associated enterprise
Zhejiang Derong Chemicals Co., Ltd. Associated enterprise
Zhoushan ZPC Zhougang Tugboat Co., Ltd. Associated enterprise
Zhejiang Dongjiang Green Petrochemical Technology Innovation Center Co., Ltd. Associated enterprise
Relationship between other related parties and the
Name of other related parties
Company
Li Jumei Close family member of the actual controller
Sanyuan Holding Group Co., Ltd. Controlled by a family member close to the actual controller
Sanyuan Holding Group Hangzhou Thermal Power Co., Ltd. Controlled by a family member close to the actual controller
Zhejiang Saintyear Textile Co., Ltd. Controlled by a family member close to the actual controller
Zhejiang Rongxiang Thermal Power Co., Ltd. The same ultimate actual controller
Zhejiang Rongtong Logistics Co., Ltd. The same ultimate actual controller
Ningbo Rongxiang Logistics Co., Ltd. The same ultimate actual controller
Thermal Power Co., Ltd. of Ningbo Economic and
The same ultimate actual controller
Technological Development Zone
Ningbo United Group Co., Ltd. The same ultimate actual controller
Qijiashan Hotel of Ningbo United Group Co., Ltd. The same ultimate actual controller
Suzhou Shenghui Equipment Co., Ltd. The same ultimate actual controller
Hangzhou Shengyuan Real Estate Development Co., Ltd. The same ultimate actual controller
Hangzhou Shengyuan Property Service Co., Ltd. The same ultimate actual controller
Daishan Chenyu Real Estate Co., Ltd. The same ultimate actual controller
Rongsheng Coal Co., Ltd. The same ultimate actual controller
Rongsheng Energy Co., Ltd. The same ultimate actual controller
Ningbo Qingzhi Chemical Terminal Co., Ltd. The same ultimate actual controller
Ningbo Qijiashan Chemical Terminal Co., Ltd. The same ultimate actual controller
Ningbo Haineng Blend Oil Co., Ltd. The same ultimate actual controller
Hainan Shenggu Petrochemical Equipment Investment Co.,
The same ultimate actual controller
Ltd.
Hong Kong New Hengrong Co., Ltd. Subsidiary of Hainan Yisheng Petrochemical Co., Ltd.
Affiliate of Hainan Shenggu Petrochemical Equipment
Shanghai Shenglanhui Technology Co., Ltd
Investment Co., Ltd.
Hong Kong Yisheng Co., Ltd. Subsidiary of Hong Kong Yisheng Co., Ltd.
Ningbo Shengmao Trading Co., Ltd. Subsidiary of Hong Kong Yisheng Co., Ltd.
Zhejiang Yixin Chemical Fiber Co., Ltd. Subsidiary of Hong Kong Yisheng Co., Ltd.
Dongzhan Shipping Co., Ltd. Associated enterprise of Zhejiang Rongtong Logistics Co., Ltd.
Aramco Overseas Company B.V. Shareholders
Saudi Arabian Oil Company Parent company of Aramco Overseas Company B.V.
Aramco Trading Singapore Pte.Ltd. Subsidiary of Saudi Arabian Oil Company
Saudi Basic Industries Corporation Subsidiary of Saudi Arabian Oil Company
Aramco Trading Company Subsidiary of Saudi Arabian Oil Company
Aramco Trading Fujairah Fze Subsidiary of Aramco Trading Company
Saudi Basic Industries Corporation Subsidiary of Saudi Arabian Oil Company
Shanghai Huanqiu Engineering Co., Ltd. Company where the actual controller serves as the director
(1) Related party transactions regarding purchase and sales of goods as well as provision and acceptance
of labor services
Table of the purchasing of goods and receiving of labor services
Unit: RMB
Contents of The amount Whether it Amount
Trading limit
Related party related party incurred in exceeds the incurred in
approved
transaction the current approved the previous
period limit or not period
(Y/N)
Zhejiang Rongsheng Holding Group Coal and other 5,363,583,841. 15,000,000,00 6,422,702,073.
N
Co., Ltd. materials 91 0.00 67
Zhejiang Rongtong Logistics Co., 269,187,462.0 800,000,000.0 368,890,405.9
Freight N
Ltd. 4 0 4
Sanyuan Holding Group Hangzhou
Steam 1,608,839.45 30,000,000.00 N 6,641,229.37
Thermal Power Co., Ltd.
Work clothes
Zhejiang Saintyear Textile Co., Ltd. and other 2,884,576.99 10,000,000.00 N 3,111,060.18
materials
Ningbo Hengyi Trading Co., Ltd. PTA N
Lump sum fee
Ningbo Qingzhi Chemical Terminal 100,000,000.0
for port 32,566,684.62 N 33,305,366.08
Co., Ltd. 0
operation
Ningbo Rongxiang Logistics Co., 100,000,000.0
Freight 25,462,670.38 N 23,856,257.17
Ltd. 0
Hainan Yisheng Petrochemical Co.,
PTA, etc. 20,000,000.00 N 19,644,839.29
Ltd.
Suzhou Shenghui Equipment Co., Equipment and 600,000,000.0 137,229,365.8
Ltd. materials 0 2
Zhejiang Yisheng Petrochemical Co., Isophthalic 155,427,700.4 350,000,000.0 114,492,123.9
N
Ltd. acid 1 0 0
Warehousing
Ningbo Haineng Blend Oil Co., Ltd. 16,028,152.63 50,000,000.00 N 15,388,953.94
service
Auxiliary
materials, 192,962,427.9 400,000,000.0 203,148,866.1
Zhejiang Derong Chemicals Co., Ltd. N
processing 1 0 0
services, etc.
Dongzhan Shipping Co., Ltd. Freight 30,000,000.00 N 2,946,816.61
Shanghai Huanqiu Engineering Co., Engineering
Ltd. design service
Shanghai Shenglanhui Technology Process
Co., Ltd package
Device
guarantee
Zhejiang Dingsheng Petrochemical 554,834,939.3 1,500,000,000. 375,827,719.2
service and N
Engineering Co., Ltd. 2 00 2
maintenance
service
Zhejiang Rongxiang Thermal Power 139,884,731.1 500,000,000.0
Steam, etc. N
Co., Ltd. 1 0
Ethylene 245,616,299.3 130,000,000,0 327,762,663.2
Saudi Basic Industries Corporation N
glycol 1 00.00 4
Fuel oil, 3,864,871,275. 130,000,000,0 1,385,419,356.
Aramco Trading Singapore Pte.Ltd. N
gasoline 70 00.00 55
Saudi Arabian Oil Company Crude oil N
Qijiashan Hotel of Ningbo United
Hotel service 61,251.88 186,352.04
Group Co., Ltd.
Thermal Power Co., Ltd. of Ningbo
Economic and Technological Electricity 58,911.23 48,325.56
Development Zone
Technical and
Zhejiang Dongjiang Green
engineering 500,000,000.0
Petrochemical Technology Innovation 66,886,792.45 N
design 0
Center Co., Ltd.
services, etc.
Total
Selling commodities/offering labor
Unit: RMB
The amount
Contents of related party Amount incurred in
Related party incurred in the
transaction the previous period
current period
Automotive diesel, hardware
Zhejiang Rongtong Logistics Co., Ltd. 12,522,879.89 10,909,855.73
spare parts, PTA
Ningbo Shengmao Trading Co., Ltd. PX 84,896,025.76 60,823,639.63
Zhejiang Yixin Chemical Fiber Co., Ltd. PTA 331,991,150.43
Zhejiang Yisheng Petrochemical Co., Ltd. PTA, PX, etc. 4,125,443,141.84 4,027,827,808.20
Power energy, industrial
Zhejiang Derong Chemicals Co., Ltd. 277,850,733.43 387,441,764.35
pyrolysis C5, etc.
Zhejiang Dingsheng Petrochemical
Vehicle diesel 756,637.15 1,246,017.71
Engineering Co., Ltd.
Suzhou Shenghui Equipment Co., Ltd. Vehicle diesel 10,619.47 7,079.64
Ningbo Rongxiang Logistics Co., Ltd. Vehicle diesel 48,707.96 613,522.13
Zhejiang Rongxiang Thermal Power Co.,
Coal, electricity fees, diesel 7,784,451.12
Ltd.
Zhoushan ZPC Zhougang Tugboat Co., Ltd. Vehicle diesel 5,190,827.52 3,810,923.47
Ningbo Coastal Public Pipe Gallery Co.,
Service charge 368,415.00
Ltd.
Aramco Trading Singapore Pte.Ltd. Diesel 290,242,079.46 224,887,450.44
Saudi Basic Industries Corporation PTA 246,114,941.05 377,713,617.48
Ningbo Hengyi Trading Co., Ltd. PX 649,618,462.03 1,103,276,006.05
Total 5,700,847,921.67 6,530,548,835.26
(2) Related leasing
The Company acts as the Lessor:
Unit: RMB
Lease income Lease income
Type of leased
Name of lessee recognized in the recognized in the
asset
current period previous period
Rongtong Logistics Co., Ltd. House lease 425,788.99
Zhejiang Dingsheng Petrochemical Engineering Co., Ltd. House lease 25,729.89
Total 25,729.89 425,788.99
The Company acts as the Lessee:
Unit: RMB
Rental expenses for short-term leases
and leases of low-value assets on a Rent paid
simplified basis, if applicable
Type of
Name of lessor Amount Amount
leased asset Amount incurred Amount incurred
incurred in incurred in
in the current in the previous
the current the previous
period period
period period
Hangzhou Shengyuan Property
Parking space 28,000.00
Service Co., Ltd.
Hangzhou Shengyuan Real
House leasing 2,593,407.34 3,418,149.57
Estate Development Co., Ltd.
Zhejiang Rongsheng Holding
House leasing 550,458.72 275,229.36
Group Co., Ltd.
(3) Affiliated guarantees
The Company as guarantor
Unit: RMB
If the
guarantee
Starting date of the Ending date of the
Secured party Guarantee amount has been
guarantee guarantee
performed
(Y/N)
Sanyuan Holding Group Co., Ltd. 80,000,000.00 January 1, 2024 December 28, 2026 N
Zhejiang Rongsheng Holding Group
Co., Ltd.
Zhejiang Rongsheng Holding Group
Co., Ltd., the Company
Zhejiang Rongsheng Holding Group
Co., Ltd. [Note 1]
Zhejiang Rongsheng Holding Group
Co., Ltd. [Note 2]
Zhejiang Rongsheng Holding Group
Co., Ltd. [Note 3]
Zhejiang Rongsheng Holding Group
Co., Ltd. [Note 4]
Zhejiang Rongsheng Holding Group 14,751,515,841.33 July 31, 2018 July 30, 2030 N
Co., Ltd., the Company, Li Shuirong, Li
Jumei [Note 5]
Zhejiang Rongsheng Holding Group
Co., Ltd. [Note 6]
Zhejiang Rongsheng Holding Group
Co., Ltd. [Note 7]
Zhejiang Rongsheng Holding Group
Co., Ltd. [Note 8]
Zhejiang Rongsheng Holding Group
Co., Ltd. [Note 9]
Zhejiang Rongsheng Holding Group
Co., Ltd.
Zhejiang Rongsheng Holding Group
Co., Ltd.
Zhejiang Rongsheng Holding Group
Co., Ltd.
Zhejiang Rongsheng Holding Group
Co., Ltd.
Zhejiang Rongsheng Holding Group
Co., Ltd. [Note 10]
Zhejiang Rongsheng Holding Group
Co., Ltd. [Note 10]
Zhejiang Rongsheng Holding Group
Co., Ltd. [Note 11]
Zhejiang Rongsheng Holding Group
Co., Ltd. [Note 11]
Zhejiang Rongsheng Holding Group
Co., Ltd. [Note 12]
Zhejiang Rongsheng Holding Group
Co., Ltd. [Note 12]
Zhejiang Rongsheng Holding Group
Co., Ltd., the Company
Zhejiang Rongsheng Holding Group
Co., Ltd.
Description of related guarantee
[Note 1]: Zhejiang Rongsheng Holding Group Co., Ltd. provides joint liability guarantee for 100% of the guarantee amount. Ningbo
Niluoshan New Energy Co., Ltd., a subsidiary of the Company, provided mortgage guarantee for fixed assets and intangible assets of
RMB 31,384,500.
[Note 2] Zhejiang Rongsheng Holding Group Co., Ltd. has provided joint and several liability guarantees for 100% of the guarantee
amount. The subsidiary Ningbo Zhongjin Petrochemical Co., Ltd. provided mortgage guarantee with fixed assets of RMB
[Note 3] Zhejiang Rongsheng Holding Group Co., Ltd. has provided joint and several liability guarantees for 100% of the guarantee
amount. Zhejiang Yisheng New Materials Co., Ltd., a subsidiary, provided mortgage guarantee with machinery and equipment of
RMB 3,672,356,000
[Note 4]: Zhejiang Rongsheng Holding Group Co., Ltd. has provided joint and several liability guarantees for 100% of the guarantee
amount. The subsidiary Zhejiang Petroleum & Chemical Co., Ltd. has provided a mortgage guarantee with the completed assets of
the newly added 1.4 million tons/year ethylene and downstream chemical plant (Phase II project product structure optimization)
project (including but not limited to the mortgage guarantee provided in the form of land use right, above-ground structures and
equipment of the project after the completion acceptance of the construction project)
[Note 5] Zhejiang Rongsheng Holding Group Co., Ltd. and the Company provide joint liability guarantee for 51% of the guarantee
amount. The subsidiary Zhejiang Petroleum & Chemical Co., Ltd. has provided a mortgage guarantee with the completed asset-
refining and chemical integration project with an annual output of 40 million tons (including but not limited to the mortgage
guarantee provided in the form of land use right, above-ground structures and equipment of the project after the completion
acceptance of the construction project)
[Note 6] Zhejiang Rongsheng Holding Group Co., Ltd. and the Company provide joint liability guarantee for 60% of the guarantee
amount. The subsidiary Zhejiang Petroleum & Chemical Co., Ltd. has provided a mortgage guarantee with the completed asset-
refining and chemical integration project with an annual output of 40 million tons (including but not limited to the mortgage
guarantee provided in the form of land use right, above-ground structures and equipment of the project after the completion
acceptance of the construction project)
[Note 7] Zhejiang Rongsheng Holding Group Co., Ltd. provides joint liability guarantee for 100% of the guarantee amount. The
Company's subsidiary Zhejiang Petroleum & Chemical Co., Ltd. provides a mortgage guarantee with the all asset-high-performance
resin formed (including but not limited to the mortgage guarantee provided in the form of land use right, above-ground structures and
equipment of the project after the completion acceptance of the construction project).
[Note 8] Zhejiang Rongsheng Holding Group Co., Ltd. provides joint liability guarantee for 100% of the guarantee amount. The
subsidiary Zhejiang Yisheng New Materials Co., Ltd. has provided a mortgage guarantee by machinery and equipment worth RMB
[Note 9] Zhejiang Rongsheng Holding Group Co., Ltd. and the Company provide joint liability guarantee for 60% of the guarantee
amount.
[Note 10]: Zhejiang Rongsheng Holding Group Co., Ltd. has provided joint and several liability guarantees for 100% of the
guarantee amount. The Company's subsidiary Zhejiang Petroleum & Chemical Co., Ltd. provides a mortgage guarantee with the all
asset-high-performance resin formed (including but not limited to the mortgage guarantee provided in the form of land use right,
above-ground structures and equipment of the project after the completion acceptance of the construction project).
[Note 11] Zhejiang Rongsheng Holding Group Co., Ltd. provides joint liability guarantee for 100% of the guarantee amount. The
subsidiary Zhejiang Petroleum & Chemical Co., Ltd. has provided a mortgage guarantee with the completed assets of the newly
added 1.4 million tons/year ethylene and downstream chemical plant (Phase II project product structure optimization) project
(including but not limited to the mortgage guarantee provided in the form of land use right, above-ground structures and equipment
of the project after the completion acceptance of the construction project).
[Note 12] Zhejiang Rongsheng Holding Group Co., Ltd. and the Company provide joint liability guarantee for 60% of the guarantee
amount. The subsidiary Zhejiang Petroleum & Chemical Co., Ltd. has provided a mortgage guarantee with the completed asset-
refining and chemical integration project with an annual output of 40 million tons (including but not limited to the mortgage
guarantee provided in the form of land use right, above-ground structures and equipment of the project after the completion
acceptance of the construction project).
(4) Remuneration of key management personnel
Unit: RMB 10,000
Amount incurred in the Amount incurred in the previous
Item
current period period
Remuneration of key management personnel 723.29 765.03
(5) Other related transactions
(1) At the beginning of the period, the Company had RMB 5,548.6356 million payable to Zhejiang
Rongsheng Holding Group Co., Ltd.; in the current period, the Company has borrowed RMB 3,030 million from
Zhejiang Rongsheng Holding Group Co., Ltd., made RMB 54.3206 million provisions for fund possession cost,
and returned RMB 793.6854 million of principal and interest on a cumulative basis. As of June 30, 2025, the
amount payable by the Company is RMB 7,839.2710 million.
(2) At the beginning of the period, the amount receivables of subsidiary Zhejiang Petroleum & Chemical Co.,
Ltd. from ZPC-ENN (Zhoushan) Gas Co., Ltd. were RMB 10.8 million, with RMB 186,700 provisions for interest,
RMB 186,700 of interest collected. As of June 30, 2025, the amount receivables of Zhejiang Petroleum &
Chemical Co., Ltd. were RMB 10.8 million.
project contracts in progress are as follows:
Unit：RMB 10,000
Related party Amount in the current period Amount in the previous period
Suzhou Shenghui Equipment Co., Ltd. 16,134.84 21,681.63
Zhejiang Dongjiang Green Petrochemical
Technology Innovation Center Co., Ltd.
Shanghai Shenglanhui Technology Co., Ltd 3,972.48 1,700.00
Total 66,200.18 58,381.63
were no outstanding bank acceptance bills issued but not yet matured at the period end.
(1) Receivables
Unit: RMB
Ending balance Beginning balance
Project Related party Bad-debt Bad-debt
Book balance Book balance
provision provision
Accounts Zhejiang Yisheng
receivable Petrochemical Co., Ltd.
Saudi Basic Industries
Corporation
Zhejiang Derong
Chemicals Co., Ltd.
Subtotal 462,445,712.47 136,536,977.05 478,721,686.98 126,591,379.60
Hangzhou Shengyuan
Advance payment Real Estate 1,212,685.16 3,806,092.50
Development Co., Ltd.
Saudi Basic Industries
Corporation
Aramco Trading
Singapore Pte.Ltd.
Subtotal 404,115,905.18 3,806,092.50
ZPC-ENN (Zhoushan)
Other receivables 10,800,000.00 5,400,000.00 10,800,000.00 5,400,000.00
Gas Co., Ltd.
Subtotal 10,800,000.00 5,400,000.00 10,800,000.00 5,400,000.00
Unit: RMB
Ending book Beginning book
Project Related party
balance balance
Rongsheng Petrochemical (Singapore) Pte. Ltd.
Accounts payable 39,189,114,105.79 30,257,905,558.70
[Note]
Ningbo Zhongjin Petrochemical Co., Ltd. [Note] 1,141,530,000.00 1,317,273,481.65
Yisheng Dahua Petrochemical Co., Ltd. [Note] 3,289,999,698.00 3,437,999,698.00
Zhejiang Yisheng New Materials Co., Ltd. [Note] 2,205,030,000.00 2,049,030,000.00
The Company [Note] 1,379,000,000.00 1,286,000,000.00
Zhejiang Petroleum & Chemical Co., Ltd. [Note] 378,958,431.42 1,122,747,553.24
Dalian Rongxincheng Trading Co., Ltd. [Note] 877,776,366.82 667,864,260.54
Ningbo Rongxincheng Trading Co., Ltd. [Note] 10,000,000.00 110,000,000.00
Saudi Arabian Oil Company 1,896,605,137.15 4,351,562,189.78
Zhejiang Rongtong Logistics Co., Ltd. 24,386,510.15 128,585,887.48
Zhejiang Dingsheng Petrochemical Engineering
Co., Ltd.
Zhejiang Rongxiang Thermal Power Co., Ltd. 62,932,488.98 17,675,013.16
Ningbo Qingzhi Chemical Terminal Co., Ltd. 8,219,950.05 4,979,118.97
Suzhou Shenghui Equipment Co., Ltd. 341,000.00 3,296,884.96
Zhejiang Saintyear Textile Co., Ltd. 1,535,806.67 3,064,391.99
Ningbo Rongxiang Logistics Co., Ltd. 12,775,433.51 2,222,834.88
Sanyuan Holding Group Hangzhou Thermal
Power Co., Ltd.
Shanghai Huanqiu Engineering Co., Ltd. 900,000.00 900,000.00
Hong Kong New Hengrong Co., Ltd. 29,726,102.82
Ningbo Haineng Blend Oil Co., Ltd. 6,968,999.24 5,538,838.28
Subtotal 50,628,084,369.43 45,002,775,966.90
Contract liabilities and other
Ningbo Hengyi Trading Co., Ltd. 16,297,590.39
current liabilities
Zhoushan ZPC Zhougang Tugboat Co., Ltd. 1,416,745.70 782,380.80
Ningbo Shengmao Trading Co., Ltd. 518,282.64
Subtotal 1,416,745.70 17,598,253.83
Other payables Zhejiang Rongsheng Holding Group Co., Ltd. 7,839,270,959.69 5,548,635,694.24
Zhejiang Dingsheng Petrochemical Engineering
Co., Ltd.
Zhejiang Rongtong Logistics Co., Ltd. 1,005,000.00 1,005,000.00
Dongzhan Shipping Co., Ltd. 500,000.00
Suzhou Shenghui Equipment Co., Ltd. 500,300.00 500,300.00
Zhejiang Yixin Chemical Fiber Co., Ltd. 1,031,670.22
Subtotal 7,842,132,809.69 5,553,683,504.46
[Note] These are letters of credit issued by the Company and its subsidiaries. After receiving the letters of credit, Rongsheng
Petrochemical (Singapore) Pte. Ltd., Ningbo Zhongjin Petrochemical Co., Ltd., Yisheng Dahua Petrochemical Co., Ltd., Zhejiang
Yisheng New Materials Co., Ltd., the Company, Zhejiang Petroleum & Chemical Co., Ltd., Dalian Rongxincheng Trading Co.,
Ltd., and Ningbo Rongxincheng Trading Co., Ltd. have discounted them.
XV. Commitments and contingencies
Significant commitments at the balance sheet date
including Bank of Communications Hangzhou Xiaoshan Sub-Branch by the Company and its holding subsidiaries
Zhejiang Shengyuan Chemical Fiber Co., Ltd., Yisheng Dahua Petrochemical Co., Ltd., Zhejiang Petroleum &
Chemical Co., Ltd., Rongsheng Petrochemical (Singapore) Pte Ltd., Zhejiang Yongsheng technology Co. Ltd.,
Ningbo Zhongjin Petrochemical Co., Ltd., Zhejiang Yisheng New Materials Co., Ltd. and Zhejiang Yongsheng
technology Co. Ltd. were RMB 55,910.3177 million, USD 345.3426 million, EUR 74.9242 million, GBP 5.68
million.
Unit：RMB 10,000
Issuing bank Name of issuing company Beneficiary Guarantee amount
Dalian Jinpu New Area Branch of Bank of China Limited Yisheng Dahua Petrochemical Co., Ltd. Zhengzhou Commodity Exchange 19,000.00
Agricultural Bank of China Limited, Banking Department of Dalian Branch Yisheng Dahua Petrochemical Co., Ltd. Zhengzhou Commodity Exchange 6,000.00
China Construction Bank Corporation Zhoushan Branch Zhejiang Petroleum & Chemical Co., Ltd. Mitsubishi Commercial Metal Trading (China) Co., Ltd. 4,241.82
China Construction Bank Corporation Zhoushan Branch Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 50,000.00
Zhoushan Branch, Industrial and Commercial Bank of China Limited Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 33,000.00
Zhoushan Branch, Industrial and Commercial Bank of China Limited Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 33,000.00
Zhoushan Branch, Industrial and Commercial Bank of China Limited Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 34,000.00
Zhoushan Branch of Huaxia Bank Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 14,000.00
Zhoushan Branch of Huaxia Bank Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 15,435.00
Bank of China Co., Ltd., Zhoushan Branch Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 13,090.00
Agricultural Bank of China Limited Xiaoshan Branch Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 14,240.00
Shanghai Pudong Development Bank Co., Ltd. Zhoushan Branch Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 3,880.00
Zhoushan Branch of Huaxia Bank Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 3,140.00
Agricultural Bank of China Limited Xiaoshan Branch Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 3,340.00
Ping An Bank Co., Ltd., Zhenhai Branch Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 36,000.00
Zhoushan Branch of Huaxia Bank Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 5,760.00
Shanghai Pudong Development Bank Co., Ltd. Zhoushan Branch Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 5,760.00
Agricultural Bank of China Limited Xiaoshan Branch Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 3,190.00
Agricultural Bank of China Limited Xiaoshan Branch Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 3,150.00
Bank of China Co., Ltd., Zhoushan Branch Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 6,480.00
Shanghai Pudong Development Bank Co., Ltd. Zhoushan Branch Zhejiang Petroleum & Chemical Co., Ltd. Yitong New Materials Co., Ltd. 29,700.64
Hangzhou Xiaoshan Sub-branch of Bank of Communications Co., Ltd. Zhejiang Petroleum & Chemical Co., Ltd. Guiyan Resources (Yimen) Co., Ltd. 8,610.67
(1) Important contingencies on balance sheet date
As of the balance sheet date, the Company has no important contingencies that need to be disclosed.
(2) Explanation even if the Company has no important contingencies to be disclosed
The Company has no important contingencies to be disclosed.
XVI. Events After the Reporting Period
For the Company, at the 23rd Meeting of the Sixth Board of Directors held on April 24, 2025, and the 2024
Annual General Meeting of Shareholders held on May 16, 2025, the Proposal on Canceling Part of the
Repurchased Shares, Reducing Registered Capital, and Amending the Articles of Association was reviewed and
approved. The company resolved to cancel 136,082,746 shares held in the special repurchase securities account
and accordingly reduce its registered capital.
The Company completed the cancellation procedures for the aforementioned shares with CSDC (Shenzhen
Branch) on July 18, 2025.
XVII. Other important issues
(1) Determination basis and accounting policies for reporting segments
The Company establishes its reporting segment based on the internal organizational structure, management
requirements and internal reporting system, and determines reporting segments on the basis of the industry
segment. The business performance of the petrochemical production business, polyester fiber manufacturing
business, and wholesale and retail business have been evaluated, respectively. The assets and liabilities jointly
used with each segment are distributed among different segments according to the scale ratio.
(2) Financial information of the reporting segments
Unit: RMB
Polyester
Oil refining Chemical
fiber Trade Inter-segment
Item production production Total
manufacturin business offset
business business
g business
Revenue from main 53,668,398,33 90,677,829,15 11,171,479,36 96,644,135,70 148,009,181,0
businesses 5.36 8.27 4.65 0.98 13.17
Main business costs 104,089,965,0
Total assets 361,827,040,024.78 59,253,216,521.
Total liabilities 247,984,851,524.49 16,189,138,566.
XVIII. Notes to main items in financial statements of the parent company
(1) Disclosure by aging
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (inclusive of 1 year) 8,898,014.52 2,600,376.23
Above 3 years 29,466.76 29,466.76
Total 10,337,385.74 2,630,128.25
(2) Classified disclosure by bad debt accrual method
Unit: RMB
Ending balance Beginning balance
Book balance Bad-debt provision Book balance Bad-debt provision
Category Book Book
Percentag Percentag
Amou Propor value Amou Propor Amo value
Amount e of e of
nt tion nt tion unt
provision provision
Accounts
receivable
with provision 2,470,
for bad debt 5.95% 6.07% 580.9
reserves based 7
on aging
portfolio
Total 5.95% 6.07% 580.9
Provision for bad debts by portfolio: RMB 615,391.12
Unit: RMB
Ending balance
Name
Book balance Bad-debt provision Percentage of provision
Within 1 year 8,898,014.52 444,900.73 5.00%
Above 3 years 29,466.76 29,466.76 100.00%
Total 10,337,385.74 615,391.12
If the provision for bad debts of accounts receivable is accrued according to the general model of expected credit loss:
□ Applicable Not applicable
(3) Bad debt reserves accrual, recovered or reversed in the current period
Provision for bad debts in the current period:
Unit: RMB
The amount of change in the current period
Beginning Ending
Category Recovered
balance Provision Write-off Other balance
or returned
Provision made for bad debt
reserves based on aging portfolio
Total 159,547.28 455,843.84 615,391.12
(4) Accounts receivables and contract assets with top 5 ending balances by debtor
Unit: RMB
Ending balance of
Proportion of bad debt
Ending balance of accounts provision for
Ending balance
Ending balance accounts receivable and accounts
Company name of accounts
of contract assets receivable and total ending receivable and
receivable
contract assets balance of impairment
contract assets provision of
contract assets
Customer 1 4,230,318.78 4,230,318.78 40.92% 211,515.94
Customer 2 1,574,282.40 1,574,282.40 15.23% 78,714.12
Customer 3 1,123,128.00 1,123,128.00 10.86% 56,156.40
Customer 4 884,723.92 884,723.92 8.56% 44,236.20
Customer 5 378,680.64 378,680.64 3.66% 18,934.03
Total 8,191,133.74 8,191,133.74 79.23% 409,556.69
Unit: RMB
Item Ending balance Beginning balance
Dividends receivable 550,000,000.00 550,000,000.00
Other receivables 2,994,187,248.36 1,828,142,849.26
Total 3,544,187,248.36 2,378,142,849.26
(1) Dividends receivable
Unit: RMB
Project (or investee) Ending balance Beginning balance
Hong Kong Sheng Hui Co., Ltd. 550,000,000.00 550,000,000.00
Total 550,000,000.00 550,000,000.00
Unit: RMB
Reason for the Whether impairment
Project (or investee) Ending balance Aging unrecovered occurs and its
amount judgment basis
The subsidiary operates
normally, and there is
Hong Kong Sheng Hui Co., Ltd. 550,000,000.00 Unrecovered no expected risk in the
years
recovery of the
payment.
Total 550,000,000.00
□ Applicable Not applicable
(2) Other receivables
Unit: RMB
Nature of account Ending book balance Beginning book balance
Current account of related parties within
the scope of consolidation
Grants receivable 439,020,000.00 694,020,000.00
Reserve fund receivables 2,796,226.39 2,646,204.77
Current accounts 44,468.10 34,193.30
Deposit receivable margin 799.48 799.78
Total 2,996,407,711.47 1,830,357,007.23
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (inclusive of 1 year) 1,963,605,206.73 811,917,103.99
Above 3 years 375,687,777.28 375,689,576.92
Total 2,996,407,711.47 1,830,357,007.23
Unit: RMB
Ending balance Beginning balance
Bad-debt
Book balance Bad-debt provision Book balance
Boo provision
Category k Book
Percen
Percentage valu value
Proport Proport Amou tage of
Amount Amount of e Amount
ion ion nt provisi
provision
on
Provision made
for bad debt 1,828,
reserves based 0.07% 0.12% 142,8
on aging 49.26
portfolio
Total 0.07% 0.12% 142,8
Provision for bad debts by portfolio: RMB 2,220,463.11
Unit: RMB
Ending balance
Name
Book balance Bad-debt provision Percentage of provision
Portfolio of transactions between related
parties within the consolidation scope
Grants receivable 439,020,000.00
Deposit receivable margin portfolio 799.48 39.97 5.00%
Current accounts 44,468.10 2,223.41 5.00%
Portfolio of petty cash receivable, etc. 2,796,226.39 2,218,199.73 79.33%
Total 2,996,407,711.47 2,220,463.11
Provision for bad debts is made according to the general model of expected credit loss:
Unit: RMB
Stage I Stage II Stage III
Bad-debt provision Expected credit loss Expected credit loss for the Total
Expected credit loss
over the entire entire duration (credit
in the next 12 months
duration (without impairment has occurred)
credit impairment)
Balance as of January
The balance on January
period
Provision in current
period
Balance as of June 30,
Significant changes in the carrying amounts of loss provisions during the current period
□ Applicable Not applicable
Unit: RMB
Proportion in a Ending
total ending balance of
Company
Nature of payment Ending balance Aging balance of provision
name
other for bad
receivables debts
Current account of related parties
Unit 1 1,411,514,285.31 Within 1 year 47.11%
within the scope of consolidation
Current account of related parties Within 1 year, 1-2
Unit 2 645,179,829.21 21.53%
within the scope of consolidation year(s)
Unit 3 Government receivables 439,020,000.00 Within 1 year 14.65%
Current account of related parties
Unit 4 373,500,000.00 Above 3 years 12.46%
within the scope of consolidation
Current account of related parties Within 1 year, 1-2
Unit 5 122,449,260.28 4.09%
within the scope of consolidation year(s)
Total 2,991,663,374.80 99.84%
Unit: RMB
Ending balance Beginning balance
Item Provision Provision
Book
for Book value Book balance for Book value
balance
impairment impairment
Investment in subsidiaries
Investment in joint ventures 4,352,263,0 4,352,263,0 4,285,931,338.6 4,285,931,338.
and associated enterprises 53.33 53.33 5 65
Total
(1) Investment in subsidiaries
Unit: RMB
Opening Increase and decrease in the current period Ending
Beginning balance (book balance of Provision Ending balance balance of
Investee Additional Reduced
value) impairment for Other (book value) provision for
provision investment investment impairment
impairment
Zhejiang Petroleum & Chemical Co., Ltd. 29,987,242,115.34 29,987,242,115.34
Ningbo Zhongjin Petrochemical Co., Ltd. 5,990,201,140.04 5,990,201,140.04
Zhejiang Shengyuan Chemical Fiber Co.,
Ltd.
Dalian Yisheng Investment Co., Ltd. 1,468,204,457.48 1,468,204,457.48
Rongsheng New Materials (Zhoushan) Co.,
Ltd.
Rongsheng New Materials (Taizhou) Co.,
Ltd.
Rongsheng Petrochemical (Singapore) Pte.
Ltd.
Zhejiang Yongsheng Technology Co. Ltd. 800,306,537.70 800,306,537.70
Hong Kong Sheng Hui Co., Ltd. 141,419,910.00 141,419,910.00
Rongsheng International Trading Co., Ltd. 100,000,000.00 100,000,000.00
Rongsheng Chemical (Shanghai) Co., Ltd. 50,000,000.00 50,000,000.00
Rongxiang Chemical Fiber Co., Ltd. 3,000,000.00 3,000,000.00
Hainan Rongsheng International Trade Co.,
Ltd.
Rongsheng Petrochemical (Hong Kong)
Co., Ltd.
Total 43,843,102,808.47 1,559,000,000.00 45,402,102,808.47
(2) Investment in joint ventures and associated companies
Unit: RMB
Increase and decrease in the current period
Investment Ending
Opening
gains or Declared balance of
Beginning balance of Additiona Other Other Provision Ending
Reduced losses distribution provision
Investor balance (book impairme l comprehensi equity for Othe balance (book
investme recognized of cash for
value) nt investme ve income change impairme r value)
nt under the dividends or impairme
provision nt adjustments s nt
equity profits nt
method
I. Joint ventures
II. Associated enterprise
Zhejiang
Yisheng 1,518,057,281. 1,538,417,680.
Petrochemic 54 20
al Co., Ltd.
Ningbo
Hengyi -
Trading Co., 37,306,159.32
Ltd.
Zhejiang
Xiaoshan
Rural 2,690,000,655. 172,588,141.9 - 43,654,510.6 2,775,180,222.
Commercial 85 5 43,754,064.28 5 87
Bank Co.,
Ltd.
Subtotal
Total
The recoverable amount is determined according to the net amount of fair value minus disposal expenses
□ Applicable Not applicable
The recoverable amount is determined according to the present value of the expected future cash flow
□ Applicable Not applicable
Unit: RMB
Amount incurred in the current period Amount incurred in the previous period
Item
Revenue Cost Revenue Cost
Primary business 743,494,859.25 714,589,038.03 1,645,278,941.17 1,604,951,175.69
Other businesses 131,264,163.44 69,326,198.38 21,810,268.44 17,866,804.95
Total 874,759,022.69 783,915,236.41 1,667,089,209.61 1,622,817,980.64
Breakdown of operating revenue and operating costs:
Unit: RMB
Amount in the current period Amount in the previous period
Item
Revenue Cost Revenue Cost
Polyester chemical fiber film 743,494,859.25 714,589,038.03 1,645,278,941.17 1,604,951,175.69
Trade and others 131,264,163.44 69,326,198.38 21,810,268.44 17,866,804.95
Subtotal 874,759,022.69 783,915,236.41 1,667,089,209.61 1,622,817,980.64
Unit: RMB
Item Amount in the current period Amount in the previous period
Revenue recognized at a certain point of time 874,388,725.90 1,666,663,420.62
Revenue recognized in a period of time 370,296.79 425,788.99
Subtotal 874,759,022.69 1,667,089,209.61
Timing of Nature of Type of quality
Expected
satisfying Significant payment goods Principal or assurance
Item refunds to
performance terms transferred by not provided and
customers
obligations the Company related obligations
Advance payments:
Products
Upon accounts receivable are
Sales of compliant with Warranty quality
delivery of generally due 30–90 Yes None
goods national assurance
goods days after product
standards
delivery
Unit: RMB
Amount incurred in the Amount incurred in the
Item
current period previous period
Long-term equity investment income calculated by equity method 155,613,807.08 142,718,593.27
Financing discount loss of receivables -38,617,554.90
Interest income from the inter-bank loan of related party 13,659,765.86 19,062,856.58
Total 169,273,572.94 123,163,894.95
XIX. Supplementary information
Applicable □ Not applicable
Unit: RMB
Item Amount
Profits and losses on disposal of non-current assets -2,550,977.58
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 56,568,707.90
certain standards, and have a continuous impact on the Company's profits and losses)
Except for the effective hedging business related to the Company's normal business, the gains and
losses of the fair value changes arising from financial assets and financial liabilities held by non-
-203,092,609.25
financial enterprises and the gains and losses arising from the disposal of financial assets and financial
liabilities
Fund possession cost included in current gain and loss charged to non-financial enterprises 176,094.32
Other non-operating revenues and expenditures except for the aforementioned items -9,090,941.25
Other profit/loss items falling within the definition of non-recurring gain or loss -2,804,209.96
Less: Affected amount of income tax 31,611,999.81
Affected amount of minority shareholders' equity (after tax) -39,532,148.44
Total -152,873,787.19
Situation of other profit/loss items falling within the definition of non-recurring gain or loss:
□ Applicable Not applicable
The Company has no other profit/loss items falling within the definition of non-recurring gain or loss
Statement of defining non-recurring profit and loss items listed in the Explanatory Announcement No.1 on Information Disclosure
of Companies Offering Securities to the Public - Non-recurring Profits and Losses as recurring profits and losses
□ Applicable Not applicable
Profit within the reporting period Weighted Earnings per share (EPS)
average return Basic earnings per share Diluted earnings per
on net assets (RMB per share) share (RMB per share)
Net profit attributable to ordinary shareholders of
the Company
Net profit attributable to ordinary shareholders of
the Company after deducting non-recurring gains 1.72% 0.08 0.08
and losses
(1) Differences in net profits and net assets in financial reports disclosed in accordance with international
accounting standards and China accounting standards
□ Applicable Not applicable
(2) Differences in net profits and net assets in financial reports disclosed in accordance with foreign
accounting standards and China accounting standards
□ Applicable Not applicable
Section IX Other Submitted Data
Whether the listed company or its subsidiaries have other significant social security issues
Yes No Not applicable
Whether subject to administrative penalties during the reporting period
Yes No Not applicable
II. Reception of research, communication, interview and other activities during the
reporting period
Applicable □ Not applicable
Main contents Basic
Reception Ways of Reception discussed and information
Date Object type
place reception object materials index of
provided research
See details at: See details at:
http://www.cni http://www.cni
nfo.com.cn/new nfo.com.cn/new
/disclosure/deta /disclosure/deta
“Investor il?plate=szse& il?plate=szse&
Online
Relations orgId=9900015 orgId=9900015
communication
May 7, 2025 Interactive Individual Investor 502&stockCod 502&stockCod
on network
Platform” of e=002493&ann e=002493&ann
platform
p5w.net ouncementId=1 ouncementId=1
nouncementTi nouncementTi
me=2025-05- me=2025-05-
III. Fund transactions between the listed company and its controlling shareholder and other
related parties
Applicable □ Not applicable
Unit：RMB 10,000
In
te
Amount Amount
re
incurred repaid
Nature of Beginnin Ending Interest st
Counterparty name during the during the
transactions g balance balance income ex
reporting reporting
pe
period period
ns
e
Hangzhou Shengyuan Real Estate Operating
Development Co., Ltd. transactions
Dalian Yisheng Investment Co., Non-operating 37,350 37,350
Ltd. transactions
Zhejiang Petroleum & Chemical Non-operating 12,244.9
Co., Ltd. transactions 3
Non-operating
Zhejiang ZPC Sales Co., Ltd. 20.91 155.11 176.02
transactions
Rongsheng New Materials Non-operating
(Zhoushan) Co., Ltd. transactions
Rongsheng Energy (Zhoushan) Co., Non-operating 141,151.
Ltd. transactions 43
Rongsheng New Materials Non-operating 64,517.9
(Taizhou) Co., Ltd. transactions 9
Zhejiang Yongsheng Technology Non-operating
Co. Ltd. transactions
Operating
Hong Kong Sheng Hui Co., Ltd. 55,000 55,000
transactions
ZPC-ENN (Zhoushan) Gas Co., Non-operating
Ltd. transactions
Zhejiang Derong Chemicals Co., Operating
Ltd. transactions
Zhejiang Yisheng Petrochemical Operating 36,670.3
Co., Ltd. transactions 7
Operating
Saudi Basic Industries Corporation 31,057.22 27,754.64 3,302.58
transactions
Operating 36,987.7
Aramco Trading Singapore Pte.Ltd. 423,474.87 386,487.13
transactions 4
Saudi Basic Operating
Industries Corporation transactions
Total -- 1,163,741.84 984,634.05 1,384.65
The Proposal on Confirming the Actual Occurrence of Daily Related-Party Transactions in
approved at the 23rd meeting of the 6th Board of Directors held on April 24, 2025, and
subsequently passed at the 2024 General Meeting of Shareholders. For details, please refer
to the Announcement on Confirming the Actual Occurrence of Daily Related Party
Relevant decision-making
Transactions in 2024 and Estimating Daily Related-Party Transactions for 2025
procedures
(Announcement No.: 2025-016), published on April 25, 2025, in Securities
Times, Securities Daily, China Securities Journal, Shanghai Securities News, and on the
website of Juchao Information (http://www.cninfo.com.cn). The company strictly conducts
relevant business in accordance with the resolution approved in the aforementioned
meetings.
The company is capable of implementing effective business control, fund management,
Fund security safeguard measures and risk mitigation. Should any unfavorable factors be identified or assessed, timely
measures will be taken to manage or reduce risks, ensuring the security of funds.
Rongsheng Petrochemical Co., Ltd.
Chairman: Li Shuirong
August 21, 2025
[Disclosure Time]
Section I Important Notice, Table of Contents and Definitions
The Board of Directors, the Board of Supervisors and the directors,
supervisors and senior management of the Company confirm that the contents
in this semi-annual report are true, accurate, and complete and have no false
representations, misleading statements or material omissions, and they shall
severally and jointly accept legal responsibility for such contents.
Li Shuirong, Chairman of the Company, Wang Yafang, the person in
charge of the Company’s accounting and Zhang Shaoying, the person in
charge of the Accounting Firm (Accounting Officer), hereby make
representations in respect of the truthfulness, accuracy and completeness of the
financial statements in this semi-annual report.
All directors have attended the board meeting to deliberate this semi-
annual report.
The Company plans to pay no cash dividend, no bonus shares, and no
conversion of capital with provident fund.
The semi-annual report is prepared in both Chinese and English. In the
event of any inconsistency or ambiguity, the Chinese version shall prevail.
Contents
Section IV Corporate Governance, Environment, and Social Responsibilities .. 33
Contents of Documents for Future Reference
(1) The financial statements containing signature and seals of the person in charge of the Company, the person in
charge of the accounting works and the person in charge of the Accounting Firm (Accounting Officer);
(2) Written confirmation from directors, senior management and supervisors of the Company on the 2025 Semi-
annual Report;
(3) The originals of all company documents and announcements that are disclosed to the public via media designated
by CSRC during the reporting period;
(4) The place where the above-mentioned documents are maintained: Office of the Board of Directors.
Definitions
Term Refers to Definition
Company, the Company, Rongsheng
Refers to Rongsheng Petrochemical Co., Ltd.
Petrocchemical
Zhejiang Rongsheng Holding Group Co., Ltd., controlling
Rongsheng Holding Refers to
shareholder of the Company
Zhejiang Rongtong Logistics Co., Ltd., a subsidiary of the
Rongtong Logistics Refers to
Company
Saudi Arabian Oil Company, a shareholder holding over 5% of the
Saudi Aramco Refers to
Company’s shares
Zhejiang Petroleum & Chemical Co., Ltd., a subsidiary of the
ZPC Refers to
Company
Ningbo Zhongjin Petrochemical Co., Ltd., a subsidiary of the
Zhongjin Petrochemical Refers to
Company
Yisheng Investment Refers to Dalian Yisheng Investment Co., Ltd, a subsidiary of the Company
Zhejiang Shengyuan Chemical Fiber Co., Ltd., a subsidiary of the
Shengyuan Chemical Fiber Refers to
Company
Rongxiang Chemical Fiber Refers to Rongxiang Chemical Fiber Co., Ltd., a subsidiary of the Company
Hongkong Shenghui Refers to Hong Kong Sheng Hui Co., Ltd., a subsidiary of the Company
Zhejiang Yongsheng Technology Co. Ltd., a subsidiary of the
Yongsheng Technology Refers to
Company
Rongsheng New Materials Rongsheng (Zhoushan) New Materials Co., Ltd., a subsidiary of the
Refers to
(Zhoushan) Company
Rongsheng Petrochemical (Singapore) Pte. Ltd., a subsidiary of the
Rongsheng (Singapore) Refers to
Company
Zhejiang Yisheng Petrochemical Co., Ltd., a joint stock subsidiary
Zhejiang Yisheng Refers to
of the Company
Ningbo Hengyi Trading Co., Ltd., a joint stock subsidiary of the
Hengyi Trading Refers to
Company
Zhejiang Yisheng New Materials Co., Ltd., a holding subsidiary of
Yisheng New Materials Refers to
Zhongjin Petrochemical
Ningbo Niluoshan New Energy Co., Ltd., a subsidiary of Zhongjin
Niluoshan New Energy Refers to
Petrochemical
Yisheng Dahua Petrochemical Co., Ltd., a subsidiary of Yisheng
Yisheng Dahua Refers to
Investment
Hainan Yisheng Petrochemical Co., Ltd., a joint stock subsidiary of
Hainan Yisheng Refers to
Yisheng Investment
The Securities Supervision
Refers to China Securities Regulatory Commission
Commission, CSRC
Stock exchange, SZSE Refers to Shenzhen Stock Exchange
Yuan, 10,000 yuan Refers to RMB yuan, 10,000 yuan
Reporting period Refers to January 1, 2025 to June 30, 2025
Section II Company Profile and Key Financial Indicators
I. Company Profile
Stock abbreviation Rongsheng Petrochemical Stock code 002493
Stock abbreviation before
None
change (if any)
Listed on Shenzhen Stock Exchange
Company name in Chinese 荣盛石化股份有限公司
Company abbreviation in
荣盛石化
Chinese
Company name in foreign
RONGSHENG PETROCHEMICAL CO., LTD.
language (if any)
Company abbreviation in
RSPC
the foreign language (if any)
Legal representative of the
Li Shuirong
Company
II. Contact Information
Secretary of the Board of Directors Representative of Securities Affairs
Name Quan Weiying Hu Yangyang
Lanjue International Office Building, No. 358 Lanjue International Office Building, No. 358
Address
Jincheng Road, Xiaoshan District, Hangzhou Jincheng Road, Xiaoshan District, Hangzhou
Telephone 0571-82520189 0571-82520189
Fax 0571-82527208 extension 8150 0571-82527208 extension 8150
E-mail qwy@rong-sheng.com yangyang@rong-sheng.com
III. Other Information
Whether the Company’s registered address, office address and postal code, company website and Email address, etc. changed
during the reporting period
□Applicable Non applicable
There were no changes in the Company's registered address, office address and postal code, company website and Email address,
etc. during the reporting period. Please refer to the 2024 Annual Report for details.
Whether the information disclosure and filing location changed during the reporting period
□Applicable Non applicable
There were no changes in the stock exchange website, media and website for disclosing the semi-annual report by the Company;
and the filing location of the Company’s semi-annual report remained unchanged during the reporting period. Please refer to the
Whether other relevant information changed during the reporting period
□Applicable Not Applicable
IV. Key Accounting Data and Financial Indicators
Whether the Company needs to retroactively adjust or restate the accounting data of the previous years
□Yes No
Increase or decrease in the
In the reporting In the same period of
reporting period over the same
period the previous year
period of the previous year
Operating income (RMB) 148,629,350,935.50 161,249,744,277.85 -7.83%
Net profit attributable to shareholders
of the listed company (RMB)
Net profit attributable to shareholders
of the listed company net of non- 754,957,891.58 672,376,557.15 12.28%
recurring gain and loss (RMB)
Net cash flow from operating
activities (RMB)
Basic earnings per share (RMB per
share)
Diluted earnings per share (RMB per
share)
Weighted average return on net assets 1.37% 1.93% -0.56%
Increase/decrease at the end of
At the end of the
End of previous year this reporting period compared
reporting period
to the end of the previous year
Total assets (RMB) 384,010,729,527.33 377,845,944,183.98 1.63%
Net assets attributable to shareholders
of the listed company (RMB)
V. Differences in Accounting Data under Domestic and Foreign Accounting Standards
international accounting standards and China’s accounting standards
□Applicable Not applicable
In the reporting period of the Company, there were no differences in the net profits and net assets disclosed in the financial report
under international accounting standards and China’s accounting standards.
accounting standards and China’s accounting standards
□Applicable Not applicable
In the reporting period of the Company, there were no differences in the net profits and net assets disclosed in the financial report
under foreign accounting standards and China’s accounting standards.
VI. Items and Amounts of Non-recurring Gain and Loss
Applicable □Not applicable
Unit: RMB
Item Amount
Profits and losses on the disposal of non-current assets (including the write-off part of the provision for asset
-2,550,977.58
impairment)
Government grants 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, 56,568,707.90
and have a continuous impact on the Company's profits and losses)
Except for the effective hedging business related to the Company's normal business, the gains and losses of
fair value changes arising from financial assets and financial liabilities held by non-financial enterprises and -203,092,609.25
the gains and losses arising from the disposal of financial assets and financial liabilities
Fund possession cost included in current gain and loss charged to non-financial enterprises 176,094.32
Other non-operating revenues and expenditures except for the aforementioned items -9,090,941.25
Other profit/loss items falling within the definition of non-recurring gain or loss -2,804,209.96
Less: Affected amount of income tax 31,611,999.81
Affected amount of minority shareholders' equity (after tax) -39,532,148.44
Total -152,873,787.19
Other profit/loss items falling within the definition of non-recurring gain or loss:
□Applicable Not applicable
The Company has no other profit/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.
Section III Management Discussion and Analysis
I. Main Business of the Company during the Reporting Period
(I). Industry of the Company during the reporting period
Entering the first half of 2025, geopolitical tensions continued to flare up. The United States introduced a
new round of trade protectionist measures such as “reciprocal tariffs”, while major central banks around the world
successively initiated interest rate cuts. Amid a high and volatile U.S. dollar index and a marginal slowdown in
capital repatriation, the RMB exchange rate experienced temporary easing pressure. However, the overall
trajectory of global economic growth remained unchanged.
As external tariff barriers intensified and the restructuring of global supply chains accelerated, China, like a
colossal ship, forged ahead with the resilience of “meeting challenges head-on”. According to data from the
National Bureau of Statistics of China, in the first half of 2025, China’s gross domestic product (GDP) grew by
China’s economy to the world. China's economy helps calibrate the course amid global "changes" with its own
"stability” and injects confidence into worldwide recovery with its own “progress”.
During the reporting period, despite geopolitical disturbances, the overall supply-demand dynamics of crude
oil tilted toward looseness, leading to a decline in the average international oil price compared to the same period
last year. According to data from the National Bureau of Statistics, China's processed crude oil volume by
industrial enterprises above designated size reached 361.61 million metric tons from January to June 2025, up
optimized cost structures, the industry operated smoothly overall, with green and low-carbon transformation
significantly accelerating.
(II) The Company’s main products during the reporting period
As one of the world's leading chemical material producers, Rongsheng Petrochemical is a major
manufacturer of polyester, new energy materials, engineering plastics, and high-value-added polyolefins in China
and Asia. The refining and chemical integration project of ZPC, which was led by the Company, boasts an annual
processing capacity of 40 million tons of crude oil, 8.8 million tons of paraxylene (PX), and 4.2 million tons of
ethylene, achieving globally leading integration rates. In May 2025, Rongsheng Petrochemical ranked 5th in the
list of “Global Most Valuable Chemical Brands 2025” released by Brand Finance, a renowned UK-based brand
valuation and strategy consultancy. In July 2025, US Chemical & Engineering News (C&EN) ranked Rongsheng
Petrochemical 14th in its “Global Top 50 Chemical Companies 2024”, marking the Company’s fifth consecutive
year on the list. In 2024, Rongsheng Petrochemical was ranked 8th in the list of “ICIS Top 100 Chemical
Companies” published by ICIS and 6th globally in the “Chemical Week Billion-Dollar Club Ranking” by
Chemical Week (U.S.). In November 2024, the globally authoritative index provider MSCI (Morgan Stanley
Capital International) announced its latest ESG ratings, with Rongsheng Petrochemical's MSCI ESG rating
upgraded to BBB, ranking among the global leaders in the Diversified Chemicals sector, demonstrating
management performance at the forefront of the global petrochemical industry in terms of carbon emission
reduction, water resource management, and corporate governance.
The Company has actively responded to national policy directives through technological innovation, green
transformation, and strategic planning to drive transformation and upgrading. The Company has actively laid out
differentiated, high-end, and green product systems, with its product portfolio covering new energy materials,
polyester, synthetic resins, and other sectors, significantly boosting its comprehensive competitiveness in the
global market. Through the projects such as ZPC’s refining and chemical integration project and Jintang new
materials, it is aggressively developing high-value downstream sectors including new energy materials and
premium resins; By continuously extending and complementing its industrial chain, it achieves comprehensive
coverage from basic chemical raw materials to advanced new materials, establishing a production system with
high-quality development.
At present: the main products are shown in the following figure:
Note: products marked by dotted line or dotted box are products under the plan.
(III) Management measures
Amid a complex and challenging external environment, China’s economy has demonstrated strong
development resilience and vibrant innovation, with the foundation of “stability” further consolidated and the
momentum of “progress” growing more robust. As a pillar industry of the national economy, the petrochemical
sector maintained overall stable operations, with technological innovation and green low-carbon transformation
rapidly emerging as core drivers of high-quality development. During the reporting period, the Company’s Board
of Directors made scientific decisions and implemented targeted measures, leading all employees to seize
development opportunities. On one hand, the Company refined operations to solidify the “core foundation” of its
existing key businesses, ensuring steady performance growth; On the other hand, it adopted a forward-looking
approach to actively explore “new growth areas” such as high-end chemical new materials, which offer high
added value and strong development potential. With a focused strategy, the Company advanced its “Three
Transformations” initiative, which was centered on global expansion, green upgrading, and digital-intelligent
empowerment, taking firm and decisive strides on the path to high-quality development.
Rongsheng Petrochemical signed a strategic Memorandum of Understanding (MoU) and Cooperation
Framework Agreement with Saudi Aramco, a global energy giant, with bilateral cooperation steadily progressing.
This laid a solid foundation for both parties to achieve long-term strategic objectives and enhance global
competitiveness. Meanwhile, the Company actively seized opportunities from domestic industrial upgrading,
effectively broadening its business scope and significantly strengthening market influence and resource
integration capabilities, injecting new momentum into its long-term growth.
foundations
The Company has consistently adhered to lean operations and cost reduction/efficiency improvement as core
management principles. ZPC refining and chemical integration project has maintained safe, stable, long-cycle, and
full-capacity operations. Through in-depth optimization of feedstock structures, energy cascade utilization, and
production processes, the Company has effectively reduced unit production costs as well as energy and material
consumption, demonstrating exceptional operation and management capabilities. Meanwhile, the Company has
established an efficient production-supply-sales coordination mechanism to ensure seamless connectivity across
procurement, production, and sales while rapidly responding to market changes, which has achieved optimal
resource allocation and maximized operational efficiency, providing solid support for the Company’s steady
development.
The Company has upheld an innovation-driven development strategy and achieved a series of breakthrough
results in core technology. For instance, Zhongjin Petrochemical successfully independently developed and
industrially applied a new high-performance disproportionation catalyst. This technology not only significantly
improved the plant production efficiency and product yield but, more importantly, broke long-standing foreign
technological monopolies, achieving domestic substitution and ensuring industrial and supply chain security.
The Company has recognized talent as the foremost resource for high-quality development and
systematically advanced talent development with high standards. By establishing a multi-tiered, comprehensive
training system and regularly organizing on-the-job training, skills competitions, and innovation contests, the
Company has effectively enhanced employees’ professional competence, practical abilities, and innovative
consciousness. Committed to fostering a favorable environment that respects talent, encourages innovation, and
enables full realization of individual potential, the Company has successfully cultivated a core talent team
characterized by rational structure, exceptional competency, and a unique combination of global vision and
profound professional expertise.
(IV) Operation synergy
Rongsheng Holding ranks 118th among the top 500 enterprises in the world, 33rd among the top 500 Chinese
enterprises and 5th among the top 500 private enterprises in China. At present, the Group has listed companies
such as Rongsheng Petrochemical (stock code: 002493) and Ningbo United (stock code: 600051), with its
business involving oil and gas upstream and trading, coal, logistics, equipment manufacturing, process
engineering technology, real estate, venture capital and other fields; Rongtong Logistics, a subsidiary is a national
AAAA-level logistics enterprise, which has a mature and stable carrier cooperation operation platform; Zhejiang
Innovation Center of Green Petrochemical Technology , a holding company, focuses on new green petrochemical
processes to implement the national innovation-driven development strategy by adhering to the application and
commercialization of scientific and technological achievements; Suzhou Shenghui Equipment Co., Ltd., a holding
company, specializes in the design, manufacture and sales of pressure vessels, cryogenic equipment, spherical
tanks and marine equipment; Shanghai Huanqiu Engineering Co., Ltd., a joint stock company of the Company,
has extremely rich experience in engineering EPC; A number of projects invested by Zhejiang Rongsheng
Venture Investment Co., Ltd. not only achieved good economic benefits, but also promoted the synergy of the
industrial chain; In addition, a number of other investments are also constantly advancing.
Rongsheng Petrochemical and Saudi Aramco form the upstream and downstream in the industry and
maintain a good foundation for cooperation. The two companies will carry out all-round consultations and
cooperation, such as: ① Frontier technology sharing cooperation: The two companies will sincerely discuss to
complement each other’s technologies through their advantages, jointly develop new technologies, processes and
equipment to meet the future market demand, and promote them on the market, and at the same time share the
necessary resources for research and development; ② Stable crude oil supply guarantee: Saudi Aramco supplies
ZPC with high-quality crude oil with the promised quantity of 480,000 barrels per day, and provides the Company
with production raw materials such as naphtha, mixed xylene and straight-run fuel; ③ Interest-free purchase
credit line: A credit line with a term of 20 years and an amount of USD 800 million, which can be increased
during the cooperation period, will be provided, which is conducive to improving the capital utilization efficiency
of ZPC and will have a positive impact on improving its profitability; ④ Flexible cooperation in crude oil storage:
Though amicable negotiations of related parties, the Company provides Saudi Aramco with crude oil storage
tanks and related facilities in Zhoushan, and Saudi Aramco needs to maintain a crude oil inventory of not less than
Relying on overseas sales channels of Saudi Aramco, the Company can further expand the international market of
its products and deepen strategic cooperation with overseas customers. Similarly, with the Company’s deep-seated
resources for many years, Saudi Aramco can also quickly enter the relevant international and domestic markets.
Additionally, Rongsheng Petrochemical plans to acquire a 50% equity stake in SASREF Refinery, a wholly-
owned subsidiary of Saudi Aramco located in Jubail, Saudi Arabia, and participate in its expansion project. This
“powerful alliance” achieves the advance of raw material supply and the expansion of global sales channels,
promotes resource sharing and industrial chain coordination, and jointly builds an industrial ecology with mutual
benefits and win-win situation. As a practitioner of the “Belt and Road Initiative”, Rongsheng Petrochemical,
driven by the dual drivers of “going out" and "attracting investment”, has established a strategic fulcrum in the
Middle East, laid out a supply chain network around the Indian Ocean, and attracted international strategic funds
to invest in China for long term, injecting continuous vitality for its prosperous development.
With the goal of building a “private, green, international, trillion-level and flagship” base, ZPC’s refining and
chemical integration project has been planned and unified at one time. At present, it has formed a world-class
refining and chemical integration base with a processing capacity of 40 million tons/year for oil refining, 8.8
million tons/year for paraxylene and 4.2 million tons/year for ethylene, among which the single scale for
hydrogenation, reforming and PX is the largest in the world. The project is designed to maximize the refining and
chemical integration, provide high-quality raw materials for downstream chemical devices, maximize the
production of aromatic hydrocarbons (PX) and chemical products, and minimize the output of fuel. The yield of
fuel is lower than the industry average, with outstanding effect of reducing oil and increasing chemical.
Meanwhile, through the optimal utilization of energy resources such as steam and water, and full use of the low-
temperature waste heat of the device, it builds the world’s largest thermal seawater desalination device to realize
energy saving and emission reduction. The refining and chemical integration rate of the project ranks first in the
world, far higher than the average level of petrochemical industry integration in China, and the scale and
integration degree of the base are at a leading position in the world.
ZPC’s crude oil has strong adaptability, and can be stored according to light, medium, heavy and acid,
transported separately and refined separately. Combined with blending means, it can process 80%-90% of the
global crude oil, which greatly enhances its adaptability to oil price fluctuations and offers obvious advantages
compared with other domestic leading enterprises. It has flexible product structure, and mature and reliable
technology, and its main device scale and technical and economic indicators represent the most advanced level
worldwide. As a result of one-time overall planning, oil refining, aromatic hydrocarbon and ethylene fully
demonstrate the concept of "molecular oil refining" and make the best use of the material. All olefins are deeply
processed into chemicals with high import dependence, which makes them have stronger ability to cope with the
industry cycle.
As the upstream industry of the polyester industry chain, ZPC has successfully established the last link of the
whole process from a drop of oil to a piece of fiber for the Company, and formed the great advantage of upstream
and downstream integration of the polyester industry. ZPC Zhejiang Petrochemical is strategically located in
Zhoushan within the Zhejiang Free Trade Zone, benefiting from various preferential policies. It has consistently
obtained refined oil export quotas. Moreover, as East China represents the primary consumption hub for end-use
chemical products - with the Yangtze River Delta region concentrating approximately 70% of China’s plastic and
chemical fiber production capacity - the Company enjoys significant regional advantages; It is situated on Yushan
Island, an uninhabited island that facilitates development with minimal social impact on surrounding areas,
offering substantial room for future expansion; Its proximity to consumer markets and the Ningbo-Zhoushan
Port’s pivotal role as a land-sea logistics hub enables efficient bulk material and product transportation,
substantially reducing logistics costs.
Zhongjin Project, which was put into operation in August 2015, is an aromatic hydrocarbon combined plant
currently in service with leading single scale in the world. This project pioneered the process of making aromatic
hydrocarbon products with fuel oil (cheaper than naphtha) as raw material, and adopted a new technical route,
which can solve the shortage of global naphtha supply, greatly save the procurement cost of raw materials,
introduce the concept of “circular economy”, and innovatively use the by-product hydrogen to process fuel oil
into naphtha.
The new disproportionation catalyst jointly developed by Zhongjin Petrochemical and Tongji University has
been successfully applied for the first time in ZPC 2# disproportionation plant (3.5 million tons/year). The catalyst
has the excellent characteristics of “three highs”, namely high space velocity, high yield and high conversion and
utilization rate of heavy aromatic hydrocarbon, and has good operation stability, whose comprehensive
performance and technical indicators have reached the advanced level in the world at present, realizing import
substitution, which reflects the staged progress of the Company’s scientific research and innovation ability and
level, and is of great significance for continuously improving the technical level of production equipment,
improving the conversion and utilization efficiency of raw materials, reducing consumption and production costs,
and realizing the aromatic hydrocarbon production from large to strong and achieving green efficiency.
As the expansion area of Zhoushan Green Petrochemical Base, relying on ZPC and Ningbo Zhongjin
Petrochemical, it extends the industrial chain downstream and develops fine chemicals and new chemical
materials. The company focuses on developing downstream products of the existing industrial chains of ZPC and
Zhongjin Petrochemical, to achieve the value-added and efficiency increase in raw materials. At present, the
project has started construction and related work is progressing in an orderly manner.
Since the establishment of the first private PTA production line in 2002, the Company has insisted on
independent innovation, successively developed and built the first domestic PTA process package and production
equipment with independent intellectual property rights, and realized the first domestic application of core
equipment such as large-scale oxidation reactors and high-speed pumps, which changed the long-term dependence
of China’s PTA industry on the introduction of complete sets of foreign patented technology, and promoted a
large number of domestic equipment manufacturers to achieve leap-forward development. At the same time, we
have continuously carried out technical transformation on existing equipment to improve production efficiency
and product quality, and at the same time continuously optimized raw material consumption to ensure efficient
use of resources. Meanwhile, the Company has steadily promoted the launch of new production capacity, on the
one hand, to meet the growing market demand, and on the other hand, to stabilize the Company’s leading position
in the polyester industry.
With the general policy of “safety and environmental protection, quality improvement, cost reduction and
benefits increase”, the Company focuses on strengthening pandemic prevention and control, implementing hidden
danger treatment, boosting process optimization and promoting lean production management. Yongsheng
Technology’s 250,000-ton functional polyester film expansion project has been successfully put into production,
and the company’s annual polyester film production capacity has reached 430,000 tons, ranking the top four in
China. The Company’s PTA production enterprises make full use of the advantages of the Company’s complete
industrial chain integration to continuously tap the potential and increase benefits to produce polyester bottle chips.
At present, its production capacity ranks first in China, with part of PTA production capacity consumed locally,
which enhances the competitiveness of the enterprise and improve the economic benefits. The 500,000 tons of
differentiated fiber project of Shengyuan Phase II, which mainly produces flame-retardant, functional and dye-
free fiber products, is also in progress.
II. Analysis of Core Competitiveness
As one of the world’s leading chemical material producers, Rongsheng Petrochemical is a major
manufacturer of polyester, new energy materials, engineering plastics, and high-value-added polyolefins in China
and Asia. The refining and chemical integration project of ZPC, which was led by the Company, boasts an annual
processing capacity of 40 million tons of crude oil, 8.8 million tons of paraxylene (PX), and 4.2 million tons of
ethylene, achieving globally leading integration rates. In May 2025, Rongsheng Petrochemical ranked 5th in the
list of “Global Top 50 Most Valuable Chemical Brands 2025” released by Brand Finance, a renowned UK-based
brand valuation and strategy consultancy. In July 2025, US Chemical & Engineering News (C&EN) ranked
Rongsheng Petrochemical 14th in its “Global Top 50 Chemical Companies 2024”, marking the Company's fifth
consecutive year on the list. In 2024, Rongsheng Petrochemical was ranked 8th in the list of “ICIS Top 100
Chemical Companies” published by ICIS and 6th globally in the “Chemical Week Billion-Dollar Club Ranking”
by Chemical Week (U.S.). In November 2024, the globally authoritative index provider MSCI (Morgan Stanley
Capital International) announced its latest ESG ratings, with Rongsheng Petrochemical’s MSCI ESG rating
upgraded to BBB, ranking among the global leaders in the Diversified Chemicals sector, demonstrating
management performance at the forefront of the global petrochemical industry in terms of carbon emission
reduction, water resource management, and corporate governance.
As one of the leading enterprises in the petrochemical industry with leading comprehensive strength in China,
the Company's core competitiveness is mainly reflected in the following aspects:
After years of development and improvement, the Company has seized the opportunity of industrial
adjustment, achieved rapid growth, and formed the development strategy of “from a drop of oil to everything in
the world”. Through the extension of the industrial chain, the Company has effectively reduced the business cost,
realized the mutual support of upstream and downstream sectors, and also improved its sustainable profitability
and risk resistance. Building upon the complete polyester industry chains of its controlling shareholder Rongsheng
Petrochemical and participating shareholder Tongkun Group, ZPC has successfully bridged the final gap in the
full-process integration from “a drop of crude oil to a strand of fiber”, establishing formidable vertical integration
advantages across the polyester value chain while developing strong synergistic effects with shareholders in other
industrial chains.
The interconnection of Zhoushan Green Petrochemical Base and Ningbo Petrochemical Base can realize the
coordinated development of both Ningbo and Zhoushan bases, and pipeline transportation greatly reduces the risk
and cost of ship transportation and land transportation; A large number of light hydrocarbon raw materials by-
products from Ningbo Petrochemical Base are transported to Zhoushan Green Petrochemical Base through
pipelines, which can be used as high-quality ethylene raw materials. Surplus oil products from Zhoushan Green
Petrochemical Base can be transported to Ningbo Petrochemical Base as high-quality raw materials for aromatic
hydrocarbon production.
The construction of ZPC Project has supporting facilities that can meet the demand of crude oil supply in the
two phases of the project. The total storage capacity of Mamu crude oil depot and Yushan Island crude oil depot
has reached 4.6 million m³, which is the largest storage capacity among domestic refining and chemical facilities.
As the most concentrated resource allocation base for oil and gas enterprises in China, Zhejiang free Trade Zone
has an oil depot capacity of more than 30 million m³, including Cezi Island and Waidiao Island. Most of the oil
pipeline networks are interconnected, making local transportation available.
The Company’s production bases are located along the eastern coastline of China, including the “Circum-
Bohai Sea Economic Zone” in Dalian City, Liaoning Province; and “Yangtze River Delta Economic Circle” in
Ningbo City, Zhejiang Province; the “Belt and Road Economic Belt”; and the “Maritime Silk Road” in Haikou
City, Hainan Province. Each production base of the Company is adjacent to high-quality ports, connected with
canals and equipped with complete wharf facilities. The main raw materials and other auxiliary raw materials
required for production can be unloaded and stored at the chemical material wharf built or rented by the Company,
which has provided convenient transportation of bulk raw materials and inventory adjustment.
ZPC Project is located in the concentrated consumption area of oil products and chemical products, with the
key products marketable. The target market of chemical products is mainly East China and South China, where
the economy is the most developed with the most active downstream consumption market for petrochemical
products, and whose related industries such as downstream plastic product processing industry, light industry and
daily chemical industry are developed, with strong market acceptance for bulk petrochemical products. Refined
oil has many sales channels and enjoys strong policy support and obvious competitive advantages. The Ministry
of Commerce officially approved granting ZPC the export qualification of non-state-owned trade refined oil. As
the first private refining and petrochemical enterprise to obtain export permission, ZPC took the lead in opening
sales channels in Southeast Asia. In the face of the excess supply of domestic refined oil, this export permission
given to ZPC has become more valuable.
As one of the leading private petrochemical companies, the Company possesses inherent strong market
sensitivity and flexible decision-making mechanism. It can not only keep a close eye on the market, but also make
timely and accurate adjustments to the strategy and seize the preemptive opportunities of the market under its own
mechanism advantages of fast pace and few links. The management has a keen sense of investment, accurate
timing for project operation and excellent investment and financing capacity. The Company started from polyester
chemical fiber, and after years of development, it has formed a good foundation. With the full-scale operation of
the 40 million tons/year refining and chemical integration project of its subsidiary in early 2022, ZPC has become
the largest single refinery in the world. Relying on the platform of 40 million tons/year refining and chemical
integration project of ZPC, which is the largest single refinery in the world, the Company has accelerated the
layout of downstream new chemical materials, aimed at the field of new energy and high-end materials, and has
deployed a number of new energy and new material products such as EVA, POE, DMC, PC and ABS,
continuously enriching its product chain. With the steady progress of new projects, the Company’s production
capacity of new energy materials, renewable plastics, special synthetic materials, and high-end synthetic materials
will be expanded in an orderly manner, and the transformation of new materials will be gradually accelerated.
The Company upholds a technological research and development pattern driven by both independent
innovation and cooperation. It has established many world-class research and development platforms, including a
high-tech research and development center, a workstation for academicians and experts, an enterprise technology
center, and a post-doctoral science and research workstation. Moreover, it engages in active technology exchanges
and discussions and promotes industry-university-research collaboration to acquire resources from universities,
the community, and the Company. With all sectors of society, it jointly promotes its research capability and
technological advancement and together create an innovation ecosystem that is open, healthy, and cooperative,
where everyone can benefit. In recent years, the Company has continuously promoted scientific research
cooperation with domestic and foreign countries and increased its research and development investment year by
year to maintain a leading level in the industry.
The Company’s main manufacturing subsidiaries are all national high-tech enterprises with strong research
and development strength and rich process operation experience accumulated during long-term production
management, which have gathered the strength of “production, learning, research and use” at home and abroad,
carried out research and development with independent innovation, and established an integrated achievement
improvement platform for laboratory innovation, small test, pilot test and industrial demonstration production, and
overcome the disadvantage that it is difficult to incubate and transform related achievements although with basic
research by other research institutes in China relying on the Company’s flexible system and mechanism and
complete industrial chain advantages, breaking through the final ceiling from scientific research achievements to
industrial promotion and application, boosting industrial technological innovation and upgrading, seizing the
technologically leading position, and promoting the Company’s high-quality development in the terms of
technological independence, raw material diversification, high-end products, green production and intelligent
industry.
Focusing on the construction of corporate culture, the Company has formed a good working atmosphere and
strong corporate cohesion. The Company has also trained a group of stable core management, research and
development, and technical talents through internal training and introduction. The Company attaches importance
to the cultivation of on-the-job staff. Based on reality and comprehensive planning, the Company is constantly
broadening the staff selection platform and formulating an effective incentive mechanism. To maintain the
practical and effective work of the staff, the Company has improved the benefits of employees, optimized the
professional title assessment system, and clarified the promotion standards and incentives. The Company
combined the employee examination with performance evaluation and replaced some evaluations with
competition to dynamically evaluate employees’ comprehensive quality and form a healthy competition of
competing through learning and competing for first place. Following the principle of “different measures for
different talents and making good use of the strengths of talents”, every employee will have the opportunity to
exercise their abilities.
In addition, the Company attaches great importance to the management of talents and teams, and adopts both
internal incentives and external training. In terms of internal management, it promotes the construction of three
teams, namely, senior management, high potential talents and specialized talents. In particular, it attaches
importance to talent evaluation and integrity education, strengthens skills training and skills accreditation, and
improve the quality of employees in all aspects. In terms of external training, relying on cooperation platforms
such as Industry-University-Research, it actively introduces talents with good education and excellent skill,
increases the proportion of high-quality employees, and provide new momentum for enterprise development.
The Company adheres to system construction, integrates digitization, intelligence, standardization, process,
and regulation into operations; actively strengthens IT construction; comprehensively integrates business links
such as sourcing, production, inventory, and sales; and constantly improves the rapid response ability. The
Company has established a complete set of effective management systems in combination with actual situations,
defined post responsibilities and work flow, and effectively reduced the operation costs through fine management.
Through years of efforts, the Company's construction in systems such as information, performance appraisal, and
credit management are at the leading position in the industry. Meanwhile, through brand and cultural construction,
the Company has further enhanced its corporate cohesion and brand influence.
III. Analysis of Main Business
Overview
See related contents in “I. Main Business of the Company during the Reporting Period”.
Year-on-year changes of major financial data
Unit: RMB
In the reporting In the same period Year-on-year
Reason for change
period of the previous year increase (decrease)
Operating income 148,629,350,935.50 161,249,744,277.85 -7.83%
Operating cost 128,878,959,937.59 141,256,133,696.06 -8.76%
Marketing expenses 84,293,344.16 78,933,484.96 6.79%
Administrative
expenses
Financial expenses 3,209,956,264.91 3,695,610,943.82 -13.14%
Income tax Mainly due to the recognition of
expenses deferred tax expenses
R & D investment 2,369,091,695.16 2,496,929,812.35 -5.12%
Net cash flow from
operating activities
Net cash flow from
-16,060,371,106.87 -16,703,533,922.77 3.85%
investment activities
Net cash flow from Mainly due to year-on-year
financing activities changes in corporate borrowings
Net increase in cash Mainly due to changes in the net
and cash 1,078,135,756.74 5,522,661,291.23 -80.48% cash flow from financing
equivalents activities
Major changes in profit composition or profit sources during the reporting period
□Applicable Not applicable
There were no major changes in profit composition or profit sources during the reporting period.
Operating income composition
Unit: RMB
In the reporting period In the same period of the previous year Year-on-year
Proportion in Proportion in increase
Amount Amount (decrease)
operating income operating income
Total operating
income
By industry
Petrochemical
Industry
Polyester chemical
fiber industry
Trade and others 8,601,331,466.96 5.79% 9,278,690,014.88 5.75% -7.30%
By product
Oil refining
products
Chemical products 60,742,136,938.65 40.87% 57,596,453,886.82 35.72% 5.46%
PTA 15,754,125,991.87 10.60% 26,077,114,974.80 16.17% -39.59%
Polyester chemical
fiber film
Trade and others 8,601,331,466.96 5.79% 9,278,690,014.88 5.75% -7.30%
By region
China 133,658,202,665.65 89.93% 138,850,841,311.88 86.11% -3.74%
Overseas 14,971,148,269.85 10.07% 22,398,902,965.97 13.89% -33.16%
Industries, products or regions that account for more than 10% of the company’s operating income or profit
Applicable □Not applicable
Unit: RMB
Year-on-year Year-on-year Year-on-year
Gross increase increase increase
Operating income Operating cost profit (decrease) in (decrease) in (decrease) in
margin operating operating gross profit
revenue cost margin
By industry
Petrochemical
Industry
Polyester
chemical fiber 11,125,503,900.41 10,959,123,038.16 1.50% 31.53% 31.32% 0.16%
industry
Trade and
others
By product
Oil refining
products
Chemical
products
PTA 15,754,125,991.87 15,707,088,918.89 0.30% -39.59% -40.44% 1.44%
Polyester
chemical
Trade and
others
By region
China 133,658,202,665.65 114,335,639,360.20 14.46% -3.74% -4.11% 0.34%
Overseas 14,971,148,269.85 14,543,320,577.39 2.86% -33.16% -33.95% 1.16%
In the case that the statistical standards for main business data of the company are adjusted during the reporting period, the main
business data of the company in the latest period are subject to those after the adjustment of the statistical standards at the end of
the reporting period
□Applicable Not applicable
IV. Non-core business analysis
Applicable □Not applicable
Unit: RMB
Proportion in Whether it is
Amount Cause description
total profit sustainable
Mainly due to futures investment and
Investment income 284,046,651.75 15.40% No
investment income from joint ventures
Mainly due to fluctuations in fair value
Profit (loss) from fair
-299,721,409.22 -16.25% gains/losses of financial liabilities at fair value No
value change
through profit or loss (FVTPL)
Mainly the inventory depreciation provision
Asset impairment -152,150,594.56 -8.25% No
accrued
Non-operating income 3,898,849.00 0.21% Mainly compensation income No
Non-operating Mainly due to sporadic non-recurring losses
expenses and donation outlay
Income from asset
-64,124.27 -0.003% Mainly the loss from disposal of fixed assets No
disposal
Credit impairment Mainly due to the changes in the provision for
loss bad debts of accounts receivable
Mainly due to value-added tax credit policy
Other income 1,064,837,456.41 57.73% Yes
benefits for advanced manufacturing enterprises
V. Analysis of assets and liabilities
Unit: RMB
At the end of the reporting period At the end of the previous year Increase
Proportion in Proportion in (decrease) of
Amount Amount proportion
total assets total assets
Monetary fund 14,892,639,075.65 3.88% 14,833,384,920.45 3.93% -0.05%
Accounts receivable 3,041,483,593.40 0.79% 6,821,971,706.36 1.81% -1.02%
Inventory 44,379,253,913.97 11.56% 44,566,934,616.59 11.80% -0.24%
Investment real estate 9,988,405.60 0.003% 10,124,128.60 0.003% 0.00%
Long-term equity
investment
Fixed assets 229,147,301,133.74 59.67% 232,497,113,015.70 61.53% -1.86%
Construction in progress 52,807,597,773.11 13.75% 44,036,132,096.28 11.65% 2.10%
Right-of-use assets 164,400,836.21 0.04% 176,237,821.55 0.05% -0.01%
Short-term borrowings 46,274,018,691.66 12.05% 44,090,969,803.23 11.67% 0.38%
Contractual liabilities 2,183,602,360.00 0.57% 5,995,580,462.05 1.59% -1.02%
Long-term borrowings 116,630,942,763.44 30.37% 119,518,340,862.41 31.63% -1.26%
Lease liabilities 161,307,988.09 0.04% 171,624,458.34 0.05% -0.01%
Non-current liabilities due
within one year
□Applicable Not applicable
Applicable □Not applicable
Unit: RMB
Impai Purch
Profit Accum Sales
rment ase
and loss ulated amou
accru amou
from fair nt in Oth
Amount at the ed in nt in
changes value the er Amount by the
Item beginning of the the the
in fair changes curre cha end of the period
period curre curre
value for recogni nt nges
nt nt
the zed in perio
perio perio
period equity d
d d
Financial assets
(excluding derivative
financial assets)
assets
Subtotal of financial
assets
Financial liabilities 1,303,911,939.76 1,580,746,582.87
Whether there are any significant changes in the measurement attributes of the Company’s major assets during the reporting period
□ Yes No
Original book value at the
Item Reasons for restriction
end of the period
Monetary fund 870,670,983.46 Letter of credit, bank acceptance bill, guarantee and borrowing deposit
Fixed assets 259,481,524,660.93 Borrowing and letters of credit as collateral
Construction in progress 29,756,065,409.14 Borrowing and letters of credit as collateral
Intangible assets 6,229,413,556.02 Borrowing and letters of credit as collateral
Total 296,337,674,609.55
VI. Analysis of Investment Status
Applicable □Not applicable
Investment amount in the reporting period
Investment amount in the same period of last year (RMB) Variations
(RMB)
□Applicable Not applicable
□Applicable Not applicable
(1) Securities investment
□Applicable Not applicable
The Company had no securities investment during the reporting period.
(2) Investment in derivatives
Applicable □Not applicable
Applicable □ Not applicable
Unit: RMB 10,000
Proportion
of
investment
Profit and amount at
Accumulated Purchase Sales
loss from the end of
Initial fair value amount amount
Derivatives Beginning changes in Ending the period
investment changes in the in the
investment type amount fair value amount in the net
amount recognized reporting reporting
for the assets at
in equity period period
period the end of
the
reporting
period
Forward foreign
exchange contract
Paper futures
contract
Total 44,111.13 -5,579.60 36,438.43 0.84%
Accounting
policies and
specific principles
of accounting for
hedging
operations during
the reporting
No
period, and
explanation of
whether there is
any significant
change compared
with the previous
reporting period
Explanation of the
actual profit and
loss situation in The Company realized investment gains of RMB 12.4479 million during the reporting period
the reporting
period
Explanation of
Not applicable
hedging effect
Source of funds
for derivatives Owned fund
investment
Futures hedging operations
(I) Risk analysis of futures hedging operations
converge during the delivery period. However, in rare irrational market scenarios, futures and spot price
discrepancies may persist through delivery period, potentially impacting the Company’s hedging proposals and
even causing losses.
losses due to the forced liquidation because of the inability to replenish margin in a timely manner. Futures
trading may pose liquidity risk due to inactive trading, which makes it difficult to transact business.
unexpected losses due to deficiencies in information systems or internal controls.
violate the relevant provisions of the contract and terminate the contract, resulting in a loss to the Company.
may cause the contract to be unable to be properly executed and result in losses to the Company.
(II) Risk control measures to be taken by the Company for the futures hedging business
Company's futures hedging activities are limited to the futures varieties related to the raw materials or products
required for the Company's operations.
establishes principles for the design of hedging plans and provides for specific approval authority for hedging
Explanation of plans. The Company's hedging business is only for the purpose of avoiding commodity price risk, and does not
risk analysis and involve speculative and arbitrage transactions. The varieties of hedging business are limited to the raw materials
control measures
and products required by the Company, of which the quantity of hedging cannot exceed the volume of actual
for derivative
holding in the spot transactions, and the open interest cannot exceed the spot quantity required for hedging purposes.
reporting period 3. In accordance with the relevant provisions of the Rules Governing the Listing of Shares on the Shenzhen
(including but not Stock Exchange, the Company established Commodity Futures Hedging Management System to manage its
limited to market futures business, which can minimize operational risks caused by imperfect systems and inappropriate work
risk, liquidity risk,
credit risk, procedures.
operational risk, 4. Establish computer systems and related facilities that meet the requirements to ensure that transactions are
legal risk, etc.) carried out properly. When a failure occurs, take timely action to minimize losses.
Foreign exchange derivative transactions
(I) Risk analysis of foreign exchange derivatives trading business
the Company's expectations, the Company’s cost expenditure after locking in the exchange rate or interest rate
cost may exceed the cost expenditure without locking in, which may cause potential losses.
which may result in risks due to inadequate internal control systems.
inability of goods to be collected within the estimated payback period, or the delay in payment to suppliers will
affect the Company’s cash flow, which may cause a failure to fully match the actual cash flow incurred with the
duration or amount of the foreign exchange derivatives business that has been operated.
Payback prediction risk: The Company usually makes payment and payback prediction based on purchase
orders, customer orders and predicted orders. However, in the process of actual execution, suppliers or
customers may adjust their own orders and prediction, resulting in inaccurate payback prediction by the
Company, which leads to the risk of delayed settlement of foreign exchange derivatives that have been operated.
cause the contract to be unable to be properly executed and result in losses to the Company.
(II) Risk control measures to be taken by the Company for foreign exchange derivatives trading business
specified no foreign exchange derivatives trading solely for speculative purposes. All such trading must be based
on normal production and operational needs, supported by specific business activities, and aimed at hedging
against and preventing exchange rate or interest rate risks. The system makes clear provisions on the operating
principles of the Company's business, approval authority, internal review process, responsible departments and
responsible persons, information segregation measures, internal risk reporting system and risk handling
procedures, etc. The system complies with the relevant requirements of the regulatory authorities, meets the
needs of actual operation, and the risk control measures formulated are effective and efficient.
departments, have clear management positioning and responsibilities, and responsibilities are assigned to the
specific person, through hierarchical management, fundamentally eliminating the risk of single person or
separate department operation, and effectively controlling the risk under the premise of improving the speed of
response to the risk.
legal qualifications, and closely follows the laws and regulations in the relevant fields to avoid any legal risks
that may arise.
Changes in the
market price or
product fair value
of invested
derivatives during
the reporting
period, where the
analysis of the fair The Company values its hedging investments at a fair value. Forward foreign exchange is basically determined
value of in accordance with the prices provided or obtained by banks and other pricing services, etc., and the Company
derivatives should performs fair value measurement and recognition on a monthly basis; the trading price of futures is the fair price.
disclose the
specific
methodology used
and the setting of
relevant
assumptions and
parameters
Involvement in
None
lawsuits (if any)
Announcement
disclosure date of
the board of
directors for April 24, 2025
derivatives
investment
approval (if any)
Announcement
disclosure date of
the shareholders’
meeting for May 17, 2025
derivatives
investment
approval (if any)
The Proposal on 2025 Annual Futures Hedging Business was reviewed and approved at the 23rd Meeting of the 6th Board of
Directors held on April 24, 2025, and further approved at the 2024 General Meeting of Shareholders. For details, please refer to
the Announcement on Carrying Out 2025 Annual Futures Hedging Business (Announcement No.: 2025-017) published on April
CNINFO (http://www.cninfo.com.cn). The Company strictly carries out relevant business in accordance with the proposals
approved in the aforementioned meetings.
□Applicable Not applicable
The Company did not have derivative investment for speculative purposes during the reporting period.
□Applicable Not applicable
The Company did not use the raised funds during the reporting period.
VII. Sales of Major Assets and Equities
□Applicable Not applicable
The Company did not sell any major assets during the reporting period.
□Applicable Not applicable
VIII. Analysis of Main Holding and Joint-stock Companies
Applicable □Not applicable
Main subsidiaries and joint-stock companies affecting more than 10% of the Company’s net profit
Unit: RMB 10,000
Company name Company type Main business Registered capital Total assets Net assets Operating income Operating profit Net profit
Production, sales, storage
ZPC Subsidiary and transportation of 5,880,000 29,216,983.74 9,711,343.28 12,079,608.78 238,812.59 213,225.61
petroleum products
Production and sales of
Zhongjin
Subsidiary chemical products and 600,000 2,839,128.73 498,758.98 992,016.21 -73,840.48 -63,349.99
Petrochemical
petroleum products
Project investment, domestic
Yisheng
Subsidiary trade, import and export of 201,800 1,803,399.08 752,703.38 1,133,626.73 551.97 915.21
Investment
goods
Production and sales of PTA
Yisheng Dahua Subsidiary 245,645 1,634,518.18 583,955.33 1,133,626.73 325.25 691.48
and polyester bottle chips
Yisheng New
Subsidiary Production and sales of PTA 300,000 1,073,703.44 181,297.70 1,382,976.54 3,240.41 3,031.30
Materials
Joint-stock Production and sales of PTA USD
Zhejiang Yisheng 2,129,370.54 931,882.67 1,239,824.17 14,361.48 12,652.04
company and PIA 514,447,100
Joint-stock Production and sales of PTA
Hainan Yisheng 458,000 2,007,886.87 685,989.03 1,503,199.66 3,330.59 133.35
company and polyester bottle chips
Production and sales of
Shengyuan
Subsidiary polyester chips and 200,000 927,929.45 210,959.93 317,398.66 -1,266.73 -1,412.73
Chemical Fiber
polyester filaments
Acquisition and disposal of subsidiaries during the reporting period
□Applicable Not applicable
Description of major holding companies and joint-stock companies
(1) Zhejiang Petroleum & Chemical Co., Ltd.
Zhejiang Petroleum & Chemical Co., Ltd. (ZPC) is the implementing body of the Company's 40 million
tons/year refining and chemical integration project. Its major business is production, sales, storage and
transportation of petroleum products. With Li Shuirong as its legal representative, ZPC, a holding subsidiary of
the Company, owns a registered capital of RMB 55,800 million. By June 2025, the company had total assets of
RMB 292,169.84 million and net assets of RMB 97,113.43 million; From January to June 2025, the company
achieved an operating revenue of RMB 120,796.09 million and a net profit of RMB 2,132.26
million.
(2) Ningbo Zhongjin Petrochemical Co., Ltd.
The business scope of Ningbo Zhongjin Petrochemical Co., Ltd. includes the storage of chemical products;
wholesale and retail of chemical products and petroleum products (except hazardous chemicals). With Li
Shuirong as its legal representative, Zhongjin Petrochemical, a wholly-owned subsidiary of the Company, owns a
registered capital of RMB 6,000 million. By June 2025, the company had total assets of RMB 28,391.29 million
and net assets of RMB 4,987.59 million; From January to June 2025, the company achieved an operating revenue
of RMB 9,920.16 million and a net profit of RMB -633.5 million.
(3) Dalian Yisheng Investment Co., Ltd.
Dalian Yisheng Investment Co., Ltd. is mainly engaged in industrial investment, domestic trade, and import
and export of goods. With Li Shuirong as its legal representative, Yisheng Investment owns registered capital of
RMB 2,018 million. The Company holds 70% of its equity. By June 2025, the company had total assets of RMB
operating revenue of RMB 11,336.27 million and a net profit of RMB 9.15 million.
(4) Yisheng Dahua Petrochemical Co., Ltd.
Yisheng Dahua Petrochemical Co., Ltd. is mainly engaged in the production and sales of PTA and polyester
bottle chips, domestic trade, and import and export of goods. With Li Shuirong as its legal representative, Yisheng
Dahua Petrochemical owns a registered capital of RMB 2,456.45 million. By June 2025, the company had total
assets of RMB 16,345.18 million and net assets of RMB 5,839.55 million; From January to June 2025, the
company achieved an operating revenue of RMB 11,336.27 million and a net profit of RMB 6.91 million.
(5) Zhejiang Yisheng New Materials Co., Ltd.
Zhejiang Yisheng New Materials Co., Ltd. is mainly engaged in the production and sales of PTA. The legal
representative is Xu Baoyue, the registered capital is RMB 3 billion, and Ningbo Zhongjin Petrochemical Co., Ltd.
holds 51% of its equity. By June 2025, the company had total assets of RMB 10,737.03 million and net assets of
RMB 1, 812.98 million; From January to June 2025, the company achieved an operating revenue of RMB
(6) Zhejiang Yisheng Petrochemical Co., Ltd.
Zhejiang Yisheng Petrochemical Co., Ltd. is mainly engaged in PTA and PIA production and sales. With
Fang Xianshui as its legal representative, Yisheng Petrochemical owns a registered capital of USD 514,447,100.
By June 2025, the company had total assets of RMB 21,293.71 million and net assets of RMB 9,318.83 million;
From January to June 2025, the company achieved an operating revenue of RMB 12,398.24 million and a net
profit of RMB 126.52 million.
(7) Hainan Yisheng Petrochemical Co., Ltd.
Hainan Yisheng Petrochemical Co., Ltd. is a joint-stock subsidiary of Yisheng Investment, the Company's
holding subsidiary. The Company's main business includes the production and sales of PTA and polyester bottle
chips, and import and export business. With Fang Xianshui as its legal representative, Yisheng Petrochemical
owns a registered capital of RMB 4,580 million. Yisheng Investment holds 50% of its equity. By June 2025, the
company had total assets of RMB 20,078.87 million and net assets of RMB 6,859.89 million; From January to
June 2025, the company achieved an operating revenue of RMB 15,032 million and a net profit of RMB 1.33
million.
(8) Zhejiang Shengyuan Chemical Fiber Co., Ltd.
Zhejiang Shengyuan Chemical Fiber Co., Ltd. is the implementing body of the Company’s multi-functional
fiber technical transformation project. Its business scope covers the production and sales of polyester chips and
polyester filaments. With Li Shuirong as its legal representative, Shengyuan Chemical Fiber, a wholly-owned
subsidiary of the Company, owns a registered capital of RMB 2,000 million. By June 2025, the company had total
assets of RMB 9,279.29 million and net assets of RMB 2,109.6 million; From January to June 2025, the company
achieved an operating revenue of RMB 3,173.99 million and a net profit of RMB -14.13 million.
IX. Structured Entities Controlled by the Company
□Applicable Not applicable
X. Risks Faced by the Company and Countermeasures
As a member of the crude oil industrial chain, the Company’s main cost of production is the cost of upstream
raw materials. Therefore, the fluctuation of crude oil prices will result in the price fluctuation of products in the
industry chain. Our main products are aromatic hydrocarbons, chemicals and oil products, which are closely
related to the national economy and people's livelihood. The industry development is highly correlated with the
prosperity of the national economy, and macroeconomic changes will have a certain impact on our performance.
The Company’s procurement-production-sales team possesses extensive experience in purchasing, production,
sales, hedging, and logistics. With support from the marketing department, the Company will closely monitor
market fluctuations, adhering to a dual approach of strategic procurement and opportunistic purchasing; It flexibly
adjusts product mix and production capacity based on market demand, dynamically arranges long-term and short-
term contracts, and strengthens sales management to mitigate adverse impacts to the Company from raw material
price volatility.
The Company engages in overseas procurement and sales. As business operations continue to expand, the
volume of foreign currency-denominated sales and purchases has increased significantly. Meanwhile, given the
complexity of factors influencing foreign exchange rate movements and substantial market uncertainties,
significant fluctuations in RMB exchange rates may potentially affect the Company's operating performance. In
response, the Company will conduct foreign exchange derivative transactions in compliance with legal, prudent,
secure, and effective principles based on its foreign business, grounded in actual business needs, to hedge against
and mitigate exchange rate risks.
With the expansion of domestic refining and chemical integration capacity and the promotion of the strategy
of “reducing oil and increasing chemicals” in recent years, the basic chemical raw materials and general chemical
products in the downstream of refining and chemical industry are characterized by certain homogenization. With
the support of the Company’s complete and refined industrial chain platform, the Company will still be at the left
end of the industry cost curve in the future, thus occupying a favorable position in the market competition. On the
other hand, many products in the new materials project planned by the Company have limited domestic
production capacity or even rely entirely on imports, which will bring excess returns to the Company.
Petrochemical industry is a capital-intensive industry with large investment scale and long construction
period. Continued large-scale capital investment will likely increase the level of asset-liability ratio and trigger
cash flow risks. Besides, as demand in the downstream sector of the industry is gradually increasing, the return on
invested capital may also be less than expected. After the second phase of ZPC was put into production, although
the Company planned several new materials projects intensively, it has strictly controlled the pace of investment
and construction, adjusted the project content in strict accordance with the market situation, maintained a
reasonable asset-liability ratio, and actively negotiated cooperation with foreign petrochemical giants such as
Saudi Aramco to create a more competitive refining and chemical integration platform.
XI. Formulation and Implementation of Market Value Management System and Valuation
Promotion Plan
Whether the company has formulated a market value management system.
Yes □No
Whether the company has disclosed the valuation promotion plan.
□ Yes No
Market value management is a critical component of the Company's long-term development, which can
enhance the Company’s market competitiveness and investor confidence through scientific and effective
management practices, thereby achieving sustained growth in corporate value. In order to strengthen market
value management and improve investor returns, the Company has formulated the Market Value Management
System in accordance with the Securities Law of the People's Republic of China, the Guideline No. 10 for
Supervision of Listed Companies - Market Value Management, the Rules Governing the Listing of Shares on
Shenzhen Stock Exchange, and other applicable laws, regulations, and regulatory documents, and in
combination with its own actual business development. The Proposal on the Formulation of the was reviewed
and approved at the 22nd Meeting of the Sixth Board of Directors. In the future, the Company will strictly
implement such system to standardize relevant practices, and continuously enhance investment value and
shareholder returns, thus laying a solid foundation for long-term, high-quality development.
XII. Implementation of the Action Plan of “Double Improvement of Quality and Return”
Whether the Company has disclosed the action plan announcement of “Double improvement of quality and return”.
Yes □No
In order to implement the guiding ideology of “activating the capital market and boosting investors’
confidence” put forward at the meeting of the Political Bureau of the CPC Central Committee on July 24, 2023
and “improving the quality and investment value of listed companies, taking more powerful and effective
measures, focusing on stabilizing the market and confidence” put forward at the executive meeting of the State
Council on January 22, 2024, and earnestly protect the interests of all investors, the Company has formulated the
action plan of “double improvement of quality and return” based on its confidence in the future development
prospects of the Company and its recognition of the stock value, and disclosed it on March 2, 2024. Details are as
follows:
Rongsheng Petrochemical ranks among the global leaders in the petrochemical industry. In May 2025, it
ranked 5th in the list of “Global Most Valuable Chemical Brands 2025” released by Brand Finance, a renowned
UK-based brand valuation and strategy consultancy. In July 2025, US Chemical & Engineering News (C&EN)
ranked Rongsheng Petrochemical 14th in its “Global Top 50 Chemical Companies 2024”, marking the
Company’s fifth consecutive year on the list. The Company is firmly putting into practice the “vertical and
horizontal strategy”. It has established seven production bases in Bohai Economic Rim, Yangtze River Delta
Economic Circle and Hainan Belt and Road Economic Circle, forming five industrial chains of polyester,
engineering plastics, new energy, high-end polyolefin and special rubber. It is one of the important producers of
polyester, new energy materials, engineering plastics and high value-added polyolefin in Asia, with the largest
production capacity of chemicals such as PX and PTA in the world. Since listing, the Company's business has
developed rapidly, and its operating income has increased from RMB 15,795,678,900 in 2010 to RMB
On the basis of the existing complete industrial chain, the Company actively arranges products related to new
energy and new materials, and the proportion of related products continues to increase. At the same time, the
Company actively carried out the global layout. In 2023, the Company introduced Saudi Aramco as a strategic
investor. At present, Saudi Aramco holds about 10% of the Company's equity through its wholly-owned
subsidiary. In early 2024, the Company entered into a Memorandum of Understanding (MoU) with Saudi Aramco.
Since the MoU signing, Rongsheng Petrochemical and Saudi Aramco have actively advanced cooperation matters,
subsequently executing several agreements including the Cooperation Framework Agreement, Framework
Agreement for Joint Development Agreement, and Development Framework Agreement. Currently, both parties
are engaged in further negotiations regarding specific terms of the joint investment to facilitate the realization of
their strategic objectives.
The Company keeps up with the forefront of international science and technology, and constantly launches
new technologies and products in clean energy, high-end materials and green development. The Company upholds
a technological R&D pattern driven by both independent innovation and cooperation. It has established many
world-class R&D platforms, including a high-tech R&D center, a workstation for academicians and experts, an
enterprise technology center, and a post-doctoral science and research workstation. Moreover, it engages in active
technology exchanges and discussions and promotes industry-university-research collaboration to acquire
resources from universities, the community, and the Company. With all sectors of society, it jointly promotes its
research capability and technological advancement and together create an innovative development system that is
open, healthy, and cooperative, where everyone can benefit.
While paying attention to its own development, the Company also attaches great importance to shareholders’
return. In order to improve and enhance the Company’s shareholder return mechanism and increase the
transparency and operability of profit distribution policies, the Company has formulated the Shareholders’ Return
Plan for the Next Three Years since its listing, according to the Company Law of People’s Republic of China, the
Supervision Guide for Listed Companies No.3-Cash Dividends of Listed Companies and other laws, regulations
and the Articles of Association, and has continuously updated them. Up to now, a total of 15 cash dividends have
been paid, with a total cash dividend of nearly RMB 9.4 billion. In the future, the Company will continue to
coordinate the dynamic balance of corporate development, performance growth and shareholder return according
to its development stage, and realize a “long-term, stable and sustainable” shareholder value return mechanism.
Based on the confidence in the Company’s future development prospects and the recognition of its long-term
value, the Company and its controlling shareholder Rongsheng Holding have actively carried out share repurchase
and increase plans in order to protect the interests of investors, especially small and medium-sized investors,
enhance investors’ confidence, promote the reasonable return of the Company's stock price to its long-term
intrinsic value, and promote the Company’s stable and sustainable development.。
Since the initial share repurchase on March 29, 2022, the Company has implemented three phases of share
repurchase programs, all of which have been completed. Cumulatively, the Company has repurchased
transaction value of RMB 6,987,904,924.02 (excluding transaction fees), among which 136,082,746 shares held in
the special repurchase securities account were successfully cancelled in July 2025. The detailed breakdown is
presented in the table below:
Number of shares Amount to be Repurchased
Repurchase Repurchase period repurchased repurchased (RMB amount (RMB
(shares) 100 million) 10,000)
Phase I (completed and
March 29, 2022-August 2, 2022 136,082,746 10-20 199,820.39
cancelled)
Phase II (completed) August 18, 2022-July 27, 2023 147,862,706 10-20 198,998.64
August 28, 2023-August 19,
Phase III (completed) 269,287,406 15-30 299,971.46
Total 553,232,858 - 698,790.49
Rongsheng Holdings, the controlling shareholder, implemented the increase plan twice between January 22,
total investment of approximately RMB 1,692.9317 million. Rongsheng Holding plans to increase its
shareholding with a total amount of no less than RMB 1 billion and no more than RMB 2 billion between April 8,
Number of shares Amount to be Amount
Share increase items Share increase period increased increased (RMB 100 increased (RMB
(shares) million) 10,000)
Phase I (completed) January 22, 2024-July 18, 2024 115,530,037 10-20 118,805.82
Phase II (completed) August 21, 2024-Febuary 20, 2025 56,892,217 5-10 50,487.35
Phase III (in progress) April 15, 2025- 10-20
July 8) July 8)
Total 246,118,152 - 230,989.16
The Company strictly abides by the requirements of relevant laws and regulations, constantly improves the
corporate governance structure, establishes and enhances the internal control system, regulates the company’s
operation, strives to achieve full coverage of the system, and promotes a more mature construction of the internal
control system. The Company has established a corporate governance structure of “three meetings and one
management”, namely the General Meeting of Shareholders, Board of Directors, Board of Supervisors and Senior
Management, which has independent business and operational autonomy and operates independently in business,
assets, personnel, institutions and finance.
The Company strictly abides by the principle of “truthfulness, accuracy, completeness, timeliness and
fairness”, constantly improves the effectiveness and transparency of information disclosure, and continuously
presents investors with information on the Company’s operations at multiple levels, from multiple angles and in
all directions. At the same time, the Company continuously expands the breadth and depth of investor
communication, and improves the open, fair, transparent and multi-dimensional investor communication channels,
so that investors can understand the Company’s core values more intuitively and comprehensively and enhance
their confidence in the Company.
In the future, the Company will continue to focus on its main business, adhere to the investor-oriented
principle, continue to practice the “double improvement of quality and return”, realize the sustainable and healthy
development of the Company, and strive to make positive contributions to stabilizing the market and confidence
through standardized corporate governance and positive investor returns.
Section IV Corporate Governance, Environment, and Social
Responsibilities
I. Changes in Directors, Supervisors and Senior Management
Applicable □Not applicable
Name Title Type Date Reason
Yao Zheng Independent Director Engagement May 16, 2025 Office term change
Yu Yi Independent Director Engagement May 16, 2025 Office term change
Yan Jianmiao Independent Director Dismission upon expiration of term May 16, 2025 Office term change
Zheng Xiaodong Independent Director Dismission upon expiration of term May 16, 2025 Office term change
Yu Fengdi Employee representative director Elected May 16, 2025 Office term change
Yu Fengdi Director Dismission upon expiration of term May 16, 2025 Office term change
II. Profit Distribution and Conversion of Capital Reserve into Share Capital during the
Reporting Period
□Applicable Not applicable
The Company plans not to distribute cash dividends, issues bonus stocks, or convert capital reserve into share capital in the semi-
annual period.
III. Implementation of the Company’s Equity Incentive Plan, Employee Stock Ownership
Plan or Other Employee Incentives
□Applicable Not applicable
The Company had no implementation of equity incentive plans, employee stock ownership plans or other employee incentives
during the reporting period.
IV. Environmental information disclosure status
Whether the listed company and its major subsidiaries are included in the Environmental Information Disclosure Compliance List
Yes □No
Number of companies included in the Environmental
Information Disclosure Compliance List (unit: 9
companies)
Number Company Name Query index for Environmental Information Disclosure Reports
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
&date=2024&type=true&isSearch=true
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
Zhejiang Petroleum & Chemical Co., Ltd.
(Mamu Oil Depot)
c&date=2024&type=true&isSearch=true
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
&date=2024&type=true&isSearch=true
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
Zhejiang Shengyuan Chemical Fiber Co.,
Ltd.
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
V. Social Responsibilities
Guided by the principle of “Collaborative Win-Win and Social Contribution”, the Company fulfills its CSR
commitments through diversified philanthropic initiatives. We have established a comprehensive stakeholder
engagement mechanism, collaborating with customers, suppliers, and community members to co-create value.
In customer service, we have established a customer-needs-driven service system that enhances
responsiveness through digital solutions while implementing stringent information security safeguards to ensure
comprehensive protection of customer data privacy.
In supply chain management, by implementing a “Transparent Procurement” policy, we have established a
supplier compliance evaluation system that achieves end-to-end process visibility through digital platforms, while
forging strategic partnerships with core suppliers to jointly build a sustainable supply chain ecosystem.
In philanthropy, we have developed a tripartite philanthropic model integrating “Educational Support +
Medical Aid + Community Empowerment”, with focused initiatives including funding educational infrastructure,
providing medical assistance in impoverished regions, and supporting special needs groups. We have also
implemented an employee volunteer service credit system to incentivize all employee participation in charitable
activities, fostering a socially conscious culture of collective goodwill.
We have continuously injected positive social energy into community development, advancing social
harmony while achieving mutual growth for both the enterprise and society.
Section V Important Matters
I. Commitments Fulfilled by the Company’s Actual Controllers, Shareholders, Related Parties, Acquirers, the Company, and Other
Relevant Parties During the Reporting Period, and Commitments not Fulfilled by the End of the Reporting Period
Commitment Commitment Time of Term of
Cause of Commitment Content of Commitment Fulfillment
Party Type Commitment Commitment
Share reform commitment Not applicable Not applicable Not applicable Not applicable Not applicable
Commitments stated in the
Report of Acquisition or Not applicable Not applicable Not applicable Not applicable Not applicable
Equity Change Report
Commitments made during
Not applicable Not applicable Not applicable Not applicable Not applicable
assets restructuring
Directors Li Shuirong and Li Yongqing and Supervisor Li
Guoqing promised that during their tenure, the annual
transfer of the issuer's shares (including directly and
Directors and Share lock-up
Commitment made during Commitment made indirectly held shares) would not exceed 25% of the total Commitment
supervisors of November 2, 2010 commitment for a
IPO or re-financing during IPO issuer’s shares (including directly and indirectly held honored
the Company period of 36 months
shares) held by them. Within six months after resignation,
they would not transfer the issuer’s shares directly or
indirectly held by them.
Equity incentive commitment Not applicable Not applicable Not applicable Not applicable Not applicable
Zhejiang Rongsheng Holding Group Co., Ltd., the
controlling shareholder of the Company, signed the Non-
Other commitments to competition Agreement with the Company and promised
Shareholders Commitment made not to compete with the Company in the same industry. Li Commitments
minority shareholders of the November 2, 2010 Long term
before issuance during IPO Shuirong, the de facto controller and the largest natural honored
Company
person shareholder of the Company, and other
shareholders, including Li Yongqing, Li Guoqing, Ni
Xincai, Xu Yuejuan and Zhao Guanlong, respectively
issued the Letter of Commitment on Avoiding Horizontal
Competition and promised not to compete with the
company in the same industry.
Rongsheng Holdings, the controlling shareholder of the
Company, plans to increase its shareholding in the
Commitment made During the share
Controlling Company within 6 months from January 19, 2024, and Commitments
Other commitments in the increase January 19, 2024 increase period and
shareholder promises not to actively reduce its shareholding in the honored
plan statutory time limit
Company during the share increase period and within the
statutory time limit.
Rongsheng Holdings, the controlling shareholder of the
Company, plans to increase its shareholding in the
Commitment made During the share
Controlling Company within 6 months from August 21, 2024, and Commitments
Other commitments in the increase August 21, 2024 increase period and
shareholder promises not to actively reduce its shareholding in the honored
plan statutory time limit
Company during the share increase period and within the
statutory time limit.
Whether the commitments are
Yes
fulfilled on time
If the commitments have not
been fulfilled on time, the
specific reasons for the failure
to complete the performance Not applicable
and the work plan for the next
step should be explained in
detail
II. Non-operating Occupation of Funds of the Listed Company by the Controlling Shareholder and Other Related Parties
□Applicable Not applicable
There was no non-operating occupation of funds of the listed company by the controlling shareholder and other related parties during the reporting period.
III. Illegal External Guarantee
□Applicable Not applicable
There was no illegal external guarantee during the reporting period.
IV. Appointment and Dismissal of Accounting Firm
Whether the semi-annual report has been audited
□Yes No
The semi-annual report has not been audited.
V. Statement of the Board of Directors and the Board of Supervisors on the “Non-standard
Audit Report” Issued by the Accounting Firm During the Reporting Period
□Applicable Not applicable
VI. Statement of the Board of Directors on the “Non-standard Audit Report” of the
Previous Year
□Applicable Not applicable
VII. Matters Related to Bankruptcy and Reorganization
□Applicable Not applicable
No matters related to bankruptcy and reorganization of the Company occurred during the reporting period.
VIII. Litigation Matters
Major litigation and arbitration matters
□Applicable Not applicable
The Company had no major litigation and arbitration during the reporting period.
Other litigation matters
□Applicable Not applicable
IX. Penalties and Rectification
□Applicable Not applicable
No penalties and rectification occurred during the reporting period.
X. Integrity of the Company, Its Controlling Shareholders and Actual Controllers
□Applicable Not applicable
XI. Major Related Party Transactions
Applicable □Not applicable
Proporti Above Settleme
Type of Pricing Price of Available
Contents of Amount of on to Trading limit the nt of Discl
related principles of related market
Related Relatio related related party similar approved appro related osur
party related party price for Disclosure index
party nship party transaction transact (RMB ved party e
transact party transactio similar
transaction (RMB 10,000) ion 10,000) limit transacti date
ion transaction n transaction
amount or not on
http://www.cninfo.c
om.cn/new/disclosu
Banker’s
Controll re/detail?stockCode
Purchas Coal and acceptanc April
Rongsheng ing Market =002493&announc
e of other Market price 536,358.38 94.27% 1,500,000 No e bill, spot Market price 25,
Holding sharehol price ementId=12232851
goods materials exchange, 2025
der 52&orgId=9900015
etc.
tTime=2025-04-25
http://www.cninfo.c
om.cn/new/disclosu
Minorit Crude oil, Letter of re/detail?stockCode
Purchas April
Saudi y fuel oil, Market credit, =002493&announc
e of Market price 5,092,475.48 58.16% 13,000,000 No Market price 25,
Aramco sharehol ethylene price spot ementId=12232851
goods 2025
der glycol exchange 52&orgId=9900015
tTime=2025-04-25
http://www.cninfo.c
om.cn/new/disclosu
Banker’s
Associat re/detail?stockCode
acceptanc April
Zhejiang ed Sales of PX, PTA, Market =002493&announc
Market price 412,544.31 26.19% 1,000,000 No e bill, spot Market price 25,
Yisheng enterpri goods etc. price ementId=12232851
exchange, 2025
se 52&orgId=9900015
etc.
tTime=2025-04-25
Total -- -- 6,041,378.17 -- 15,500,000 -- -- -- -- --
Details of return of large sales Not applicable
Actual performance during the reporting period
where the total amount of daily related party
None
transactions to occur in the current period is
estimated by category (if any)
Reason for substantial differences between the
transaction price and market reference price (if Not applicable
applicable)
□Applicable Not applicable
The Company had no related party transactions related to the acquisition or sales of assets or equity during the reporting period.
□Applicable Not applicable
The Company had no related party transactions related to joint outward investment during the reporting period.
□Applicable Not applicable
The Company had no related party transactions on credit and debt during the reporting period.
□Applicable Not applicable
There were no deposits, loans, credits or other financial operations between the Company and the related financial companies, and the related party.
□Applicable Not applicable
There were no deposits, loans, credits or other financial operations between the financial companies controlled by the Company
and the related party.
□Applicable Not applicable
There were no other major related party transactions during the reporting period.
XII. Material Contracts and Their Performance
(1) Entrustment
□Applicable Not applicable
The Company had no entrustment during the reporting period.
(2) Contracting
□Applicable Not applicable
The Company had no contracting during the reporting period.
(3) Lease
□Applicable Not applicable
The Company had no leasing during the reporting period.
Applicable □Not applicable
Unit: RMB 10,000
Guarantees of the Company to its subsidiaries (excluding guarantees for subsidiaries)
Count
If the
er- Whether
Gua Coll guaran
Date of disclosure of Actual guara it’s
Guarante rant ater tee has
Name of guarantee object announcement relating Actual occurrence date guarantee ntee Guarantee period related
e limit ee al (if been
to guarantee limit amount situati party
type any) perfor
on (if guarantee
med
any)
Guarantees of the Company to its subsidiaries
Count
If the
er- Whether
Gua Coll guaran
Date of disclosure of Actual guara it’s
Guarante rant ater tee has
Name of guarantee object announcement relating Actual occurrence date guarantee ntee Guarantee period related
e limit ee al (if been
to guarantee limit amount situati party
type any) perfor
on (if guarantee
med
any)
Shengyuan Chemical Fiber December 17, 2024 5,432,000 September 14, 2024 3,680 September 10, 2025 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 September 14, 2024 29,440 March 10, 2026 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 November 27, 2024 10,000 November 26, 2025 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 December 11, 2024 20,000 December 10, 2025 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 February 12, 2025 125 August 11, 2025 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 February 12, 2025 125 February 11, 2026 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 February 12, 2025 2,250 March 11, 2026 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 August 23, 2024 50 August 22, 2025 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 September 5, 2024 750 September 4, 2025 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 August 23, 2024 4,900 September 22, 2025 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 September 5, 2024 13,500 October 4, 2025 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 October25, 2024 125 October 25, 2025 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 October25, 2024 2,250 November 25, 2025 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 March 17, 2025 10,000 March 5, 2026 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 April 25, 2025 10,000 April 24, 2026 No Yes
Shengyuan Chemical Fiber December 17, 2024 5,432,000 March 21, 2025 10,000 March 21, 2026 No Yes
Yisheng Dahua December 17, 2024 5,432,000 June 6, 2024 25,000 June 5, 2026 No Yes
Yisheng Dahua December 17, 2024 5,432,000 June 19, 2024 18,000 June 19, 2026 No Yes
Yisheng Dahua December 17, 2024 5,432,000 July 19, 2024 4,400 July 4, 2025 No Yes
Yisheng Dahua December 17, 2024 5,432,000 July 24, 2024 8,770 July 14, 2025 No Yes
Yisheng Dahua December 17, 2024 5,432,000 July 26, 2024 8,830 July 16, 2025 No Yes
Yisheng Dahua December 17, 2024 5,432,000 January 9, 2025 10,852.8 December 25, 2025 No Yes
Yisheng Dahua December 17, 2024 5,432,000 January 26, 2025 18,600 January 16, 2026 No Yes
Yisheng Dahua December 17, 2024 5,432,000 February 5, 2025 11,600 January 26, 2026 No Yes
Yisheng Dahua December 17, 2024 5,432,000 May 22, 2025 7,280 May 22, 2028 No Yes
Yisheng Dahua December 17, 2024 5,432,000 May 22, 2025 910 June 21, 2026 No Yes
Yisheng Dahua December 17, 2024 5,432,000 May 28, 2025 8,720 May 22, 2028 No Yes
Yisheng Dahua December 17, 2024 5,432,000 May 28, 2025 1,090 June 21, 2026 No Yes
Yisheng Dahua December 17, 2024 5,432,000 June 10, 2025 11,750 June 9, 2028 No Yes
Yisheng Dahua December 17, 2024 5,432,000 June 10, 2025 758 December 21, 2025 No Yes
Yisheng Dahua December 17, 2024 5,432,000 June 12, 2025 12,417 June 9, 2028 No Yes
Yisheng Dahua December 17, 2024 5,432,000 June 12, 2025 801 December 21, 2025 No Yes
Yisheng Dahua December 17, 2024 5,432,000 June 19, 2025 6,833 June 9, 2028 No Yes
Yisheng Dahua December 17, 2024 5,432,000 June 19, 2025 441 December 21, 2025 No Yes
Yisheng Dahua December 17, 2024 5,432,000 June 25, 2025 6,204.09 June 24, 2026 No Yes
Yisheng Dahua December 17, 2024 5,432,000 June 26, 2025 10,408.68 June 25, 2026 No Yes
Yisheng Dahua December 17, 2024 5,432,000 December 5, 2024 12,124.37 November 21, 2025 No Yes
Yisheng Dahua December 17, 2024 5,432,000 December 11, 2024 10,773 December 4, 2025 No Yes
Yongsheng Technology December 17, 2024 5,432,000 March 2, 2021 5,785.71 December 15, 2025 No Yes
Yongsheng Technology December 17, 2024 5,432,000 June 16, 2021 1,339 December 15, 2025 No Yes
Yongsheng Technology December 17, 2024 5,432,000 May 24, 2022 2,370 June 15, 2026 No Yes
Yongsheng Technology December 17, 2024 5,432,000 May 24, 2022 2,369 December 15, 2026 No Yes
Yongsheng Technology December 17, 2024 5,432,000 May 24, 2022 1,164.5 December 15, 2025 No Yes
Yongsheng Technology December 17, 2024 5,432,000 October 14, 2022 436.92 June 15, 2026 No Yes
Yongsheng Technology December 17, 2024 5,432,000 October 14, 2022 436.89 December 15, 2026 No Yes
Yongsheng Technology December 17, 2024 5,432,000 October 14, 2022 214.71 December 15, 2025 No Yes
Yongsheng Technology December 17, 2024 5,432,000 September 26, 2023 874 June 15, 2026 No Yes
Yongsheng Technology December 17, 2024 5,432,000 September 26, 2023 872 December 15, 2026 No Yes
Yongsheng Technology December 17, 2024 5,432,000 September 26, 2023 430 December 15, 2025 No Yes
Yongsheng Technology December 17, 2024 5,432,000 June 5, 2025 10,000 December 2, 2025 No Yes
Yongsheng Technology December 17, 2024 5,432,000 June 15, 2022 1,309.9 November 17, 2025 No Yes
Yongsheng Technology December 17, 2024 5,432,000 August 22, 2022 1,378.55 November 17, 2025 No Yes
Yongsheng Technology December 17, 2024 5,432,000 August 22, 2022 150.58 May 15, 2026 No Yes
Yongsheng Technology December 17, 2024 5,432,000 September 6, 2022 2,446.15 May 15, 2026 No Yes
Yongsheng Technology December 17, 2024 5,432,000 October 12, 2022 91.72 May 15, 2026 No Yes
Yongsheng Technology December 17, 2024 5,432,000 October 12, 2022 2,688.45 November 16, 2026 No Yes
Yongsheng Technology December 17, 2024 5,432,000 October 12, 2022 2,688.45 May 17, 2027 No Yes
Yongsheng Technology December 17, 2024 5,432,000 October 12, 2022 1,726.99 November 15, 2027 No Yes
Yongsheng Technology December 17, 2024 5,432,000 October 24, 2022 961.45 November 15, 2027 No Yes
Yongsheng Technology December 17, 2024 5,432,000 October 24, 2022 2,688.45 May 15, 2028 No Yes
Yongsheng Technology December 17, 2024 5,432,000 October 24, 2022 2,688.45 November 15, 2028 No Yes
Yongsheng Technology December 17, 2024 5,432,000 October 24, 2022 2,688.45 May 15, 2029 No Yes
Yongsheng Technology December 17, 2024 5,432,000 October 24, 2022 1,536.29 November 15, 2029 No Yes
Yongsheng Technology December 17, 2024 5,432,000 November 9, 2022 1,152.16 November 15, 2029 No Yes
Yongsheng Technology December 17, 2024 5,432,000 November 9, 2022 1,228.28 May 15, 2030 No Yes
Yongsheng Technology December 17, 2024 5,432,000 November 28, 2022 1,460.17 May 15, 2030 No Yes
Yongsheng Technology December 17, 2024 5,432,000 November 28, 2022 1,350.23 November 15, 2030 No Yes
Yongsheng Technology December 17, 2024 5,432,000 December 14, 2022 1,338.22 November 15, 2030 No Yes
Yongsheng Technology December 17, 2024 5,432,000 December 14, 2022 1,590.02 May 15, 2031 No Yes
Yongsheng Technology December 17, 2024 5,432,000 January 19, 2023 1,098.43 May 15, 2031 No Yes
Yongsheng Technology December 17, 2024 5,432,000 January 19, 2023 2,688.45 November 16, 2031 No Yes
Yongsheng Technology December 17, 2024 5,432,000 January 19, 2023 905.44 May 17, 2031 No Yes
Yongsheng Technology December 17, 2024 5,432,000 February 14, 2023 1,783 May 17, 2031 No Yes
Yongsheng Technology December 17, 2024 5,432,000 February 14, 2023 1,620.18 November 15, 2032 No Yes
Yongsheng Technology December 17, 2024 5,432,000 April 25, 2023 1,068.27 November 15, 2032 No Yes
Yongsheng Technology December 17, 2024 5,432,000 April 25, 2023 751.55 May 16, 20333 No Yes
Yongsheng Technology December 17, 2024 5,432,000 May 17, 2023 1,529.13 May 16, 20333 No Yes
Yongsheng Technology December 17, 2024 5,432,000 October 31, 2023 407.77 May 16, 20333 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 3, 2025 100 July 2, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 3, 2025 100 January 2, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 3, 2025 100 July 2, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 3, 2025 28,200 January 2, 2027 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 23, 2025 20,000 January 14, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 26, 2025 100 July 25, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 26, 2025 100 January 25, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 26, 2025 100 July 25, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 26, 2025 5,800 January 25, 2027 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 February 5, 2025 100 August 4, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 February 5, 2025 100 February 4, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 February 5, 2025 100 August 4, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 February 5, 2025 20,100 February 4, 2027 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 February 8, 2025 20,000 January 28, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 February 13, 2025 30,000 February 9, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 November 29, 2024 50,000 November 28, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 February 25, 2025 36,000 February 25, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 March 4, 2025 38,000 March 4, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 May 9, 2025 34,618.77 November 9, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 April 24, 2025 35,000 April 24, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 May 14, 2025 41,000 May 14, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 February 19, 2025 500 August 14, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 February 19, 2025 500 February 14, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 February 19, 2025 9,000 March 17, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 November 27, 2024 2,000 November 21, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 November 27, 2024 36,000 December 15, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 22, 2025 11,000 January 22, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 23, 2025 9,000 January 23, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 March 13, 2025 3,200 September 9, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 March 14, 2025 27,000 March 14, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 March 20, 2025 18,300 September 16, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 March 25, 2025 18,400 September 19, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 March 25, 2025 38,310 March 25, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 August 21, 2024 32,300 August 21, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 October 16, 2024 39,000 October 16, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 October 31, 2024 14,390 October 31, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 December 19, 2024 30,000 December 19, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 April 14, 2025 19,000 April 14, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 November 13, 2024 20,000 November 12, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 November 15, 2024 12,000 November 14, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 November 21, 2024 28,000 November 20, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 November 26, 2024 7,000 November 23, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 23, 2025 4,134.92 July 23, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 23, 2025 9,153.44 July 23, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 23, 2025 17,411.64 July 23, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 April 22, 2025 29,000 November 23, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 May 21, 2025 4,000 November 23, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 November 21, 2024 18,292.04 November 20, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 January 24, 2025 30,066.12 January 23, 2026 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 April 25, 2025 17,178.47 October 10, 2025 No Yes
Zhongjin Petrochemical December 17, 2024 5,432,000 December 2, 2024 10,000 December 2, 2025 No Yes
ZPC December 17, 2024 6,260,000 July 31, 2018 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 10, 2018 56,561.04 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 March 18, 2019 57,375 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 3, 2018 8,516.49 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 9, 2018 13,984.71 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 9, 2018 20,975.79 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 10, 2018 3,633.9 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 10, 2018 6,991.29 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 13, 2018 2,589.78 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 16, 2018 24,605.46 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 15, 2018 5,181.6 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 31, 2018 25,500 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 October 23, 2018 42,706.89 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 October 26, 2018 7,763.22 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 October 30, 2018 3,625.69 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 October 31, 2018 15,542.25 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 November 7, 2018 4,931.73 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 November 8, 2018 10,098.54 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 November 8, 2018 7,513.32 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 3, 2018 3,653.13 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 November 9, 2018 12,324.66 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 1, 2019 18,884.79 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 3, 2019 12,944.31 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 4, 2019 2,071.82 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 November 9, 2018 5,284.62 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 4, 2019 9,062.7 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 4, 2019 4,813.18 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 8, 2019 4,921.5 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 9, 2019 12,928.5 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 10, 2019 6,473.42 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 14, 2019 3,114.77 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 15, 2019 9,328.92 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 30, 2019 65,790 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 31, 2019 10,363.2 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 30, 2019 1,553.87 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 February 1, 2019 8,531.79 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 4, 2019 2,074.17 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 February 1, 2019 5,439.15 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 February 1, 2019 4,401.93 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 February 3, 2019 18,134.07 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 February 11, 2019 2,336.08 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 February 12, 2019 3,364.47 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 February 11, 2019 13,829.16 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 February 27, 2019 46,920 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 March 1, 2019 5,946.09 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 February 1, 2019 2,324.07 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 March 7, 2019 3,624.06 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 March 7, 2019 9,062.7 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 March 8, 2019 1,035.91 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 March 8, 2019 3,107.24 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 March 12, 2019 2,332.23 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 March 13, 2019 1,557.39 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 March 15, 2019 12,695.43 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 March 29, 2019 18,360 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 April 8, 2019 2,585.7 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 April 10, 2019 517.96 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 April 11, 2019 1,036.07 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 March 7, 2019 1,549.38 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 April 11, 2019 1,815.09 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 April 12, 2019 4,406.91 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 April 12, 2019 519.13 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 April 12, 2019 3,624.06 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 April 15, 2019 1,294.68 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 May 1, 2019 5,688.54 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 April 11, 2019 774.69 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 May 7, 2019 2,899.35 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 May 7, 2019 17,340 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 May 7, 2019 5,696.7 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 May 9, 2019 2,330.43 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 May 10, 2019 776.93 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 May 13, 2019 1,297.82 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 May 13, 2019 1,812.39 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 May 16, 2019 8,288.52 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 June 1, 2019 3,106.92 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 June 4, 2019 9,062.79 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 May 7, 2019 1,239.81 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 June 5, 2019 5,181.6 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 June 5, 2019 6,472 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 June 6, 2019 3,107.74 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 June 6, 2019 35,700 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 June 6, 2019 2,595.65 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 June 12, 2019 15,542.25 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 June 20, 2019 259.59 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 July 1, 2019 51,000 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 July 5, 2019 2,848.31 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 July 8, 2019 1,035.91 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 July 8, 2019 17,850 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 July 10, 2019 10,363.2 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 July 10, 2019 3,374.34 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 July 10, 2019 2,332.23 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 June 5, 2019 1,291.83 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 July 10, 2019 1,815.09 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 July 11, 2019 774.69 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 July 16, 2019 2,585.7 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 July 16, 2019 4,659.36 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 July 31, 2019 28,487.07 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 2, 2019 5,178.74 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 7, 2019 2,595.65 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 7, 2019 6,347.46 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 7, 2019 3,881.61 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 September 23, 2019 2,588.25 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 September 23, 2019 2,076.72 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 September 29, 2019 44,370 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 September 30, 2019 7,771.38 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 August 7, 2019 2,723.4 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 October 9, 2019 2,715.24 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 October 21, 2019 7,513.32 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 October 21, 2019 4,911.81 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 October 29, 2019 26,520 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 November 15, 2019 6,481.59 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 October 9, 2019 1,165.86 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 November 18, 2019 2,177.19 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 November 19, 2019 929.73 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 November 121, 2019 74,970 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 December 18, 2019 2,164.95 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 December 19, 2019 3,624.06 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 December 24, 2019 3,889.77 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 16, 2020 4,921.5 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 16, 2020 2,849.37 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 16, 2020 1,578.45 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 16, 2020 7,513.32 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 January 16, 2020 1,528.47 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 February 14, 2020 1,808.26 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 February 18, 2020 525.3 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 March 16, 2020 3,364.47 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 March 19, 2020 5,181.09 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 March 31, 2020 10,200 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 April 1, 2020 16,575 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 April 17, 2020 1,291.83 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 April 17, 2020 1,815.09 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 May 13, 2020 2,040 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 June 3, 2020 3,106.92 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 June 5, 2020 3,106.92 July 30, 2030 No Yes
ZPC December 17, 2024 6,260,000 July 4, 2023 13,007.16 March 15, 2027 No Yes
ZPC December 17, 2024 6,260,000 January 20, 2021 72,090 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 January 20, 2021 21,093 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 January 20, 2021 80,100 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 January 20, 2021 267,000 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 January 20, 2021 116,946 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 January 20, 2021 23,175.6 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 January 20, 2021 8,010 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 January 21, 2021 30,438 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 January 21, 2021 53,400 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 January 21, 2021 53,400 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 January 21, 2021 10,680 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 January 22, 2021 30,438 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 February 4, 2021 50,730 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 February 5, 2021 40,050 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 February 5, 2021 37,380 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 February 5, 2021 16,020 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 February 5, 2021 53,400 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 February 5, 2021 98,790 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 February 5, 2021 60,876 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 February 7, 2021 30,438 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 March 18, 2021 11,214 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 March 18, 2021 19,031.76 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 March 19, 2021 26,700 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 March 19, 2021 32,040 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 March 22, 2021 53,400 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 March 22, 2021 53,400 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 March 25, 2021 26,700 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 March 26, 2021 133,500 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 March 26, 2021 42,720 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 April 28, 2021 16,020 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 April 28, 2021 69,420 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 April 28, 2021 33,108 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 April 28, 2021 26,700 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 April 28, 2021 16,554 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 April 29, 2021 42,720 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 April 30, 2021 2,670 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 April 30, 2021 2,670 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 June 29, 2021 53,400 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 July 5, 2021 176,220 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 July 5, 2021 26,700 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 July 6, 2021 21,360 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 July 6, 2021 37,380 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 July 6, 2021 77,430 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 July 6, 2021 77,430 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 July 6, 2021 80,100 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 July 6, 2021 160,200 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 July 6, 2021 21,360 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 September 15, 2021 53,912.64 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 September 17, 2021 21,360 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 September 17, 2021 20,826 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 September 17, 2021 42,720 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 September 17, 2021 109,470 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 September 22, 2021 17,622 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 June 13, 2022 8,544 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 July 11, 2022 181.56 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 August 2, 2022 117.48 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 August 4, 2022 202.92 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 August 9, 2022 64.08 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 August 10, 2022 8.01 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 September 5, 2022 275.01 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 October 10, 2022 218.94 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 November 1, 2022 234.96 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 December 16, 2022 37.38 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 December 27, 2022 4,272 November 15, 2032 No Yes
ZPC December 17, 2024 6,260,000 November 2, 2021 9.22 July 1, 2025 No Yes
ZPC December 17, 2024 6,260,000 November 18, 2021 0.43 July 1, 2025 No Yes
Total amount
actually incurred
Total limits of guarantees to subsidiaries approved of guarantees to
during the reporting period (B3) subsidiaries during
the reporting
period (B4)
Guarantees of a subsidiary to its subsidiaries
Count
If the
er- Whether
Gua Coll guaran
Date of disclosure of Actual guara it’s
Guarante rant ater tee has
Name of guarantee object announcement relating Actual occurrence date guarantee ntee Guarantee period related
e limit ee al (if been
to guarantee limit amount situati party
type any) perfor
on (if guarantee
med
any)
Yisheng Dahua December 17, 2024 209,000 January 3, 2025 89.79 July 3, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 January 24, 2025 33.64 July 24, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 January 24, 2025 28.12 July 24, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 January 24, 2025 78.16 July 24, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 March 21, 2025 78.93 September 21, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 March 21, 2025 32 September 21, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 April 21, 2025 34.1 October 21, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 March 27, 2025 3,517.34 September 26, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 March 28, 2025 3,483 September 27, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 May 13, 2025 3,671.65 November 10, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 May 16, 2025 4,250 November 10, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 May 13, 2025 2,557.5 November 28, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 December 4, 2024 13,500 December 3, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 June 13, 2025 2,000 October 15, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 June 13, 2025 2,889.5 October 15, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 June 13, 2025 2,000 December 10, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 June 13, 2025 2,889.5 December 10, 2025 No Yes
Yisheng Dahua December 17, 2024 209,000 June 26, 2025 999.23 December 23, 2025 No Yes
Total limits of guarantees to subsidiaries approved 209,000 Total amount 42,132
during the reporting period (C3) actually incurred
of guarantees to
subsidiaries during
the reporting
period (C4)
Total amount of guarantees of the Company (Including the above three mentioned guarantees)
Total amount
actually incurred
Total limits of guarantees approved during the reporting of guarantees
period (A3+B3+C3) during the
reporting period
(A4+B4+C4)
Total actual guarantees (i.e. A4+B4+C4) as a percentage of the Company's net assets 127.63%
□Applicable Not applicable
The Company had no entrusted asset management during the reporting period.
□Applicable Not applicable
The Company had no other major contracts during the reporting period.
XIII. Explanation of Other Major Matters
□Applicable Not applicable
The Company had no other major matters to be explained during the reporting period.
XIV. Major Matters of Subsidiaries
□Applicable Not applicable
Section VI Changes in Shares and Shareholders
I. Changes in Shares
Unit: share
Before the change Increase or decrease (+, -) After the change
New shares Bonus Capital Other Subtot
Number Ratio Number Ratio
issued shares conversion s al
I. Restricted shares 627,243,750 6.19% 627,243,750 6.19%
Including: Shares held by domestic legal persons
Shares held by domestic natural persons 627,243,750 6.19% 627,243,750 6.19%
Including: Shares held by foreign legal persons
Shares held by foreign natural persons
II. Shares not subject to sales restrictions 9,498,281,250 93.81% 9,498,281,250 93.81%
III. Total shares 10,125,525,000 100.00% 10,125,525,000 100.00%
Causes for change in shares
□Applicable Not applicable
Approval of changes in shares
□Applicable Not applicable
Transfer of share changes
□Applicable Not applicable
Implementation progress of share repurchase
□Applicable Not applicable
Implementation progress of reducing repurchased shares by centralized bidding
□Applicable Not applicable
Impact of share changes on financial indicators such as basic EPS, diluted EPS, net assets per share attributable to ordinary
shareholders of the Company for the most recent year and the latest period
□Applicable Not applicable
Other disclosures that the Company deems necessary or required by the securities regulatory authorities to be disclosed
□Applicable Not applicable
□Applicable Not applicable
II. Securities Issuance and Listing
□Applicable Not applicable
III. Number and Shareholding of the Company’s Shareholders
Unit: share
Total number of preferred shareholders with voting
Total number of common shareholders at the end
of the reporting period
any) (see Note 8)
Shareholdings of shareholders holding over 5% of shares or the top 10 shareholders (excluding shares lent through refinancing)
Number of Increase or Number of Pledge, marking or freezing
Number of
Nature of Shareholding shares held at decrease during shares held
Name of shareholders non-restricted
shareholders ratio the end of the the reporting with limited Share status Number
shares held
report period period sales conditions
Zhejiang Rongsheng Domestic non-state-
Holding Group Co., Ltd. owned legal person
Aramco Overseas Company Overseas legal
B.V. person
Domestic natural
Li Shuirong 6.35% 643,275,000 0 482,456,250 160,818,750 Not applicable 0
person
Hong Kong Securities Overseas legal
Clearing Company Limited person
Domestic natural
Li Guoqing 0.95% 96,525,000 0 72,393,750 24,131,250 Not applicable 0
person
Domestic natural
Xu Yuejuan 0.95% 96,525,000 0 0 96,525,000 Not applicable 0
person
Domestic natural
Li Yongqing 0.95% 96,525,000 0 72,393,750 24,131,250 Not applicable 0
person
Horizon Asset - Huaneng
Trust · Jiayue No. 7 Single
Fund Trust - Horizon Asset Other 0.54% 55,148,287 0 0 55,148,287 Not applicable 0
Huixin No. 43 Single Asset
Management Plan
Industrial and Commercial
Bank of China Limited -
Huatai-PineBridge CSI 300
Other 0.54% 54,380,051 1,875,300 0 54,380,051 Not applicable 0
Exchange-Traded Open-End
Index Securities Investment
Fund
Hua’neng Guicheng Trust
Co., Ltd. – Hua’neng Trust ·
Other 0.49% 50,078,500 0 0 50,078,500 Not applicable 0
Rongyue Weicheng
collective funds trust plan
The situation (if any) that strategic investors or
general legal persons become the top 10
Not applicable
shareholders due to the placement of new shares
(see Note 3)
Among the top 10 shareholders, Zhejiang Rongsheng Holding Group Co., Ltd. is the controlling shareholder of the Company. Li
Explanation of the relationship or concerted action Yongqing and Li Guoqing are nephews of Li Shuirong, Chairman of the Board of Directors of Zhejiang Rongsheng Holding Group Co.,
among the above shareholders Ltd. Xu Yuejuan is the sister-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.
Explanation of the above shareholders on
Not applicable
delegating/receiving/waiving voting rights
Special explanation on the existence of repurchase
Among the top 10 shareholders, Rongsheng Petrochemical Co., Ltd. repurchased 552,380,458 shares in the special securities account,
accounts among the top 10 shareholders (if any) (see
accounting for 5.46% of the Company's total share capital.
Note 11)
Shareholding of top 10 common shareholders not subject to sales restrictions (excluding shares lent through refinancing and executive lock-in shares)
Class of shares
Name of shareholders Number of shares not subject to sales restrictions held at the end of the reporting period
Class of shares Number
Zhejiang Rongsheng Holding Group Co., Ltd. 5,448,840,432 RMB ordinary shares 5,448,840,432
Aramco Overseas Company B.V. 1,012,552,501 RMB ordinary shares 1,012,552,501
Hong Kong Securities Clearing Company Limited 173,837,409 RMB ordinary shares 173,837,409
Li Shuirong 160,818,750 RMB ordinary shares 160,818,750
Xu Yuejuan 96,525,000 RMB ordinary shares 96,525,000
Horizon Asset - Huaneng Trust · Jiayue No. 7 Single
Fund Trust - Horizon Asset Huixin No. 43 Single 55,148,287 RMB ordinary shares 55,148,287
Asset Management Plan
Industrial and Commercial Bank of China Limited -
Huatai-PineBridge CSI 300 Exchange-Traded Open- 54,380,051 RMB ordinary shares 54,380,051
End Index Securities Investment Fund
Hua’neng Guicheng Trust Co., Ltd. - Hua'neng
Trust · 50,078,500 RMB ordinary shares 50,078,500
Rongyue Weicheng collective funds trust plan
Dai Deming 48,000,000 RMB ordinary shares 48,000,000
Ni Xincai 47,925,000 RMB ordinary shares 47,925,000
Explanation of the relationship or concerted action
Among the top 10 shareholders, Zhejiang Rongsheng Holding Group Co., Ltd. is the controlling shareholder of the Company, Xu
among the top 10 shareholders of outstanding shares
Yuejuan is the sister-in-law of Li Shuirong, Chairman of the Board of Directors of Zhejiang Rongsheng Holding Group Co., Ltd., and Ni
not subject to sales restrictions and among the top
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.
sales restrictions and the top 10 shareholders
Explanation of the top 10 shareholders’ participation Zhejiang Rongsheng Holding Group Co., Ltd. holds 5,408,840,432 shares through an ordinary account and 40,000,000 shares through a
in securities margin trading (if any) (see Note 4) credit account. Dai Deming holds 2,000,000 shares through a regular account and 46,000,000 shares through a margin account.
Participation of shareholders holding more than 5% shares, top 10 shareholders and top 10 shareholders of outstanding shares not subject to sales restrictions in lending shares by refinancing
business.
□Applicable Not applicable
Changes in top 10 shareholders and top 10 shareholders of outstanding shares not subject to sales restrictions due to lending/returning shares by refinancing business.
□Applicable Not applicable
Whether any of the top 10 shareholders of ordinary share and the top 10 shareholders of ordinary shares not subject to sales restrictions of the Company have any agreed repurchase trading
during the reporting period?
□Yes No
The top 10 shareholders of ordinary share and the top 10 shareholders of ordinary shares not subject to sales restrictions did not conduct the agreed repurchase transaction during the reporting
period.
IV. Equity Changes of Directors, Supervisors and Senior Management
□Applicable Not applicable
There were no equity changes of the Company’s directors, supervisors and senior management during the reporting period; see
V. Changes in Controlling Shareholder or Actual Controller
Change of the controlling shareholder during the reporting period
□Applicable Not applicable
The controlling shareholder of the Company remained unchanged during the reporting period.
Change of the actual controller during the reporting period
□Applicable Not applicable
The actual controller of the Company remained the same during the reporting period.
VI. Preferred Shares
□Applicable Not applicable
The Company had no preferred shares during the reporting period.
Section VII Bonds
□Applicable Not applicable
Section VIII Financial Reports
I. Audit Report
Whether the semi-annual report is audited
□Yes No
The Company’s semi-annual financial report is unaudited.
II. Financial Statements
The financial statement notes are represented in RMB.
Prepared by: Rongsheng Petrochemical Co., Ltd.
June 30, 2025
Unit: RMB
Item Ending balance Beginning balance
Current assets:
Monetary fund 14,892,639,075.65 14,833,384,920.45
Settlement provision
Lending funds
Trading financial assets
Derivative financial assets 460,333,719.53 475,766,685.17
Notes receivable
Accounts receivable 3,041,483,593.40 6,821,971,706.36
Accounts receivable financing 51,665,853.52 103,225,654.46
Advance payment 3,658,866,282.93 1,354,519,708.48
Premium receivables
Reinsurance receivables
Reinsurance contract reserves receivables
Other receivables 4,973,940,872.85 4,345,964,007.66
Including: Interest receivables
Dividends receivable
Redemptory monetary capital for sale
Stock 44,379,253,913.97 44,566,934,616.59
Where: data resources
Contract assets
Held-for-sale assets
Non-current assets due within one year
Other current assets 6,251,484,089.13 5,801,152,355.65
Total current assets 77,709,667,400.98 78,302,919,654.82
Non-current assets:
Loans and advances
Creditors investment
Other creditors investment
Long-term receivables
Long-term equity investment 9,715,088,710.27 9,516,636,321.17
Investment in other equity instruments
Other non-current financial assets
Investment real estate 9,988,405.60 10,124,128.60
Fixed assets 229,147,301,133.74 232,497,113,015.70
Construction in progress 52,807,597,773.11 44,036,132,096.28
Productive biological assets
Oil & gas assets
Right-of-use assets 164,400,836.21 176,237,821.55
Intangible assets 8,653,524,036.05 8,142,781,094.80
Where: data resources
Development expenses
Where: data resources
Goodwill
Long-term deferred expenses
Deferred income tax assets 1,340,655,426.01 1,237,176,277.28
Other non-current assets 4,462,505,805.36 3,926,823,773.78
Total non-current assets 306,301,062,126.35 299,543,024,529.16
Total assets 384,010,729,527.33 377,845,944,183.98
Current liabilities:
Short-term borrowings 46,274,018,691.66 44,090,969,803.23
Borrowings from the central bank
Borrowing funds
Trading financial liabilities 1,484,797,113.33 1,269,256,561.53
Derivative financial liabilities 95,949,469.54 34,655,378.23
Notes payable 2,356,024,860.95 3,204,293,497.95
Accounts payable 63,885,655,674.61 59,032,829,819.11
Advance collections
Contractual liabilities 2,183,602,360.00 5,995,580,462.05
Financial assets sold for repurchase
Deposits from customers and interbank
Funds from securities trading agency
Funds from securities underwriting agency
Payroll payable 679,364,470.29 996,809,278.49
Taxes payable 1,502,151,750.96 1,277,862,468.64
Other payables 9,068,973,579.80 6,588,756,879.48
Including: Interests payable
Dividends payable
Handling charges and commissions payable
Reinsurance payable
Held-for-sale liabilities
Non-current liabilities due within one year 41,925,650,561.52 38,322,495,216.94
Other current liabilities 270,153,302.03 742,351,889.84
Total current liabilities 169,726,341,834.69 161,555,861,255.49
Non-current liabilities:
Insurance contract reserves
Long-term borrowings 116,630,942,763.44 119,518,340,862.41
Bonds payable
Including: Preferred share
Perpetual bond
Lease liabilities 161,307,988.09 171,624,458.34
Long-term payables
Long-term payroll payable
Estimated liabilities
Deferred income 243,137,926.91 198,629,966.29
Deferred income tax liabilities 1,716,430,776.81 1,577,357,341.78
Other non-current liabilities
Total non-current liabilities 118,751,819,455.25 121,465,952,628.82
Total liabilities 288,478,161,289.94 283,021,813,884.31
Owner’s equity:
Share capital 10,125,525,000.00 10,125,525,000.00
Other equity instruments
Including: Preferred share
Perpetual bond
Capital reserve 10,820,205,249.02 10,819,566,635.04
Less: treasury stock 6,987,008,823.24 6,987,008,823.24
Other comprehensive income 217,273,429.03 280,892,216.98
Special reserves 52,187,550.73 19,057,187.43
Surplus reserves 1,270,743,066.03 1,270,743,066.03
Generic risk reserves
Undistributed profits 27,975,251,895.60 28,330,397,005.41
Total owner’s equity attributable to the parent
company
Minority equity 52,058,390,870.22 50,964,958,012.02
Total owners’ equity 95,532,568,237.39 94,824,130,299.67
Total liabilities and owner's equity 384,010,729,527.33 377,845,944,183.98
Legal representative: Li Shuirong Head of accounting: Wang Yafang Head of accounting body: Zhang
Shaoying
Unit: RMB
Item Ending balance Beginning balance
Current assets:
Monetary fund 1,683,898,192.86 682,038,492.96
Trading financial assets
Derivative financial assets
Notes receivable
Accounts receivable 9,721,994.62 2,470,580.97
Accounts receivable financing 6,057,875.14 7,377,152.89
Advance payment 176,497,143.37 153,158,590.35
Other receivables 3,544,187,248.36 2,378,142,849.26
Including: Interest receivables
Dividends receivable 550,000,000.00 550,000,000.00
Stock 296,356,444.72 169,343,856.05
Where: data resources
Contract assets
Held-for-sale assets
Non-current assets due within one year
Other current assets 85,959,467.50
Total current assets 5,802,678,366.57 3,392,531,522.48
Non-current assets:
Creditors investment
Other creditors investment
Long-term receivables
Long-term equity investment 49,754,365,861.80 48,129,034,147.12
Investment in other equity instruments
Other non-current financial assets
Investment real estate 9,988,405.60 10,124,128.60
Fixed assets 339,168,807.32 274,806,084.66
Construction in progress
Productive biological assets
Oil & gas assets
Right-of-use assets
Intangible assets 12,228,658.66 13,461,355.78
Where: data resources
Development expenses
Where: data resources
Goodwill
Long-term deferred expenses
Deferred income tax assets
Other non-current assets 2,271,130.13
Total non-current assets 50,115,751,733.38 48,429,696,846.29
Total assets 55,918,430,099.95 51,822,228,368.77
Current liabilities:
Short-term borrowings 6,626,088,468.06 7,055,037,415.98
Trading financial liabilities
Derivative financial liabilities
Notes payable 22,000,000.00 575,194,158.34
Accounts payable 5,368,238,642.13 5,205,888,310.81
Advance collections
Contractual liabilities 2,624,883,372.82 710,551,453.29
Payroll payable 24,058,674.39 53,751,135.30
Taxes payable 2,412,247.85 13,850,759.94
Other payables 10,497,184,752.26 8,264,563,912.00
Including: Interests payable
Dividends payable
Held-for-sale liabilities
Non-current liabilities due within one
year
Other current liabilities 341,234,838.47 92,371,688.93
Total current liabilities 29,414,610,795.98 24,759,908,898.20
Non-current liabilities:
Long-term borrowings 8,758,163,686.11 8,399,186,264.02
Bonds payable
Including: Preferred share
Perpetual bond
Lease liabilities
Long-term payables
Long-term payroll payable
Estimated liabilities
Deferred income 6,805,735.64 7,309,864.22
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities 8,764,969,421.75 8,406,496,128.24
Total liabilities 38,179,580,217.73 33,166,405,026.44
Owner’s equity:
Share capital 10,125,525,000.00 10,125,525,000.00
Other equity instruments
Including: Preferred share
Perpetual bond
Capital reserve 11,243,374,721.45 11,243,374,721.45
Less: treasury stock 6,987,008,823.24 6,987,008,823.24
Other comprehensive income 171,990,142.20 217,617,723.95
Special reserves
Surplus reserves 1,270,743,066.03 1,270,743,066.03
Undistributed profits 1,914,225,775.78 2,785,571,654.14
Total owners’ equity 17,738,849,882.22 18,655,823,342.33
Total liabilities and owner's equity 55,918,430,099.95 51,822,228,368.77
Unit: RMB
Item 2025 semi-annual 2024 semi-annual
I. Gross operating income 148,629,350,935.50 161,249,744,277.85
Including: operating revenue 148,629,350,935.50 161,249,744,277.85
Interest income
Earned premium
Handling charge and commission income
II. Gross operating costs 147,757,254,574.45 160,462,598,482.36
Including: operating costs 128,878,959,937.59 141,256,133,696.06
Interest expense
Handling charge and commission expenses
Surrender value
Net payments for insurance claims
Net reserve fund extracted for insurance liability
Policy dividend payment
Reinsurance costs
Taxes and surcharges 12,748,131,455.62 12,496,949,672.03
Marketing expenses 84,293,344.16 78,933,484.96
Administrative expenses 466,821,877.01 438,040,873.14
R&D expenses 2,369,091,695.16 2,496,929,812.35
Financial expenses 3,209,956,264.91 3,695,610,943.82
Including: interest expenses 3,280,153,933.32 3,544,593,781.09
Interest income 222,591,881.35 240,894,876.38
Add: Other income 1,064,837,456.41 1,253,751,467.78
Investment income (losses are presented in “-”) 284,046,651.75 -52,174,957.84
Including: Return on investment in associated enterprises and joint
ventures
Gains on derecognition of financial assets measured at amortized
cost
Exchange gain (loss expressed with “-”)
Net exposure hedging gain (loss expressed with “-”)
Income from changes in fair value (losses are presented in “-”) -299,721,409.22 115,037,218.53
Credit impairment losses (loss expressed with “-”) 87,104,774.79 -138,884,225.38
Asset impairment loss (losses are presented in “-”) -152,150,594.56 -12,655,239.18
Income from asset disposal (losses are presented in “-”) -64,124.27 5,269,441.94
III. Operating profit (losses expressed with “-”) 1,856,149,115.95 1,957,489,501.34
Add: Non-operating income 3,898,849.00 7,827,844.76
Less: Non-operating expenses 15,476,643.56 35,436,773.14
IV. Income before tax (losses expressed with “-”) 1,844,571,321.39 1,929,880,572.96
Less: Income tax expenses 178,317,788.37 257,909,218.53
V. Net income (net losses expressed with “-”) 1,666,253,533.02 1,671,971,354.43
(I) By business continuity
(II) By ownership
filled in with “-”)
VI. Other comprehensive income, net of tax -67,422,232.10 63,725,659.14
After-tax net of other comprehensive income attributable to the owners of
-63,618,787.95 68,146,399.25
parent company
(I) Other comprehensive income which may not be reclassified to gain
-590,642.24
and loss
and loss under the equity method
(II) Other comprehensive income which may be reclassified to gain and
-63,618,787.95 68,737,041.49
loss
-50,041,026.62 49,009,488.62
loss under the equity method
income
Other comprehensive income attributable to minority shareholders, net of
-3,803,444.15 -4,420,740.11
tax
VII. Total comprehensive income 1,598,831,300.92 1,735,697,013.57
Total comprehensive income attributable to owners of the parent company 538,465,316.44 926,081,282.39
Total comprehensive income attributable to minority shareholders 1,060,365,984.48 809,615,731.18
VIII. Earnings per share:
(I) Basic earnings per share 0.06 0.09
(II) Diluted earnings per share 0.06 0.09
Legal representative: Li Shuirong Head of accounting: Wang Yafang Head of accounting body: Zhang
Shaoying
Unit: RMB
Item 2025 semi-annual 2024 semi-annual
I. Operating income 874,759,022.69 1,667,089,209.61
Less: Operating costs 783,915,236.41 1,622,817,980.64
Taxes and surcharges 3,803,080.38 5,912,334.69
Marketing expenses 16,171,150.67 23,221,188.84
Administrative expenses 53,041,620.29 38,757,438.94
R&D expenses 51,520,823.00 40,769,492.32
Financial expenses 390,501,070.87 350,680,352.26
Including: interest expenses 389,284,382.25 392,165,659.03
Interest income 6,362,975.74 45,265,589.17
Add: Other income 347,023,654.77 338,665,781.84
Investment income (losses are presented in “-”) 169,273,572.94 123,163,894.95
Including: Return on investment in associated enterprises and joint
ventures
Income from derecognition of financial assets measured at
amortized cost (loss expressed with “-”)
Net exposure hedging gain (loss expressed with “-”)
Income from changes in fair value (losses are presented in “-”)
Credit impairment losses (loss expressed with “-”) -462,148.98 -4,422,822.78
Asset impairment loss (losses are presented in "-")
Income from asset disposal (losses are presented in “-”) 0.18 -157,689.80
II. Operating profit (loss to be filled out with the minus sign “-”) 91,641,119.98 42,179,586.13
Add: Non-operating income 2.15 1,102.15
Less: Non-operating expenses 5,757,786.29 3,760,517.66
III. Total profit (total loss to be filled out with the minus sign “-”) 85,883,335.84 38,420,170.62
Less: Income tax expenses
IV. Net profit (net loss to be filled out with the minus sign “-”) 85,883,335.84 38,420,170.62
(I) Net profits from continuing operation (net loss expressed with “-”) 85,883,335.84 38,420,170.62
(II) Net profits from discontinuing operation (net loss expressed with “-”)
V. Other comprehensive incomes, net of tax -45,627,581.75 62,860,285.67
(I) Other comprehensive income which may not be reclassified to gain and
-590,642.24
loss
loss under the equity method
(II) Other comprehensive income which may be reclassified to gain and loss -45,627,581.75 63,450,927.91
-45,627,581.75 63,450,927.91
under the equity method
VI. Total comprehensive incomes 40,255,754.09 101,280,456.29
VII. Earnings per share
(I) Basic earnings per share
(II) Diluted earnings per share
Unit: RMB
Item 2025 semi-annual 2024 semi-annual
I. Cash flow from operating activities:
Cash received from sales of goods or rendering of services 166,127,081,795.62 174,417,692,257.97
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 2,764,625,616.17 2,602,039,750.26
Cash received relating to other operating activities 2,915,095,527.88 2,920,163,105.87
Subtotal of cash inflow from operating activities 171,806,802,939.67 179,939,895,114.10
Cash paid for goods purchased and services received 145,101,204,904.23 156,652,864,492.85
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 2,179,536,574.50 2,295,802,786.75
Payments of all types of taxes 15,388,171,037.48 11,009,232,043.73
Cash paid relating to other operating activities 1,551,265,169.78 1,589,457,438.81
Subtotal of cash outflow from operating activities 164,220,177,685.99 171,547,356,762.14
Net cash flow from operating activities 7,586,625,253.68 8,392,538,351.96
II. Cash flows from investing activities:
Cash received from investment recovery 1,659,568,485.19 1,473,616,505.29
Cash received from the return on investment 48,654,510.65 13,228,639.60
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 33,463,822.77 59,352,298.76
Subtotal of cash inflow from investment activities 1,745,338,358.54 1,805,596,803.57
Cash paid for purchase and construction of fixed assets, intangible assets and
other long-term assets
Cash paid for investments 2,191,197,289.79 1,056,298,128.11
Net increase in pledge loans
Net cash paid for acquisition of subsidiaries and other business units
Cash paid relating to other investing activities 37,285,472.76 108,503,840.40
Subtotal of cash outflow from investment activities 17,805,709,465.41 18,509,130,726.34
Net cash flow from investment activities -16,060,371,106.87 -16,703,533,922.77
III. Cash flow from financing activities:
Cash received from absorption of investment 228,000,000.00
Including: Cash received by subsidiaries from investments of minority
shareholders
Cash received from borrowings 64,601,920,548.88 74,713,977,878.21
Cash received relating to other financing activities 12,429,276,412.04 18,799,408,866.65
Subtotal of cash inflow from financing activities 77,031,196,960.92 93,741,386,744.86
Cash paid for repayment of debts 61,676,972,719.77 69,885,306,739.83
Cash paid for distribution of dividends and profits or payment of interests 4,716,590,091.88 5,175,591,739.74
Including: Dividends or profits paid by subsidiaries to minority shareholders 228,000,000.00
Cash paid relating to other financing activities 1,092,449,633.16 4,679,731,600.44
Subtotal of cash outflow from financing activities 67,486,012,444.81 79,740,630,080.01
Net cash flow from financing activities 9,545,184,516.11 14,000,756,664.85
IV. Effect of change in exchange rate on cash and cash equivalents 6,697,093.82 -167,099,802.81
V. Net increase in cash and cash equivalents 1,078,135,756.74 5,522,661,291.23
Add: Opening balance of cash and cash equivalents 12,943,832,335.45 11,486,855,097.52
VI. Ending balance of cash and cash equivalents 14,021,968,092.19 17,009,516,388.75
Unit: RMB
Item 2025 semi-annual 2024 semi-annual
I. Cash flow from operating activities:
Cash received from sales of goods or rendering of services 8,368,331,142.55 8,485,308,901.03
Refunds of taxes and levies 1,975,629.38 5,512,767.96
Cash received relating to other operating activities 670,727,289.01 909,261,207.63
Subtotal of cash inflow from operating activities 9,041,034,060.94 9,400,082,876.62
Cash paid for goods purchased and services received 6,715,246,018.52 7,126,809,713.06
Cash paid to and on behalf of employees 130,826,793.13 177,602,399.78
Payments of all types of taxes 88,121,460.17 66,226,432.61
Cash paid relating to other operating activities 84,132,591.60 167,863,198.19
Subtotal of cash outflow from operating activities 7,018,326,863.42 7,538,501,743.64
Net cash flow from operating activities 2,022,707,197.52 1,861,581,132.98
II. Cash flows from investing activities:
Cash received from investment recovery
Cash received from the return on investment 43,654,510.65 393,228,639.60
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 463,029,809.36 504,638,350.00
Subtotal of cash inflow from investment activities 510,304,551.12 897,866,989.60
Cash paid for purchase and construction of fixed assets, intangible assets and
other long-term assets
Cash paid for investments 1,559,000,000.00 542,000,000.00
Net cash paid for acquisition of subsidiaries and other business units
Cash paid relating to other investing activities 1,860,300,000.00 634,100,000.00
Subtotal of cash outflow from investment activities 3,493,573,902.46 1,176,684,457.58
Net cash flow from investment activities -2,983,269,351.34 -278,817,467.98
III. Cash flow from financing activities:
Cash received from absorption of investment
Cash received from borrowings 9,959,500,000.00 10,530,190,000.00
Cash received relating to other financing activities 4,500,000,000.00 1,148,500,000.00
Subtotal of cash inflow from financing activities 14,459,500,000.00 11,678,690,000.00
Cash paid for repayment of debts 8,903,650,000.00 8,779,925,337.17
Cash paid for distribution of dividends and profits or payment of interests 1,222,453,084.65 1,245,925,277.56
Cash paid relating to other financing activities 2,368,601,946.63 4,402,960,578.42
Subtotal of cash outflow from financing activities 12,494,705,031.28 14,428,811,193.15
Net cash flow from financing activities 1,964,794,968.72 -2,750,121,193.15
IV. Effect of change in exchange rate on cash and cash equivalents -2,373,115.00 377,460.89
V. Net increase in cash and cash equivalents 1,001,859,699.90 -1,166,980,067.26
Add: Opening balance of cash and cash equivalents 682,038,492.96 3,154,529,147.56
VI. Ending balance of cash and cash equivalents 1,683,898,192.86 1,987,549,080.30
Amount of the current period
Unit: RMB
Owner’s equity attributable to the parent company
Other equity
instruments
Gen O Total
Item Other Minority
Pref Per O Less: eral t owners’
Share Capital compre Special Surplus Undistribut equity
erre petu t treasury risk h Subtotal equity
capital reserve hensive reserves reserves ed profits
d al h stock rese e
income
shar bon e rves r
es d r
I. Ending balance of the 10,125,52 10,819,56 6,987,00 280,892, 19,057,1 1,270,74 28,330,397, 43,859,17 50,964,958 94,824,130
previous year 5,000.00 6,635.04 8,823.24 216.98 87.43 3,066.03 005.41 2,287.65 ,012.02 ,299.67
Add: Changes in
accounting policies
Correction of
errors in the previous
period
Other
II. Opening balance of the 10,125,52 10,819,56 6,987,00 280,892, 19,057,1 1,270,74 28,330,397, 43,859,17 50,964,958 94,824,130
year 5,000.00 6,635.04 8,823.24 216.98 87.43 3,066.03 005.41 2,287.65 ,012.02 ,299.67
III. Increase or decrease in
- - -
the current period 638,613.9 33,130,3 1,093,432, 708,437,93
(decrease is presented in 8 63.30 858.20 7.72
“-”)
(I) Total comprehensive 602,084,104 538,465,3 1,060,365, 1,598,831,
income .39 16.44 984.48 300.92
(II) Capital contributed
and reduced by owners
invested by the owners
holders of other equity
instruments
payment recognized in
owners’ equity
- - -
(III) Profit distribution 957,229,214 957,229,2 957,229,21
.20 14.20 4.20
reserve
risk reserves
- - -
(or shareholders)
.20 14.20 4.20
(IV) Internal carry-
forward of owner’s equity
transferred into capital (or
share capital)
transferred into capital (or
share capital)
making up loss
benefit plans carried
forward to retained
earnings
incomes carried forward
to retained earnings
(V) Special reserve
the current period 546.03 46.03 4.57 0.60
period 182.73 82.73 1.14 3.87
(VI) Others 613,570.29
IV. Ending balance of the 10,125,52 10,820,20 6,987,00 217,273, 52,187,5 1,270,74 27,975,251, 43,474,17 52,058,390 95,532,568
current period 5,000.00 5,249.02 8,823.24 429.03 50.73 3,066.03 895.60 7,367.17 ,870.22 ,237.39
Amount of previous year
Unit: RMB
Owner’s equity attributable to the parent company
Other equity
instruments O
Item Other Total
Less: General Undistri t Minority
Share Pre Per Capital compre Special Surplus owners
treasury risk buted h Subtotal equity
capital fer pet reserve hensive reserves reserves ’ equity
Ot stock reserves profits e
red ual income
her r
sha bo
res nd
I. Ending balance of the 10,125,525 6,619,80 110,203, 60,677,2 974,151, 44,335,891,0 50,332,930 94,668,821,
previous year ,000.00 6 7,176.02 866.35 96.91 644.68 1 85.79 ,555.50 641.29
Add: Changes in
accounting policies
Correction of
errors in the previous
period
Other
II. Opening balance of the 10,125,525 6,619,80 110,203, 60,677,2 974,151, 44,335,891,0 50,332,930 94,668,821,
year ,000.00 7,176.02 866.35 96.91 644.68 85.79 ,555.50 641.29
III. Increase or decrease in
- - -
the current period 967,902. 359,711, 68,146,3 1,028,153, 626,782,47
(decrease is presented in “- 96 459.00 99.25 697.43 4.49
”)
(I) Total comprehensive 68,146,3 857,934, 926,081,282. 809,615,73 1,735,697,0
income 99.25 883.14 39 1.18 13.57
- -
(II) Capital contributed and 359,711, 228,000,00
reduced by owners 459.00 0.00
- -
by the owners 459.00 0.00
holders of other equity
instruments
payment recognized in
owners’ equity
- - -
(III) Profit distribution 957,314, 957,314,454. 957,314,45
reserve
risk reserves
- - -
(or shareholders)
(IV) Internal carry-forward
of owner’s equity
transferred into capital (or
share capital)
transferred into capital (or
share capital)
making up loss
benefit plans carried
forward to retained
earnings
incomes carried forward to
retained earnings
- - - -
(V) Special reserve 11,394,4 11,394,495.0 10,391,979 21,786,474.
the current period 416.80 80 9.50 6.30
(VI) Others 967,902.96 929,945.98
IV. Ending balance of the 10,125,525 6,979,51 178,350, 49,282,8 974,151, 43,934,519,8 51,361,084 95,295,604,
current period ,000.00 8,635.02 265.60 01.82 644.68 62.85 ,252.93 115.78
Amount of the current period
Unit: RMB
Other equity instruments Spec
Item Less: Other Undistrib Ot
Share Capital ial Surplus Total owners’
Preferred Perpetu Oth treasure comprehensiv uted he
capital reserve rese reserves equity
shares al bond er stock e income profits rs
rves
I. Ending balance of the previous year
Add: Changes in accounting policies
Correction of errors in the
previous period
Other
II. Opening balance of the year
- -
III. Increase or decrease in the current -
period (decrease is presented in “-”) 45,627,581.75
- 85,883,33
(I) Total comprehensive income 40,255,754.09
(II) Capital contributed and reduced by
owners
equity instruments
recognized in owners’ equity
- -
(III) Profit distribution 957,229,2 957,229,214.2
- -
(IV) Internal carry-forward of owner's
equity
(or share capital)
(or share capital)
forward to retained earnings
forward to retained earnings
(V) Special reserve
period
(VI) Others
IV. Ending balance of the current period
Amount of previous year
Unit: RMB
Other equity instruments Less: Other Undistrib Ot Total
Item Share Capital Special Surplus
Preferre Perpetu Oth treasure comprehens uted he owners’
capital reserve reserves reserves
d shares al bond er stock ive income profits rs equity
I. Ending balance of the previous year
Add: Changes in accounting policies
Correction of errors in the
previous period
Other
II. Opening balance of the year
- -
III. Increase or decrease in the current 359,711, 62,860,285.
period (decrease is presented in “-”) 459.00 67
(I) Total comprehensive income
(II) Capital contributed and reduced by 359,711,
owners 459.00
equity instruments
recognized in owners’ equity
- -
(III) Profit distribution 957,314,4 957,314,454.
- -
(IV) Internal carry-forward of owner’s
equity
share capital)
share capital)
forward to retained earnings
forward to retained earnings
(V) Special reserve
(VI) Others
IV. Ending balance of the current period
III. Company Profile
Rongsheng Petrochemical operates in the petrochemical industry. The operating activities mainly are the
production and sales of refined oil products, chemical products, PTA, polyester chips, polyester filaments and
films. Rongsheng Petrochemical is a joint-stock limited company initiated and established on the foundation of
Rongsheng Chemical Fiber Group Co., Ltd. by Zhejiang Rongsheng Holding Group Co., Ltd., as well as natural
persons including Li Shuirong, Li Yongqing, Li Guoqing, Xu Yuejuan, Ni Xincai and Zhao Guanlong. The
Company was registered on June 18, 2007 and is headquartered in Hangzhou, Zhejiang Province. Shares of the
Company were listed for trading at Shenzhen Stock Exchange on November 2, 2010. As of June 30, 2025, the
Company holds the Business License (Unified Social Credit Code: 91330000255693873W) issued by Zhejiang
Administration for Market Regulation, with a registered capital of RMB 10,125,525,000.00 and a total of
These financial statements were approved for issuance by the Company’s Seventh Board of Directors at its
IV. Preparation Basis of Financial Statements
The financial statements of the Company are prepared on a going concern basis.
There are no matters or circumstances that cause the Company to have serious doubts about its going concern
ability within 12 months from the end of the reporting period.
V. Significant Accounting Policies and Accounting Estimates
Important tips: According to the actual production and operation characteristics, the Company has formulated
specific accounting policies and accounting estimates for transactions or events such as impairment of financial
instruments, inventory, construction in progress, depreciation of fixed assets, intangible assets and revenue
recognition.
The financial statements prepared by the Company comply with the requirements of the Accounting
Standards for Business Enterprises, which truthfully and completely reflect the Company’s financial position,
business achievements, cash flow and other relevant information.
The accounting year is the calendar year from January 1 to December 31.
The business cycle of the Company is short, and 12 months is taken as the liquidity division standard of
assets and liabilities.
The Company and its domestic subsidiaries adopt RMB as the recording currency, while overseas
subsidiaries such as Hong Kong Sheng Hui Co., Ltd., Hong Kong Yisheng Dahua Petrochemical Co., Ltd.,
Yisheng New Materials Trading Co., Ltd., Rongsheng Petrochemical (Hong Kong) Co., Ltd., Rongsheng
Petrochemical (Singapore) Private Co., Ltd., Rongtong Logistics (Singapore) Private Co., Ltd., and Zhejiang
Petroleum & Chemical (Singapore) Private Co., Ltd. engaging in overseas operations, choose the currency in the
main economic environment where they operate as the recording currency.
Applicable □Not applicable
Item Importance standard
Important advance payments aged more than 1 year A single prepayment amount exceeding 0.5% of total assets
Significant dividends receivable aged over 1 year A single prepayment amount exceeding 0.5% of total assets
Important construction in progress A single prepayment amount exceeding 0.5% of total assets
Important accounts payable aged more than 1 year A single prepayment amount exceeding 0.5% of total assets
Important other payable aged more than 1 year A single prepayment amount exceeding 0.5% of total assets
Important contractual liabilities aged more than 1 year A single prepayment amount exceeding 0.5% of total assets
Important overseas operating entity 15% of total income
Important cash flows from investing activities A single prepayment amount exceeding 0.5% of total assets
Important non-wholly owned subsidiary Subsidiaries with total single assets exceeding 3% of total assets
Joint ventures with single investment book value exceeding 0.5% of
Important joint ventures
the Company’s total assets
A single amount exceeding 3% of total assets or other matters that have
Important contingencies
a significant impact on investors’ decisions
Profit distributions after the balance sheet date and other matters that
Important post-balance sheet events
have a significant impact on investors’ decisions
The assets and liabilities acquired by the Company in business combination shall be measured according to
the book value of the combined party in the consolidated financial statements of the final controlling party on the
date of combination. The Company shall adjust the capital reserve according to the difference between the book
value share of the owner’s equity of the combined party in the consolidated financial statements of the final
controlling party and the book value of the consolidated consideration paid or the total face value of the issued
shares; If the capital reserve is not sufficient for offsetting, the adjustment is made to retained earnings.
On the purchase date, the difference between the combined cost and the fair value share of the identifiable
net assets of the acquiree obtained in the merger is recognized as goodwill. If the combined cost is less than the
fair value share of the identifiable net assets of the acquiree obtained in the combination, first, the fair value of
identifiable assets, liabilities and contingent liabilities of the acquiree and the measurement of combined cost are
reviewed. If the combined cost is still less than the fair value share of identifiable net assets of the acquiree
obtained in the merger after review, the difference is included in the current gain and loss.
Control means the Company has the power over the investee, enjoys variable returns by participating in the
relevant activities of the investee, and has the ability to use the power to influence the variable amount of returns.
The parent company brings all subsidiaries under its control into the consolidation scope of the consolidated
financial statements. The consolidated financial statements are based on the financial statements of the parent
company and its subsidiaries and are prepared according to other related documents by the parent company in
accordance with the Accounting Standards for Business Enterprises No. 33—Consolidated Financial Statements.
share of interest in the joint operation:
(1) Recognition of assets held individually and assets held jointly on a holding share basis;
(2) Recognition of liabilities assumed individually and liabilities assumed jointly on a holding share basis;
(3) Recognition of revenue from the sale of the Company’s share of common operation output;
(4) Recognition of income from joint operations arising from the sale of assets based on the Company's share
of ownership;
(5) Recognition of expenses incurred separately and recognition of expenses incurred in joint operations
based on the Company’s share of ownership.
Cash listed in the statement of cash flows refers to cash on hand and deposits that can be used for payment at
any time. The term “cash equivalents” refers to short-term and highly liquid investments that are readily
convertible to known amounts of cash and which are subject to an insignificant risk of change in value.
In foreign currency transactions, the spot exchange rate at the transaction date shall be adopted at the initial
recognition to convert the foreign currency into the amount of RMB. On the balance sheet date, the monetary
items denominated in foreign currencies are translated at the spot exchange rate on the balance sheet date. The
exchange differences arising from the exchange rate are included in current gain and loss except for the exchange
difference between the principal and interest of foreign currency-specific borrowings related to the acquisition and
construction of assets eligible for capitalization. The foreign currency non-monetary items measured at historical
cost are still translated at the spot exchange rate at the transaction date, and their RMB amount shall not be
changed. Foreign currency non-monetary items measured at fair value are translated at the spot exchange rate at
the determination date of fair value, and the exchange differences are included in current gain and loss or other
comprehensive income.
Items of assets and liabilities in the balance sheet are translated at the spot exchange rate prevailing on the
balance sheet date. Except for the “undistributed profit” item, other items of owner's equity are translated at the
spot exchange rate at the transaction date. Income and expense items in the income statement are translated at the
approximate spot exchange rate at the transaction date. The converted difference in foreign currency financial
statements arising from the above translations is included in other comprehensive income.
At initial recognition, financial assets are classified into the following three categories: (1) financial assets at
amortized cost; (2) financial assets at fair value through other comprehensive income; and (3) financial assets at
fair value through gain and loss.
At initial recognition, financial liabilities are classified into four categories: (1) financial liabilities at fair
value through gain and loss; (2) financial liabilities that are formed since the transfer of financial assets do not
comply with the conditions for derecognition or continue to involve in the financial assets to be transferred; (3)
financial guarantee contracts not falling under the above (1) or (2), and loan commitments not falling under the
above (1) and lending at a rate lower than the market interest rate; (4) financial liabilities at amortized cost.
financial li abilities
(1) Recognition basis and initial measurement methods for financial assets and financial liabilities
A financial asset or a financial liability shall be recognized when the Company becomes a party to a financial
instrument contract. A financial asset or financial liability shall be measured at fair value at the initial recognition.
For financial assets or financial liabilities at fair value through gain and loss, the transaction expenses thereof shall
be directly recorded in current gain and loss. For other categories of financial assets or financial liabilities, the
related transaction expenses are included in the initial recognition amount. However, if the accounts receivable
initially recognized by the Company do not contain significant financing components or the Company does not
consider the financing components in contracts less than one year, the initial recognition shall be carried out
according to transaction price as defined in the Accounting Standards for Business Enterprises No. 14—Revenue.
(2) Subsequent measurement method for financial assets
Financial assets measured at the amortized cost are subsequently measured with the amortized cost by means
of effective interest method. Gains or losses arising from financial assets measured at amortized cost and not part
of any hedging relationship are included in current gain and loss upon derecognition, reclassification, amortization
under the effective interest method or recognition of impairment.
They are subsequently measured at fair value. Interest, impairment losses or gains and exchange gains and
losses calculated by the effective interest method are included in current gain and loss, and other gains or losses
are included in other comprehensive income. Upon derecognition, the accumulated gain or loss previously
included in other comprehensive incomes is transferred from other comprehensive incomes and included in the
current gain and loss.
They are subsequently measured at fair value. Dividends obtained (except those falling under the recovery of
investment costs) are included in current gain and loss, and other gains or losses are included in other
comprehensive income. Upon derecognition, the accumulated gain or loss previously included in other
comprehensive incomes is transferred out from other comprehensive incomes and included in retained earnings.
They are subsequently measured at fair value, and the resulting gains or losses (including interest and
dividend income) are included in current gain and loss, unless the financial asset is part of the hedging
relationship.
(3) Subsequent measurement method for financial liabilities
Financial liabilities measured with fair value and with the changes included in current profit and loss,
including the trading financial liabilities (including derivative instruments belonging to financial liabilities) and
the financial liabilities measured with fair value and with the changes included in current profit and loss. Such
financial liabilities are subsequently measured at fair value. Change in fair value of financial liability designated
to be measured at fair value through gain and loss due to change in the Company’s own credit risk is included in
other comprehensive income, unless the treatment will cause or expand the accounting mismatch in gain and loss.
Other gains or losses arising from such financial liabilities (including interest expenses, except changes in fair
value caused by changes in the own credit risk) are included in current gain and loss, unless the financial liabilities
are part of the hedging relationship. Upon derecognition, the accumulated gain or loss previously included in other
comprehensive incomes is transferred out from other comprehensive incomes and included in retained earnings.
for derecognition or continue to involve in the financial assets to be transferred
They are measured pursuant to relevant provisions under Accounting Standards for Business Enterprises No.
under 1) above and are loaned at a rate below the market interest rate
They are subsequently measured after initial recognition according to the higher one of the following: ① the
amount of loss reserve determined in accordance with the impairment provisions of financial instruments; ② the
remaining amount after the determined accumulative amortization amount is deducted from the initially
recognized amount in accordance with relevant provisions of the Accounting Standards for Business Enterprises
No.14—Revenue.
They are measured at amortized cost under the effective interest method. Gains or losses arising from
financial liabilities measured at amortized cost and not part of any hedging relationship are included in current
gain and loss when derecognized and amortized under the effective interest method.
(4) Derecognition of financial assets and financial liabilities
①The contractual rights to the cash flows from the financial asset expire;
②The transfer of such financial assets has been completed and is in line with the provisions on derecognition
of a financial asset under the Accounting Standards for Business Enterprises No. 23—Transfer of Financial Assets.
of the financial liabilities (or part thereof) shall be terminated accordingly.
Where the Company transfers almost all risks and returns related to the ownership of the financial assets
transferred, these financial assets will be derecognized, and the rights and obligations that occurred or were
retained during the transfer are separately recognized as assets or liabilities. Where almost all risks and rewards on
the ownership of financial assets are retained, the transferred financial assets shall continue to be recognized.
Where the Company has neither transferred nor retained any risk and reward relating to the ownership of the
financial assets, it shall be disposed of in the following conditions: (1) where the control over the financial asset is
not retained, the recognition of the financial asset shall be terminated, and the rights and obligations arising or
retained in the transfer s hall be separately recognized as assets or liabilities; 2) where the control over the
financial asset is retained, the relevant financial asset shall be recognized according to the degree of continued
involvement in the transferred financial asset, and the relevant liabilities shall be recognized accordingly. When
the overall transfer of financial assets meets the conditions for derecognition, the difference between the following
two amounts shall be included in the current gain and loss: (1) the book value of the transferred financial assets on
the date of derecognition; (2) the sum of the consideration received from the transfer of financial assets and the
amount of the derecognized part in a cumulative amount of change in fair value which is originally included in
other comprehensive income (the financial assets involved in the transfer are debt instrument investments at fair
value through other comprehensive income). A part of financial assets is transferred, and if the transferred part
meets the conditions for derecognition entirely, the book value of the whole financial asset before transfer shall be
allocated between the derecognized part and the continued recognition part according to their relative fair values
on the transfer date, and the difference between the following two amounts shall be included in current gain and
loss: (1) the book value of the derecognized part; (2) the sum of the consideration of the derecognized part and the
amount of the corresponding derecognized part in the accumulated amount of changes in fair value originally
directly included in other comprehensive income (the financial assets involved in the transfer are debt instrument
investments at fair value through other comprehensive income).
When determining the fair value of related financial assets and financial liabilities, the Company adopts the
valuation technique applicable in the prevailing circumstance and supported by sufficient available data and other
information. The Company classifies the input values used by the valuation technique as the following tiers and
uses them in turns:
(1) Tier 1 input value refers to the unadjusted quotations of the same assets or liabilities in an active market
which can be obtained on the measurement date;
(2) Tier 2 input value refers to them directly or indirectly observable input value of relevant assets or
liabilities apart from Tier 1 input value, including: quotations of similar assets or liabilities on an active market;
quotations of identical or similar assets or liabilities in markets that are not active; observable input values other
than quotations, such as interest rates and yield curves that are observable during normal quotation intervals; input
values for market validation, etc.;
(3) Tier 3 input value refers to the unobservable input value of relevant assets or liabilities, including the
volatility of interest rate and stock that cannot be directly observed or cannot be verified by observable market
data, the future cash flows of the disposal obligations assumed in the business combination, financial forecasts
made using its own data, etc.
On the basis of expected credit loss, for financial assets at amortized cost, debt instrument investments at fair
value through other comprehensive income, contract assets, lease receivables, loan commitments classified as
financial liabilities at fair value through gain and loss, financial guarantee contracts that do not belong to financial
liabilities at fair value through gain and loss or financial liabilities formed by the transfer of financial assets that
do not meet the conditions for derecognition or continue to be involved in the transferred financial assets shall be
impair ed and loss reserve shall be recognized.
Expected credit loss refers to the weighted average of credit losses of financial instruments weighted by the
risk of default. Credit loss refers to the difference between all contract cash flow receivables according to the
contract, and all cash flows expected to be collected, that is, the present value of all cash shortages. The financial
assets purchased or generated by the Company that have suffered credit impairment are discounted according to
the credit-adjusted effective interest rate of the financial assets。
For the purchased or originated financial assets with credit impairment, the Company only recognizes the
cumulative change of expected credit loss in the whole existence period after initial recognition as the loss reserve
on the balance sheet date.
For lease receivables, and the receivables and contract assets arising from transactions as stipulated under the
Accounting Standards for Business Enterprises No. 14—Revenue, the Company uses simplified measurement
methods to measure the loss reserve according to the expected credit loss amount equivalent to the whole duration.
For financial assets other than the above measurement methods, the Company assesses whether its credit risk
has increased significantly since initial recognition on each balance sheet date. If the credit risk has increased
significantly since the initial recognition, the Company shall measure the loss reserve according to the amount of
expected credit loss during the whole existence period. If the credit risk has not increased significantly since the
initial recognition, the Company shall measure the loss reserve according to the amount of expected credit loss of
the financial instrument in the next 12 months.
The Company uses available reasonable and based information, including forward-looking information, to
determine whether the credit risk of financial instruments has increased significantly since the initial recognition
by comparing the default risk of financial instruments on the balance sheet date with the default risk on the initial
recognition date.
On the balance sheet date, if the Company judges that the financial instrument only has low credit risk, it is
assumed that the credit risk of the financial instrument has not increased significantly since the initial recognition.
The Company evaluates the expected credit risk and measures the expected credit loss on the basis of a single
financial instrument or combination of financial instruments. When based on the portfolio of financial instruments,
the Company divides the financial instruments into different portfolios according to the common risk
characteristics.
The Company re-measures the expected credit loss on each balance sheet date, and the resulting increase or
reversal of the loss reserve is included in the current gain and loss as impairment loss or profit. For financial assets
at amortized cost, the loss provision is offset against the book value of the financial asset as given in the balance
sheet; For debt investment measured at fair value through other comprehensive income, the loss allowances are
recognized in other comprehensive income by the Company instead of offsetting the book value of the financial
assets.
Financial assets and financial liabilities are listed separately on the balance sheet and cannot offset each other.
However, if the following conditions are met at the same time, the net amount after mutual offset shall be listed in
the balance sheet: (1) the Company has the legal right to set off the recognized amount, and such legal right is
currently enforceable; (2) the Company intends either to settle on a net basis, or to realize the financial assets and
p ay off the financial liabilities simultaneously.
For the transfer of financial assets not in line with the conditions for derecognition, the Company does not
offset the transferred financial assets and liabilities.
The Company presents contract assets or liabilities in the balance sheet based on the relation between
performance obligation and customer payment. The Company will record the net amount of contract assets and
contract liabilities under the same contract after they are set off against each other.
The Company records the right to receive consideration from customers unconditionally (i.e., only depending
on the time lapses) as the receivables, and presents the right to receive consideration when goods have been
transferred to the customers, which depends on other factors other than the time lapses, as contract assets.
risk characteristics
Basis for
Portfolio category determining Method for measuring expected credit loss
portfolios
Banker's acceptance receivables With reference to historical credit loss experience and in
combination with the current situation and the forecast of
Type of notes future economic conditions, the expected credit loss is
Commercial acceptance bill receivables calculated through default risk exposure and the expected
credit loss rate in the whole duration
With reference to historical credit loss experience and in
combination with the current situation and the forecast of
Accounts receivable - aging portfolio Aging future economic conditions, the comparison table between
the aging of accounts receivable and the expected credit
loss rate is compiled to calculate the expected credit loss
Accounts receivable - trade accounts portfolio With reference to historical credit loss experience and in
Nature of account
of overseas subsidiaries combination with the current situation and the forecast of
Related parties future economic conditions, the expected credit loss is
Accounts receivable - Related party dealings calculated through default risk exposure and the expected
within the scope of
portfolio within the scope of consolidation credit loss rate in the whole duration
consolidation [note]
Related parties
Other receivables - Related party dealings
within the scope of
portfolio within the scope of consolidation
consolidation [note]
Other receivables - borrowing margin portfolio
Other receivables - government receivables
portfolio
With reference to historical credit loss experience and in
Other receivables - futures margin portfolio combination with the current situation and the forecast of
future economic conditions, the expected credit loss is
Other receivables - paper goods transaction calculated through default risk exposure and the expected
settlement portfolio Nature of account credit loss rate in the next 12 months or the whole duration.
Other receivables - deposit and margin
receivables portfolio
Other receivables - reserve fund receivables
portfolio
Other receivables - current account portfolio
[Note]: Related parties of the Company and within the scope of consolidated financial statements
Aging Accounts receivable expected credit loss rate (%)
Within 1 year (included, the same below) 5
Above 3 years 100
The age of accounts receivable is calculated from the month in which the payment is actually made.
provided by a single basis
For accounts receivable and contract assets with credit risk significantly different from the portfolio credit
risk, the Company makes provisions for expected credit losses by a single basis.
Inventories include finished products or commodities held for sale in daily activities, products in the process
of production, materials and supplies consumed in the process of production or providing labor services.
Inventories delivered shall be weighted average at the end of each month.
The perpetual inventory system is adopted for inventories.
(1) Low-value consumables
Low-value consumables are amortized using the one-off amortization method.
(2) Packages
Low-value consumables are amortized using the one-off amortization method.
On the balance sheet date, the inventory was measured at the lower of the cost and net realizable value.
Inventory falling price reserves were accrued based on the difference between the cost and the net realizable value.
The net realizable value of inventory directly used for sale will be determined by the amount of the estimated
selling price of the inventory minus the estimated sales expenses and related taxes. For inventories that need to be
processed, the net realizable value shall be determined in the normal production and operation process by
subtracting the estimated selling price of finished products produced from the estimated cost to be incurred when
completion, the estimated sales expenses and relevant taxes and fees. On the balance sheet date, if a part of the
same inventory has a contract price agreement and other parts do not have a contract price, the net realizable value
shall be determined respectively, and the corresponding cost shall be compared to determine the accrual or
reversal amount of inventory depreciation reserve respectively.
Joint control refers to the shared control over a certain arrangement according to the relevant agreement, and
the activities under such arrangement are subject to approval by the parties sharing the control power. Significant
influence refers to that one party has the power to participate in the decision-making of financial and operating
policies of the investee but is unable to control or jointly control these policies with other parties.
(1) For business combination under the same control, where the combining party uses cash payment, transfer
of non-cash assets, assumption of debts or issuing of equity securities as combination consideration, the share of
owner's equity of the combined party acquired in the book value of total owner's equity in consolidated financial
statements of the ultimate controller on the combination date shall be identified as the initial investment cost of
long term equity investment. The difference between the initial investment cost of long-term equity investment
and the book value of the combination consideration paid or the par value of the issued shares is adjusted against
the capital reserve. If the capital reserve is not sufficient for offsetting, the adjustment is made to retained earnings.
For the long-term equity investments formed through business combination under the same control and
implemented through multiple transactions step by step by the Company, it is a must to judge whether they are
“package deals”. If they are package deals, each deal is regarded as a deal to obtain control right for accounting
treatment. If it is not a package deal, on the date of combination, the share of the book value of net assets of the
combined party that should be enjoyed after combination in the consolidated financial statements of the ultimate
controller, is recognized as an initial investment cost. The difference between the initial investment cost of long-
term equity investment on the date of combination and the sum of the book value of long-term equity investment
before the combi nation is realized and the book value of consideration additionally paid to further acquire shares
on the date of combination is adjusted against the capital reserve. If the capital reserve is not sufficient for
offsetting, the adjustment is made to retained earnings.
(2) As for business combinations not under the same control, the fair value of the combination consideration
paid on the combination date is recorded as the initial investment cost of long-term equity investment.
For the long-term equity investments formed through business combination not under the same control and
implemented through multiple transactions step by step by the Company, the accounting treatment is different in
unconsolidated financial statements and consolidated financial statements:
using the cost method is measured at the sum of the book value of equity investment originally held and
investment cost additionally paid.
package deals, each deal is regarded as a deal to obtain control right for accounting treatment. Suppose these
transactions are not “package deals”, the equities of the acquiree held before the purchase date shall be re-
measured at fair value at the purchase date. The difference between the fair value and its book value shall be
recognized as current investment income. In case the equity of the acquiree held before the purchase date involves
other comprehensive income under the equity method, relevant other comprehensive income shall be transferred
to the current return on the purchase date, except for other comprehensive income resulting from the re-
measurement of the investee's net defined benefit plan liabilities or changes in net assets.
(3) Except for the formation of business combination: As for those obtained by cash payment, the actually
paid purchase price is taken as the initial investment cost; the long-term equity investment formed by issuing
equity securities, the fair value of issuing equity securities is taken as the initial investment costs. If acquired
through debt restructuring, its initial investment cost shall be determined in accordance with the Accounting
Standards for Business Enterprises No. 12—Debt Restructuring; in the case of non-monetary asset exchange, the
initial investment cost shall be determined in accordance with the Accounting Standards for Business Enterprises
No. 7—Exchange of Non-monetary Assets.
The long-term equity investment in the invested entity under its control will be accounted for through the
cost method; long-term equity investment in associated enterprises and joint ventures is accounted for under the
equity method.
losing
(1) Judgment principle for whether a “package deal” or not
If the equity investment in the subsidiary is disposed of step by step through multiple transactions until it
loses control, the Company will judge whether the step-by-step transaction is a “package deal” by combining the
terms of the transaction agreement, the disposal consideration obtained separately, the object of equity sale, the
disposal method and the disposal time in each step of the step-by-step transactions. The terms, conditions and
economic impact of each transaction meet one or more of the following conditions, which usually indicates that
multiple transactions are “package deals”:
other transactions.
(2) Accounting treatment for non-“package deals”
For disposal of equity, the difference between book value and the actual price of the acquisition shall be
recorded into current gain and loss. For the remaining equity, if the investor still has significant influence over the
investee or imposes joint control with other parties, it is accounted for by the equity method; In case of failure to
control, jointly control or significantly influence the investee, it shall be calculated in accordance with the
provisions of the Accounting Standards for Business Enterprises No. 22—Recognition and Measurement of
Financial Instruments.
Before losing control, the capital reserves (capital premium) are adjusted at the difference between the
disposal cost and the share in net assets of subsidiaries calculated continuously from the acquisition date or
combination date corresponding to the disposal of long-term equity investment; if the capital premium is not
sufficient to be offset, retained earnings are offset.
When losing control over a former subsidiary, the remaining equity is re-measured at the fair value on the
date of control loss. The balance of the sum of the consideration received through the disposal of equity and the
fair value of the remaining equity after deducting the entitled share of net assets continuously calculated at the
original shareholding ratio from the purchase date or the date of combination in the subsidiary is recognized in the
investment income for the period during which the control is lost, and is written off against goodwill. Other
comprehensive income related to equity investment in the former subsidiary is transferred into return on
investment for the period during which the control is lost.
(3) Accounting treatment for “package deals”
Each deal is considered as a deal for the disposal of the subsidiary and losing control of accounting treatment.
However, the difference between the disposal cost of each deal before losing the control and the book value of
long-term equity investment corresponding to the disposal investment is recognized as other comprehensive
income in individual financial statements, and when the control is lost, transferred together into gain and loss for
the period during which the control is lost.
Each deal is considered as a deal for the disposal of the subsidiary and losing control of accounting treatment.
However, the difference between the disposal cost of each deal before losing the control and the entitled share of
net assets of the subsidiary corresponding to the disposal investment is recognized as other comprehensive income
in consolidated financial statements, and when the control is lost, transferred together into gain and loss for the
period during which the control is lost.
Measurement model of investment properties
Measurement by the cost method
Depreciation or amortization methods
appreciation, and leased buildings.
depreciation or amortization conducted by the same methods for fixed assets and intangible assets.
(1) Recognition conditions
Fixed assets refer to tangible assets held for production, service, lease or operation with a service life of more
than one accounting year. Fixed assets can be recognized only when related economic benefits are very likely to
flow into the Company, and their costs can be measured reliably.
(2) Depreciation method
Depreciable Residual value Annual depreciation
Category Depreciation method
life (years) rate (%) rate (%)
Housing and buildings Straight-line depreciation method 5-30 5 or 10 19.00-3.00
Machinery and
Straight-line depreciation method 10-15 5 or 10 9.50-6.00
equipment
Transportation facilities Straight-line depreciation method 4-5 5 or 10 23.75-18.00
Other equipment Straight-line depreciation method 3-10 5 or 10 31.67-9.00
flow into the Company, and its costs can be measured reliably. Construction in progress is measured at the actual
cost incurred before such asset is ready for the intended use.
ready for its intended use. As for construction in progress which is ready for the intended use but has not gone
through the formalities of final accounts of completion, it shall be transferred into fixed assets at the estimated
value. Upon the final accounts of completion, the previous tentatively estimated value other than accrued
depreciation shall be adjusted based on actual costs.
Category Standards and timing for carrying forward construction in progress to fixed assets
The main project and supporting projects have been substantially completed and the engineering has met the
Housing and
predetermined design requirements, and has been accepted by the survey, design, construction, supervision and
buildings
other units.
Machinery and
After installation and commissioning, it meets the design requirements or the standards specified in the contract.
equipment
Where the borrowing costs incurred to the Company can be directly attributable to the acquisition and
construction or production of a qualifying asset for capitalization, it shall be capitalized and recognized as costs of
relevant assets; Other borrowing costs shall be recognized as an expense when they are incurred and included in
current gain and loss.
(1) Capitalization begins when the borrowing cost meets the following conditions: 1) asset expenditure has
been incurred; 2) the borrowing costs have been incurred; 3) the acquisition, construction or production activities
necessary to bring the asset to its intended use or sales have been initiated.
(2) Where the acquisition and construction or production process of assets eligible for capitalization are
interrupted abnormally and the interruption period lasts for more than 3 months, the capitalization of the
borrowing costs shall be suspended. The borrowing costs incurred during such period shall be recognized as
expenses of the current period until the asset’s acquisition and construction or production activity restarts.
(3) Capitalization of borrowing costs should be stopped when assets eligible for capitalization are purchased,
built or produced to the intended usable or saleable state.
In case of special borrowing for the acquisition & construction or production of assets eligible for
capitalization conditions, interest income to be capitalized shall be recognized after deducting the bank interests
for the unused portion or the investment income for short-term investment from the interest costs (including
recognized depreciation or amortization of premium under effective interest method) actually occurred in the
current period of specific borrowing. Where a general borrowing is used for the acquisition, construction, or
production of assets eligible for capitalization, it shall determine the capitalization amount of interests on the
general borrowing by multiplying the weighted average asset expenses of the part of the accumulative asset
expenses minus the special borrowings by the capitalization rate of the general borrowings used.
(1) Service life and its determination basis, estimation, amortization method or review procedure
management software, and so on, which are initially measured according to cost.
based on the expected realization method of economic benefits related to it within its service life; where the
expected realization method cannot be confirmed reliably, the straight-line method shall be adopted. Details are as
follows:
Item Service life and its determination basis Amortization method
Land-use right 15-50 years, registration period of land use right certificate Straight-line method
Know-how 6-10 years, expected income period Straight-line method
Management software 5-10 years, expected income period Straight-line method
Pollution dumping right 5-20 years, registration period of the certificate Straight-line method
Sea area use right 1-50 years, registration period of the certificate Straight-line method
(2) Collection scope of R&D expenditure and related accounting treatment methods
(1) Personnel labor expenses
Personnel labor expenses include the Company’s R&D personnel’s wages and salaries, basic pension
insurance premiums, basic medical insurance premiums, unemployment insurance premiums, work-related injury
insurance premiums, maternity insurance premiums and housing provident fund, as well as the labor costs of
external R&D personnel.
If R&D personnel serve on multiple R&D projects at the same time, the labor expenses shall be identified
based on the working time records of the R&D personnel for each R&D project provided by the Company’s
management department and allocated proportionally among the different R&D projects.
For personnel directly engaged in R&D activities and external R&D personnel who are also engaged in non-
R&D activities, the Company will allocate the actual labor expenses incurred in different positions between R&D
expenses and production and operating expenses based on reasonable methods such as the proportion of actual
working hours.
(2) Direct investment expenses
Direct investment expenses refer to the actual expenses incurred by the Company in implementing R&D
activities. Including: 1) directly consumed materials, fuel and power costs; 2) R&D and manufacturing costs of
molds and process equipment used for intermediate tests and product trials, purchase costs of samples, prototypes
and general testing means that do not constitute fixed assets, and inspection costs of trial products; 3) operating
maintenance, adjustment, inspection, testing, and repair of instruments and equipment used in R&D activities.
(3) Depreciation expenses and long-term deferred expenses
Depreciation expenses refer to the depreciation of instruments, equipment and buildings used for R&D
activities.
For instruments, equipment and buildings in use that are used for R&D activities and are also used for non-
R&D activities, necessary records shall be made on the use of such instruments, equipment and buildings, and the
actual depreciation incurred shall be allocated between R&D expenses and production and operating expenses
using a reasonable method based on factors such as actual working hours and area used.
Long-term deferred expenses refer to the long-term deferred expenses incurred during the renovation,
retrofitting, decoration, and repair of R&D facilities, which are aggregated based on actual expenditures and
amortized evenly over the specified period.
(4) Intangible assets amortization expenses
Intangible assets amortization expenses refer to the amortization expenses of software, intellectual property,
non-patented technologies (proprietary technologies, licenses, designs and calculation methods, etc.) used in R&D
activities.
(5) Design expenses
Design expenses refer to the expenses incurred in the conception, development and manufacture of new
products and new processes, the design of processes, technical specifications, procedures, and operating
characteristics, including related costs incurred in creative design activities to obtain innovative, creative, and
breakthrough products
(6) Equipment debugging and testing expenses
Equipment debugging and testing expenses refer to the expenses incurred in R&D activities during tooling
preparation, including the costs incurred in developing special and dedicated production machines, changing
product ion and quality control procedures, or formulating new methods and standards.
Expenses incurred for routine tooling preparation and industrial engineering for large-scale batch and
commercial production are not included in the collection scope.
(7) Commissioned external R&D expenses
Commissioned external R&D expenses refer to the expenses incurred when the Company entrusts other
domestic or foreign institutions or individuals to carry out R&D activities (the results of the R&D activities are
owned by the Company and are closely related to the Company's main business operations).
(8) Other expenses
Other expenses refer to other expenses directly related to R&D activities, including technical book and
material fees, material translation fees, expert consultation fees, high-tech R&D insurance premiums, retrieval,
demonstration, review, appraisal, and acceptance fees of R&D results, application fees, registration fees, agency
fees for intellectual property rights, conference fees, travel expenses, communication expenses, etc.
The expenses for the internal R&D projects at the research stage are accounted into the current profits and
losses in occurrence. The expenses for the internal R&D projects at the development stage can be recognized as
intangible assets only when meeting the following conditions: (1) Technically feasible to complete the intangible
assets, so that they can be used or sold; (2) With the intention to complete, use or sell the intangible assets; (3)
Ways of intangible assets to generate economic benefits, including those can prove that the products generated by
the intangible assets can be sold or the intangible assets themselves can be sold and prove that the intangible
assets to be used internally are useful; (4) With the support of adequate technical and financial and other resources
to complete the development of the intangible assets and with the ability to use or sell the intangible assets; (5)
The expenses attributable to the development stage of the intangible assets can be measured reliably.
Long-term assets such as long-term equity investment, investment properties measured by the cost model,
fixed assets, construction in progress, right-of-use assets and intangible assets with limited service lives shall be
evaluated for their recoverable amount in case of any sign of impairment at the balance sheet date. For goodwill
formed by business combination and intangible assets with uncertain service life, an impairment test should be
carried out every year regardless of whether there is a sign of impairment. Goodwill impairment testing must be
done in combination with the asset group or asset group portfolio to which it is linked.
Where the recoverable amount of asset is lower than its book value, the Company shall recognize the
provision for asset impairment based on the difference and recognize such loss into the current gains and losses.
Long-term deferred expenses refer to all expenses that have been paid and have an amortization period of
more than one year (excluding one year). Long-term deferred expenses are recorded at the actual incurred amount
and amortized on an average basis by stages over the beneficial period or prescribed period. In case that long-term
deferred expense items cannot benefit the future accounting periods, the amortized value of such unamortized
items shall be fully transferred into the current gain and loss.
The Company presents contract assets or liabilities in the balance sheet based on the relation between
performance obligation and customer payment. The Company will record the net amount of contract assets and
contract liabilities under the same contract after they are set off against each other.
The Company presents the obligation to transfer goods to the customer for considerations received or
receivable from the customer as a contract liability.
Employee remuneration includes short-term remuneration, post-employment, dismissal benefits, and other
long-term employee benefits.
(1) Accounting treatment method for short-term remuneration
The actual short-term remuneration in the accounting period when employees offer services for the Company
will be recognized as liabilities and included in current gain and loss or relevant asset cost.
(2) Accounting treatment method of post-employment benefits
Post-employment benefits are divided into defined contribution plans and defined benefit plans.
(1) Recognize the amount payable calculated according to the defined contribution plan in the accounting
period when the employees provide services for the Company as the liabilities and include in current profits and
losses or related asset costs.
(2) The accounting treatment for a defined benefit plan generally includes the following steps:
using unbiased and consistent actuarial assumptions, the obligations arising from the defined benefit plan are
measured, and the period for the relevant obligation is determined. In the meantime, the obligations arising from
the defined benefit plan are discounted to determine the present value and current cost of service of the defined
benefit plan.
of obligations in the defined benefit plan minus the fair value of assets shall be recognized as net liabilities or net
assets of the defined benefit plan. Where the defined benefit plan has any surplus, the Company will measure the
net assets of the defined benefit plan based on the surplus or asset limit of the defined benefit plan (whichever is
the lower);
service, the net interest of net liabilities or net assets of the defined benefit plan and changes arising from the re-
measurement of net liabilities or net assets of the defined benefit plan, in which the cost of service and net interest
of net li abilities or net assets of the defined benefit plan are recorded in the current gain and loss or relevant asset
cost, changes arising from the re-measurement of net liabilities or net assets of the defined benefit plan are
recorded in other comprehensive incomes and is not allowed to be carried back to gains or losses during the
subsequent accounting period, but the amounts recognized in other comprehensive incomes can be transferred
within the equity scope.
(3) Accounting treatment method for dismissal benefits
Where dismissal benefits are provided to employees, liabilities in employee remuneration are recognized and
included in the current gain and loss when: (1) the Company is not in a position to unilaterally withdraw dismissal
benefits provided under termination plans or layoff proposals; (2) when the Company recognizes the costs or
expenses related to restructuring involving the payment of dismissal benefits.
(4) Accounting treatment method for other long-term employee benefits
Where the Company provides other long-term employee benefits for its employees and the employee reaches
the conditions of the defined benefit plan, accounting treatment shall be adopted based on relevant provisions of
the defined benefit plan. For long-term employee benefits other than the aforesaid ones, the accounting treatment
should be conducted in accordance with relevant provisions of the defined benefit plan. In order to simplify
relevant accounting treatments, the employee remuneration cost resulting from other long-term employee benefits
shall be recognized as cost of service, the total net amount of component items, including net interest of net
liabilities or net asset of other long-term employee benefits, as well as changes arising from re-measurement of net
liabilities or net asset of other long-term employee benefits and so on, is recorded in current gain and loss or
relevant asset cost.
quality assurance, and loss-making contracts become current obligations of the company, the performance of such
obligations is likely to result in the outflow of economic benefits from the company, and the amount of such
obligations can be measured reliably, the Company shall recognize such obligations as estimated liabilities.
required to fulfill relevant current obligations and reviews the book value of the estimated liabilities on the
balance sheet date.
Disclosure of accounting policies adopted for revenue recognition and measurement according to business types
The Company assesses the contract from the commencement date of the contract and recognizes each
individual performance obligation included by the contract, and determines whether each individual performance
obligation will be fulfilled during a certain period or at a certain time point.
It will constitute performance of the obligation in a certain period of time if any of the following conditions
are met; otherwise it will constitute performance of obligation at a certain time point: (1) the customer obtains and
consumes economic benefits arising from contract performance by the Company; (2) the customer can control
goods in progress during the process of contract performance by the Company; (3) goods arising from contract
performance by the Company have irreplaceable purposes, and the Company is entitled to receive payment for
accumulatively completed performance proportion to date throughout the contract term.
If the performance obligations are performed within the specified period, the Company will recognize the
income within this period in accordance with the progress of the contract’s performance. If the performance
progress cannot be determined reasonably and the costs incurred are expected to be compensated, the income will
be recognized according to the costs incurred until the performance progress is determined reasonably. If the
performance obligations are performed at a time point, the Company will recognize the income at the time when
the customer obtains control power over goods or services. When judging whether the customer has already
obtained the right of control over goods, the Company shall consider the following items: (1) the Company has
the right to receive payment currently; namely, the customer assumes the obligation of making payment currently
in regards to the goods; 2) the Company has already transferred the legal ownership of the goods to the customer;
namely, the customer has already obtained the legal ownership of such goods; 3) the Company has already
transferred the material object of the goods to the customer, namely the customer has already obtained such goods
in the material object; 4) the Company has already transferred the significant risk and consideration of the
property in the goods to the customer, namely, the customer has already obtained the significant risk and
consideration of the property in the goods; (5) the customer has accepted such goods; (6) other signs that indicate
the customer has already obtained the control over goods.
(1) The income shall be measured by the Company according to the transaction price apportioned to each
single performance obligation. Transaction price refers to the amount of consideration the Company expects to
receive for the transfer of goods or services to the customer, but it does not include payments received on behalf
of the third party or funds to be returned to the customer.
(2) In case of variable consideration in contract, the Company will determine the best estimate of variable
consideration in line with the expected or most possible amount, but the transaction price that contains variable
consideration will not exceed the amount of accumulated recognized income that is least likely to be reversed
when relevant uncertainties are removed.
(3) If there is significant financing in the contract, the Company shall determine the transaction price
according to the amount payable in cash when the client obtains control of the goods or services. The difference
between the transaction price and contract consideration is amortized by the effective interest method during the
term of the contract. On the contract commencement date, if the Company estimates that the time between the
customer’s acquisition of control over goods or services and the payment of the price by the customer will not
exceed one year, the significant financing in the contract shall not be considered.
(4) If there are two or more performance obligations in the contract, at the beginning of the contract, the
Company shall allocate the transaction price to each separate performance obligation according to the relative
proportion of the stand-alone selling price of the goods promised by each performance obligation.
The Company mainly sells oil refining products, chemical products, PTA, polyester chip, polyester yarn and
film, and so forth, fulfilling its performance obligation at a certain time point. Proceeds from domestic sales are
recognized when the Company has delivered the products to the buyer, the amount of product sales revenue has
been determined, the payment for goods has been recovered, or the collection voucher has been obtained, and the
relevant economic benefits are likely to flow in. Proceeds from overseas market sales are recognized when the
Company has declared the products at the customs and obtained the bill of lading according to the contract, the
amount of product sales revenue has been determined, the payment for goods has been recovered, or the collection
voucher has been obtained, and the relevant economic benefits are likely to flow in.
Where the incremental cost incurred by the Company to acquire the contract is expected to be recovered, it is
recognized in the form of contract acquisition cost as an asset. The contract acquisition cost for which the
amortization period does not exceed one year shall be directly included in the current gain and loss as incurred.
The costs incurred by the Company for performing the contract, if not within the applicability scope of relevant
standards relating to inventories, fixed assets or intangible assets, can be recognized as an asset within the contract
performance cost if the following conditions are met:
rial/manufacture cost (or similar costs), cost to be undertaken by the customer and other costs incurred under the
contract;
Assets related to contract cost are amortized on the same basis as recognition of revenue of goods or services
related to the asset and recognized in current gain and loss.
If the book value of assets relating to contract cost is higher than the remaining consideration expected to be
obtained due to the transfer of goods or services relating to the assets minus the estimated cost to be incurred, the
Company accrues impairment reserves for the excess portion and recognizes it as an asset impairment loss. If the
factors causing the impairment of the prior period change and make the remaining consideration expected to be
obtained due to the transfer of goods or services relating to the assets minus the estimated cost to be incurred
higher than the book value of the asset, the withdrew asset impairment provision shall be reversed and recorded in
the current gains or losses, but the book value of the asset after reversion shall not exceed the book value of the
asset at the reversion date under the condition of not withdrawing the impairment provision.
to meet the conditions attached to the government grants; (2) the Company can receive government grants. In the
case of a monetary asset, the government grants shall be measured according to the amount received or accrued.
In the case of a non-monetary asset, the government grants shall be measured at fair value; where the fair value
cannot be reliably obtained, it shall be measured in accordance with the nominal amount.
Government grants that are required by government documents to be used for the acquisition or other
formation of long-term assets are classified as asset-related government grants. If the government documents are
not clear, judgment shall be made on the basis of the basic conditions that must be met to obtain the grants, and
those that are based on the acquisition, construction or other formation of long-term assets are treated as asset-
related government grants. Government grants relating to the assets are either written off against the book value of
the relevant assets or recognized as deferred income. The government grants recognized as deferred income shall
be recorded in the gain and loss on a reasonable and systematic basis over the service life of relevant assets. The
government grants measured according to notional amount shall be directly included in current gain and loss. If
the relevant asset has been sold, transferred, retired or damaged before the end of the service life, the balance of
the relevant deferred income that has not been allocated will be transferred into the current gain and loss of asset
disposal.
Government grants other than those related to assets will be classified into income-related government grants.
For government grants that include both the asset-related and the income-related components, it is difficult to
distinguish between government grants that are asset-related or income-related and such grants are generally
classified as asset-related. Income-related government grants of the Company are used for compensation for
relevant costs & expenses or losses in subsequent periods, which are recognized as deferred income, and recorded
in current gain and loss or offset against relevant costs in the period of recognition of relevant costs, expenses or
losses. Government grants for compensation for incurred relevant costs and expenses or losses are directly
included in current gain and loss or offset against relevant costs.
incomes or written down related costs and expenses according to the economic and business nature. Government
grants not related to the daily activities of the Company are recorded in non-operating incomes and expenses.
(1) Where the Treasury disburses the discount interest funds to the lending bank, and the lending bank
provides loans to the Company at preferential policy interest rates, the Company shall use the actual amount of
loans received as the entry value and calculate the borrowing costs based on the principal and the preferential
policy interest rate.
(2) If the Treasury allocates the discount interest funds directly to the Company, the discount interest will be
used to offset the borrowing costs.
between the tax base and the book value if the tax base of items not recognized as assets or liabilities can be
determined based on tax laws), the deferred income tax assets or deferred income tax liabilities shall be calculated
and recognized based on the applicable tax rate during the expected asset recovery or liability settlement period.
temporary deductible difference. On the balance sheet date, if there is concrete evidence indicating that it is likely
to obtain enough taxable income in the future to offset temporary deductible difference, the deferred income tax
assets that were not recognized in previous accounting periods should be recognized.
is unlikely to obtain enough taxable income to offset gains generated from the deferred income tax assets, then it
is necessary to write down the book value of deferred income tax assets. If it is likely to obtain enough taxable
income, the deducted amount shall be recovered.
or income in the current gains or losses, excluding income taxes arising from: (1) business combination; (2)
transactions or events recognized directly in owner's equity.
deferred income tax liabilities as net amount after offset: (1) When the Company has the legal right to settle the
income tax assets and income tax liabilities of the Company in the current period with net amount; and (2) the
deferred income tax assets and deferred income tax liabilities are related to the income tax levied by the same tax
collection and management department from the same subject of tax payment or from different subjects of tax
payment but the subject of tax payment involved intends to settle the current income tax assets and current income
tax liabilities with the net amount or obtain the assets and liquidate the liabilities simultaneously in each future
important period when the deferred income tax assets and deferred income tax liabilities are written back.
(1) Accounting treatment method of lease as the lessee
On the commencement date of the lease term, the Company, as the lessee, recognizes the lease with a lease
term of no more than 12 months and without the purchase option as a short-term lease; and recognizes the lease
with lower value when a single leased asset is brand new as a low-value asset lease. In case of a sublease or
expected sublease of lease asset, the original lease will not be deemed as a low-value asset lease.
For all short-term leases and low-value asset leases, the Company will recognize the lease payment in the
relevant asset cost or current gain and loss under the straight-line method during each period of the lease term.
In addition to the above short-term leases and low-value asset leases under simplified treatment, the
Company recognizes the right-of-use assets and lease liabilities for the lease on the commencement date of the
lease term.
(1) Right-of-use assets
The right-of-use assets shall be initially measured at cost. The cost includes: 1) the initial measurement
amount of the lease liability; 2. the amount of lease payment made on or before the commencement date of lease
term, net of the relevant amount of used lease incentives (if any); 3. the initial direct expenses incurred by the
lessee; 4) expected cost to be incurred by the lessee for the purpose of disassembly and removal of lease assets,
restoration of the site where leased assets are located or restoration of leased assets to the status as agreed in lease
terms.
The Company will use the straight-line method to calculate the depreciation of the right-of-use assets. Where
it is reasonably certain that the ownership of the leased assets can be obtained at the expiry of the lease term, the
leased assets shall be depreciated by the Company over its remaining service life. Where it is not reasonably
certain that the ownership of the leased assets can be obtained at the time the term of the lease expires, the
Company shall accrue the depreciation within the shorter of the lease period and the remaining service life of the
leased assets.
(2) Lease liabilities
On the commencement date of the lease, the Company recognizes the present value of outstanding lease
payments as lease liabilities. In calculating the present value of the lease payments, the Company adopts the
interest rate embedded in the lease as the discount rate. If the Company is unable to determine the interest rate
embedded in the lease, it will adopt the incremental borrowing rate as the discount rate. The difference between
the lease payment and its present value is treated as unrecognized financing expenses, on which the interest
expenses are recognized at the discount rate of the present value of the lease payment during each period of the
lease term and included in the current gain and loss. The variable lease payments not included in the measurement
of lease liabilities shall be included in current gain and loss when actually incurred.
After the inception of the lease, the Company measures lease liabilities again according to the present value
of the lease payments after the change, and adjusts the book value of the right-of-use asset accordingly in case of
changes in the actual fixed payment amount, the expected payable amount of the guarantee residual value, the
index or ratio used to determine the lease payment amount, the purchase option, and evaluation result or the actual
exercise situation of the lease renewal option or the termination option. Where the book value of the right-of-use
asset has been reduced to zero, but a further reduction is required for the lease liabilities, the remaining amount
shall be included in the current gain and loss.
According to the Accounting Standards for Business Enterprises No.14-Revenue, the Company evaluates and
determines whether the asset transfer in the after-sale leaseback transaction belongs to sales.
If the asset transfer in the after-sale leaseback transaction belongs to sales, the Company will measure the
right-of-use assets formed by after-sale leaseback according to the part of the book value of the original assets
related to the right-of-use obtained by leaseback, and only recognize the relevant gains or losses for the right
transferred to the lessor.
If the asset transfer in the after-sale leaseback transaction does not belong to sales, the Company will
continue to recognize the transferred assets, and at the same time recognize a financial liability equal to the
transferred income, and conduct accounting treatment for the financial liability according to the Accounting
Standards for Business Enterprises No.22-Recognition and Measurement of Financial Instruments.
(2) Accounting treatment method of lease as the lessor
At the inception of the lease, a lease that transfers in substance almost all risks and rewards related to the
ownership of leased assets is classified as a financing lease by the Company as the as lessor. Except for the
financing lease, others are treated as the operating lease.
(1) Operating lease
During each period of the lease term, the Company recognizes the lease receipts as rental income under the
straight-line method, and the initial direct costs incurred are capitalized and amortized on the same basis as the
recognition of rental income, which is included in the current gain and loss by installment. Variable lease
payments the Company acquired in connection with operating leases that are not included in the lease receipts are
recognized in the current gain and loss when actually incurred.
(2) Financing lease
At the inception of the lease, the Company recognizes the financing lease receivables based on the net lease
investment (the sum of the unsecured residual value and the present value of the lease collection not received on
the first date of the lease term and discounted at the interest rate implicit in the lease), and derecognizes the
financing lease assets. During each period of the lease term, the Company calculates and recognizes the interest
income at the interest rate implicit in the lease.
The variable lease payments obtained by the Company that are not included in the measurement of the net lea
se investment are included in the current gain and loss when actually incurred.
According to the Accounting Standards for Business Enterprises No.14-Revenue, the Company evaluates and
determines whether the asset transfer in the after-sale leaseback transaction belongs to sales.
If the asset transfer in the after-sale leaseback transaction belongs to sales, the Company will carry out
accounting treatment on the asset purchase according to other applicable accounting standards for business
enterprises, and carry out accounting treatment on the asset lease according to the Accounting Standards for
Business Enterprises No.21-Lease.
If the asset transfer in the after-sale leaseback transaction does not belong to sales, the Company will not
recognize the transferred assets, but recognize the financial assets equal to the transferred income, and conduct
accounting treatment for the financial assets according to the Accounting Standards for Business Enterprises
No.22-Recognition and Measurement of Financial Instruments.
Accounting treatment methods related to repurchasing company’s shares
If the Company’s shares are purchased for reasons such as reducing the registered capital or rewarding
employees, they shall be treated as treasury stock according to the actual amount paid and registered for future
reference. If the repurchased shares are cancelled, the capital reserve will be offset by the difference between the
total par value of the shares calculated according to the cancelled par value and the number of cancelled shares
and the actual amount paid for the repurchase, and the retained earnings will be offset if the capital reserve is
insufficient; If the repurchased shares are awarded to the employees of the Company as equity-settled shares,
when the employees exercise the right to purchase the shares of the Company and pay the price, the cost of the
treasury stocks delivered to the employees and the accumulated amount of capital reserve (other capital reserve)
during the waiting period will be resold, and the capital reserve (equity premium) will be adjusted according to the
difference.
(1) Significant accounting policy changes
□Applicable Not applicable
(2) Changes in significant accounting estimate
□Applicable Not applicable
(3) The first implementation of the new accounting standards since 2025, and the first implementation of items related to
the financial statements at the beginning of that year
□Applicable Not applicable
(1) Work safety cost
The work safety costs withdrawn by the Company in accordance with the Administrative Measures for the
Collection and Utilization of Enterprise Work Safety Funds (CZ [2022] No. 136) promulgated by the Ministry of
Finance and the Ministry of Emergency Management were charged to the costs of relevant products or current
profits or losses and also to the “special reserve”. In the case of using the withdrawn safety production costs, if
they belong to cost expenditure, they shall directly offset the special reserves. Where a fixed asset is formed, the
expenditures incurred shall be collected under the item “Construction in Progress” and shall be recognized as a
fixed asset when the completed security project reaches the intended usable state. Moreover, the special reserves
shall be written down upon the cost of the formed fixed assets, and the accumulated depreciation of the same
amount shall be confirmed, and such fixed assets will not be depreciated in any following period.
(2) Segment report
The Company determines the operating segment on the basis of its internal organizational structure,
management requirements, internal reporting system and so on. Operating segments refer to components within
the Company satisfying all the following conditions:
to allocate resources to them and evaluate their performance;
and cash flow.
VI. Taxes
Tax category Basis of taxation Tax rate
The value-added tax received is calculated on the basis of sales of
goods and taxable service income calculated according to the tax 13%、9%、
Value-added tax
law. After deducting the VAT paid allowed for the current period, 6%[Note1]
the difference is VAT payable.
Consumption tax Taxable sales (volume) [Note 2]
Urban maintenance and construction tax Actual payment of turnover tax 7%、5%
Enterprise income tax Taxable income [Note 3]
The remaining value after deducting 30% from the original value of
Property tax the property in one go for ad valorem collection; the rental income 1.2%、12%
for rent based collection.
Education surcharge Actual payment of turnover tax 3%
Local education surcharge Actual payment of turnover tax 2%
[Note 1] VAT is calculated and paid at the tax rate of 13% for goods sold. Rental income and sales of liquefied petroleum gas
and steam shall be subject to VAT at the rate of 9%. Warehousing services and other businesses and interest income shall be subject
to VAT at the rate of 6%. The policy of “tax exemption, credit and refund” is implemented for export goods, and the export tax
rebate rate is 13%.
[Note 2] Sales of fuel oil, diesel and aviation kerosene are subject to consumption tax at RMB 1.2/liter. Sales of gasoline and
naphtha are subject to consumption tax at RMB 1.52/liter.
[Note 3] Explanation for enterprise income tax rate of taxpayers at different tax rates.
Name of taxpayer Income tax rate
Subsidiaries: Zhejiang Shengyuan Chemical Fiber Co., Ltd., Ningbo Zhongjin Petrochemical
Co., Lt d., Yisheng Dahua Petrochemical Co., Ltd., Zhejiang Petroleum & Chemical Co., 15%
Ltd., Zhejiang Yongsheng Technology Co., Ltd.
Subsidiaries: Hong Kong Sheng Hui Co., Ltd., Hong Kong Yisheng Dahua Petrochemical The tax shall be calculated and
Co., Ltd., Yisheng New Materials Trading Co., Ltd., Rongsheng Petrochemical (Hong Kong) paid according to the relevant tax
Co., Ltd.， Rong sheng Petrochemical (Singapore) Pte. Ltd., Rongtong Logistics rates of the country and region
(Singapore) Pte. Ltd., and Zhejiang Petroleum & Chemical (Singapore) Pte. Ltd. where the business is located.
Subsidiaries: Rongxiang Chemical Fiber Co., Ltd., Rongsheng International Trade (Hainan)
Co., Ltd., Dalian Zhejiang Yisheng New Materials Co., Ltd. and Zhejiang Rongyi Trading 20%
Co., Ltd., Zhejiang Rongyi Chemical Fiber Co., Ltd.
Other taxpayers other than the above 25%
Naphtha and Fuel Oil by the Ministry of Finance, People's Bank of China and State Taxation Administration (No.
Ethylene Aromatic Chemical Products from Naphtha and Fuel Oil by the Ministry of Finance, People’s Bank of
China, General Administration of Customs and State Taxation Administration (No. 2 [2013] of the Ministry of
Finance), the Interim Measures for the Refund (Exemption) of Consumption Tax for Naphtha and Fuel Oil Used
in the Production of Ethylene and Aromatic Chemical Products by the State Taxation Administration
(Announcement of the State Administration of Taxation No. 36 of 2012) and the Announcement on the Refund of
Consumption Tax for Ethylene and Aromatic Chemical Products from Naphtha and Fuel Oil by the State
Administration of Taxation and General Administration of Customs (Announcement No. 29 of 2013 of the State
Administration of Taxation and the General Administration of Customs), for enterprises that use naphtha and fuel
oil to produce ethylene and aromatics, the consumption tax contained in the naphtha and fuel oil purchased and
used for the production of ethylene and aromatic chemical products shall be refunded based on the actual quantity
consumed；in the case that the production enterprise implementing the fixed-point direct supply plan and selling
naphtha and fuel oil within the planned quantity limit, with a Chinese anti-counterfeiting special VAT invoice
with “DDZG” logo, it shall be exempted from consumption tax. The subsidiary Ningbo Zhongjin Co., Ltd. is
qualified for the tax refund, and the preferential policy of refunding consumption tax paid in the procurement
stage is applicable. Ningbo Zhongjin Petrochemical Co., Ltd. and Zhejiang Petroleum & Chemical Co., Ltd.
implementing the fixed-point direct supply plan meet the above conditions, and the preferential policy of
exemption from consumption tax on the sales stage is applicable.
According to the requirements of the Notice on Continuing the Increase of Refined Oil Consumption Tax by
the Ministry of Finance and State Administration of Taxation (No. 11 [2015] of the Ministry of Finance), the unit
consumption tax of diesel, aviation kerosene and fuel oil increase from RMB 1.1/L to RMB 1.2/L, and suspension
of consumption tax continues to apply in aviation kerosene. The subsidiary Zhejiang Petroleum & Chemical Co.,
Ltd. enjoys the preferential policy of suspension of consumption tax for selling aviation kerosene.
the State Administration of Taxation and the General Administration of Customs (Announcement No.39 of 2019
of the General Administration of Taxation of the Ministry of Finance) and the Announcement on Further
Strengthening the Implementation of the Tax Refund Policy for Value-added Tax at the End of the Period of the
Ministry of Finance and the State Administration of Taxation (Announcement No.14 of 2022 of the Ministry of
Finance and the State Administration of Taxation), the tax refund system for value-added tax at the end of the
period was tried out on April 1, 2019. The Company and some subsidiaries meet the relevant conditions for the
tax credit refund, and the total amount of tax credit refund received in this period is RMB 97.3468 million.
Authorities in 2022 issued by the Office of the National Leading Group for High-Tech Enterprise Certification
Management, subsidiaries Zhejiang Shengyuan Chemical Fiber Co., Ltd. (Certificate No.: GR202233004307) and
Zhejiang Petroleum & Chemical Co., Ltd. (Certificate No.: GR202233003797) were certified as National High-
Tech Enterprises (NHTEs), valid from December 2022 to November 2025. Both companies submitted NHTE
renewal applications in July 2025 and provisionally adopted a 15% preferential corporate income tax rate during
this reporting period.
According to the Announcement on Filing the First Batch of High-Tech Enterprises Recognized by Ningbo
Certification Authorities in 2022 issued by the same office, subsidiary Ningbo Zhongjin Petrochemical Co., Ltd.
obtained NHTE certification (Certificate No.: GR202233101251) valid from December 2022 to November 2025.
The company submitted its renewal application in June 2025 and provisionally adopted the 15% tax rate for this
period.
According to the Announcement on the Filing of the Second Batch of High-Tech Enterprises Recognized and
Reported by Dalian City Certification Organization in 2024 issued by the Office of the National High-tech
Enterprise Recognition Management Leading Group, the subsidiary Yisheng Dahua Petrochemical Co., Ltd.
passed the high-tech enterprise accreditation and obtained the High-tech Enterprise Certificate with the number of
GR202421201548, which is valid from 2024 to 2026. The enterprise income tax shall be calculated and paid at the
reduced tax rate of 15% in this period.
According to the Announcement on the Filing of the New Technology Enterprises Identified and Reported
by Zhejiang Provincial Certification Organization in 2024 issued by the Office of the National High-tech
Enterprise Recognition Management Leading Group, Zhejiang Yongsheng Technology Co., Ltd., a subsidiary, has
passed the high-tech enterprise accreditation and obtained the High-tech Enterprise Certificate with the number of
GR202433003748, with the validity period of 2024-2026. The enterprise income tax is calculated and paid at the
reduced tax rate of 15% in the current period.
and Individual Industrial and Commercial Households of the Ministry of Finance and the State Administration of
Taxation (Announcement No.12 of the Ministry of Finance and the State Administration of Taxation in 2023), the
taxable income of small and micro enterprises will be calculated at a reduced rate of 25%, and their corporate
income tax will be paid at a rate of 20%, which will continue to be implemented until December 31, 2027.
Subsidiaries Rongxiang Chemical Fiber Co., Ltd., Rongsheng International Trade (Hainan) Co., Ltd., Dalian
Yisheng New Materials Co., Ltd., Zhejiang Rongyi Trade Co., Ltd. and Zhejiang Rongyi Chemical Fiber Co., Ltd.
meet the above requirements in this period. The urban maintenance and construction tax, education surcharge and
local education surcharge are levied at half the rate for small low-profit enterprises. The subsidiaries Dalian
Yisheng New Materials Co., Ltd., Zhejiang Rongyi Chemical Fiber Co., Ltd. and Zhejiang Rongyi Trade Co., Ltd.
meet the above requirements in this period.
Manufacturing Enterprises of the Ministry of Finance and State Taxation Administration (Announcement No.43
of the Ministry of Finance and the State Administration of Taxation in 2023), from January 1, 2023 to December
payable value-added tax in the current period. In the current period, subsidiaries Zhejiang Shengyuan Chemical
Fiber Co., Ltd., Yisheng Dahua Petrochemical Co., Ltd., Ningbo Zhongjin Petrochemical Co., Ltd., Zhejiang
Petroleum & Chemical Co., Ltd. and Zhejiang Yongsheng Technology Co., Ltd. are entitled to the above-
mentioned policy of offsetting and deducting.
Administration of Taxation on the Policies Regarding Period-End Value-Added Tax Credit Refund on the Urban
Maintenance and Construction Tax, Education Fee Surcharge and Local Education Surcharge (Finance &
Taxation [2018] No. 80), taxpayers implementing the period-end value-added tax credit refund are permitted to
deduct the amount of the refunded VAT from the taxable (levied) bases of the Urban Maintenance and
Construction Tax, the Education Fee Surcharge and the Local Education Surcharge.
VII. Notes to Items in the Consolidated Financial Statements
Unit: RMB
Item Ending balance Beginning balance
Cash on hand 1,389,486.56 1,580,800.25
Bank deposit 13,468,459,512.05 12,624,073,263.80
Other monetary funds 1,422,790,077.04 2,207,730,856.40
Total 14,892,639,075.65 14,833,384,920.45
Including: Total amount of overseas deposits 5,289,220,194.53 2,835,618,399.02
Unit: RMB
Item Ending balance Beginning balance
Paper futures contract 49,514,874.08 55,586,387.34
Foreign exchange derivatives 410,818,845.45 420,180,297.83
Total 460,333,719.53 475,766,685.17
(1) Disclosure by aging
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (inclusive of 1 year) 2,855,763,467.26 6,823,012,066.63
Above 3 years 48,802,014.40 33,453,923.37
Total 3,267,845,370.91 7,140,247,993.04
(2) Classified disclosure by bad debt accrual method
Unit: RMB
Ending balance Beginning balance
Bad-debt Book
Book balance Bad-debt provision
provision balance
Category Book Book
Percen Percent
value Pro value
Amou Propor Amou tage of Am age of
port Amount
nt tion nt provisi ount provisio
ion
on n
Accounts receivable with 7,14
provision for bad debt 100.00 0,24 100. 318,276, 6,821,97
reserves based on aging % 7,99 00% 286.68 1,706.36
portfolio 3.04
Total 45,370. 1,777.5 6.93% 483,5 4.46%
% 7,99 00% 286.68 1,706.36
Provision for bad debt by combination: RMB 226,361,777.51
Unit: RMB
Ending balance
Name
Book balance Bad-debt provision Percentage of provision
Trade fund portfolio of overseas subsidiaries 1,104,768,859.05
Aging portfolio 2,163,076,511.86 226,361,777.51 10.46%
Total 3,267,845,370.91 226,361,777.51 6.93%
Accounts receivable of provision for bad debt by aging combination
Unit: RMB
Amount by the end of the period
Aging
Book balance Bad-debt provision Accrual ratio (%)
Within 1 year 1,750,994,608.21 87,549,730.41 5.00
Above 3 years 48,802,014.40 48,802,014.40 100.00
Subtotal 2,163,076,511.86 226,361,777.51 10.46
If the provision for bad debts of accounts receivable is accrued according to the general model of expected credit loss:
□Applicable Not applicable
(3) Bad debt reserves accrual, recovered or reversed in the current period
Provision for bad debts in the current period:
Unit: RMB
The amount of change in the current period
Beginning Recovere Ending
Category Write
balance Provision d or Other balance
-off
returned
Provision made for bad debt
reserves based on aging portfolio
Total 318,276,286.68 -91,914,509.17 226,361,777.51
(4) Accounts receivables and contract assets with top 5 ending balances by debtor
Unit: RMB
Ending balance of
Proportion of bad debt
Ending balance of accounts provision for
Ending balance
Ending balance of accounts receivable and accounts
Company name of contract
accounts receivable receivable and total ending receivable and
assets
contract assets balance of impairment
contract assets provision of
contract assets
Customer 1 479,271,195.41 479,271,195.41 14.67% 23,963,559.77
Customer 2 366,703,727.67 366,703,727.67 11.22% 131,749,877.81
Customer 3 268,831,228.38 268,831,228.38 8.23%
Customer 4 263,234,667.81 263,234,667.81 8.06% 13,161,733.39
Customer 5 219,529,725.21 219,529,725.21 6.72% 10,976,486.26
Total 1,597,570,544.48 1,597,570,544.48 48.90% 179,851,657.23
(1) Classified presentation of receivables financing
Unit: RMB
Item Ending balance Beginning balance
Banker’s acceptance 51,665,853.52 103,225,654.46
Total 51,665,853.52 103,225,654.46
(2) Receivables financing endorsed or discounted by the company at the end of the period and not expired
y et on the balance sheet date
Unit: RMB
Amount with recognition terminated at Amount with recognition not
Item
the end of the period terminated at the end of the period
Banker’s acceptance 2,031,796,035.40
Total 2,031,796,035.40
The acceptor of bank acceptance bills is a commercial bank with high credit, and it is not likely that the bank
acceptance bills accepted by the acceptor will not be paid at maturity, so the Company will derecognize these
bank acceptance bills that have been endorsed or discounted. However, if such bills are not honored at maturity,
the Company remains jointly liable to the holders in accordance with the Law of Negotiable Instruments.
Unit: RMB
Item Ending balance Beginning balance
Other receivables 4,973,940,872.85 4,345,964,007.66
Total 4,973,940,872.85 4,345,964,007.66
Unit: RMB
Nature of account Ending book balance Beginning book balance
Government receivables 4,566,020,651.93 3,675,348,932.89
Futures margin 309,288,459.37 313,138,787.88
Deposit receivable margin 30,562,769.90 285,638,372.22
Paper goods transaction settlement 55,658,838.02 75,500,340.27
Reserve fund receivables and others 66,811,684.55 30,929,370.92
Current accounts 10,800,000.00 10,800,000.00
Loan deposit 15,000,000.00
Total 5,039,142,403.77 4,406,355,804.18
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (inclusive of 1 year) 4,408,240,796.70 3,154,663,061.38
Above 3 years 17,568,197.34 22,549,991.53
Total 5,039,142,403.77 4,406,355,804.18
Applicable □Not applicable
Unit: RMB
Ending balance Beginning balance
Book balance Bad-debt provision Book balance Bad-debt provision
Category Book Percent Book
Percentage
Proport Amou value Amou Propo age of value
Amount of Amount
ion nt nt rtion provisio
provision
n
Provision made
for bad debt 5,039,14 100.00 65,201, 100.00 60,391,7 4,345,96
reserves based on 2,403.77 % 530.92 % 96.52 4,007.66
aging portfolio
Total 1.29% 940,8 55,804. 1.37%
Provision for bad debts based on portfolio: RMB 65,201,530.92
Unit: RMB
Ending balance
Name
Book balance Bad-debt provision Percentage of provision
Government receivables portfolio 4,566,020,651.93 42,270,374.53 0.93%
Paper goods transaction settlement portfolio 55,658,838.02
Futures margin portfolio 309,288,459.37
Deposit receivable margin portfolio 30,562,769.90 13,238,716.27 43.32%
Portfolio of petty cash receivable, etc. 66,811,684.55 4,292,440.12 6.42%
Current account portfolio 10,800,000.00 5,400,000.00 50.00%
Total 5,039,142,403.77 65,201,530.92 1.29%
Provision for bad debts is made according to the general model of expected credit loss:
Unit: RMB
Stage I Stage II Stage III
Bad-debt provision Expected credit Expected credit loss Expected credit loss for Total
loss in the next over the entire the entire duration (credit
credit impairment)
The balance as of January 1, 2025 2,857,644.85 2,858,135.80 54,676,015.87 60,391,796.52
The balance as of January 1, 2025
in the current period
--Transferred into Stage II -170,498.62 170,498.62
--Transferred into Stage III -190,000.00 190,000.00
Provision in current period 1,312,588.00 -1,975,697.77 5,472,844.17 4,809,734.40
Balance as of June 30, 2025 3,999,734.23 862,936.65 60,338,860.04 65,201,530.92
Changes in the carrying amount of the provision for losses that are significant in amount during the current period
□Applicable Not applicable
Provision for bad debts in the current period:
Unit: RMB
The amount of change in the current period
Beginning
Category Recovered or Write- Ending balance
balance Provision Other
returned off
Provision made for bad debt
reserves based on aging portfolio
Total 60,391,796.52 4,809,734.40 65,201,530.92
No significant recovery or reversal of bad debt provisions occurred during the current period.
Unit: RMB
Proportion in a Ending
Company total ending balance of
Nature of payment Ending balance Aging
name balance of other provision for
receivables bad debts
Company 1 Tax refund receivables 3,523,964,235.93 Within 1 year 69.93%
Company 2 Government receivables portfolio 603,036,416.00 2-3 years 11.97% 42,270,374.53
Company 3 Government receivables portfolio 439,020,000.00 Within 1 year 8.71%
Company 4 Futures margin portfolio 84,819,772.80 Within 1 year 1.68%
Paper goods transaction
Company 5 55,658,838.02 Within 1 year 1.10%
settlement portfolio
Total 4,706,499,262.75 93.39% 42,270,374.53
(1) Advance payments presented by age
Unit: RMB
Ending balance Beginning balance
Aging
Amount Proportion Amount Proportion
Within 1 year 3,618,997,151.43 98.91% 1,335,495,318.36 98.60%
Over 3 years 3,399,001.66 0.09% 190,338.32 0.01%
Total 3,658,866,282.93 100.00% 1,354,519,708.48 100.00%
Explanation for significant advance payments with an aging of over one year that have not been settled in a
timely manner:
As of the end of the reporting period, there were no significant advance payments outstanding for more than
one year.
(2) Top five payers with the biggest ending balances of advance payments
Unit: RMB
Company name Book balance Proportion in balance of advance payments (%)
Supplier 1 1,214,208,087.16 33.19%
Supplier 2 369,877,432.95 10.11%
Supplier 3 203,244,113.32 5.55%
Supplier 4 162,039,283.70 4.43%
Supplier 5 161,007,825.00 4.40%
Subtotal 2,110,376,742.13 57.68%
Whether the Company is subject to the disclosure requirements of the real estate industry
No
(1) Classification of inventories
Unit: RMB
Ending balance Beginning balance
Inventory Inventory
depreciation depreciation
reserves or reserves or
Item provision for provision for
Book balance Book value Book value Book value
impairment of impairment
contract of contract
performance performance
cost cost
Raw material
.16 .16 69.50 69.50
Products in process 11,146,019.89
.95 .06 02.95 8 11.87
Commodity stocks 56,961,748.59
Semi-finished products 353,746,058. 19,945,065.6 333,800,992.
shipped in transit 32 7 65
Work in process -
outsourced
Low-value consumables 150,998,338.35 150,998,338.35
Total 68,107,768.48
.45 .97 19.63 04 16.59
（2） Provision for obsolete inventory or for impairment of the cost of contract performance
Unit: RMB
Increase in the current
Decrease in the current period
Beginning period Ending
Item
balance Reversal or balance
Provision Other Other
write-off
Raw material
Products in process 75,164,691.08 11,146,019.89 75,164,691.08 11,146,019.89
Commodity stocks 68,717,646.29 141,004,574.67 152,760,472.37 56,961,748.59
Semi-finished products
shipped in transit
Total 152,150,594.56 247,870,229.12 68,107,768.48
Basis for determining net realizable value, and reasons for reversal or write-off of inventory depreciation
reserves in the current period:
Reasons for write-off of
Specific basis for determining net Reasons for reversal of
Item inventory depreciation
realizable value inventory depreciation reserves
reserves
The net realizable value is determined by
Raw The net realizable value of The inventory with
the estimated selling price of the related
materials, inventories with inventory inventory depreciation
finished goods minus estimated costs to
work in depreciation reserves increased in reserves was consumed/sold
completion, estimated selling expenses and
progress the previous period in this period
relevant taxes
The net realizable value is determined by The net realizable value of Inventory with recognized
Finished
the estimated selling price of related inventories with inventory inventory depreciation
goods, goods
finished products minus the estimated depreciation reserves increased in reserves was sold during
in transit
selling expenses and related taxes the previous period this period
Unit: RMB
Item Ending balance Beginning balance
VAT input tax to be deducted 4,680,818,658.48 5,238,332,408.47
Business income tax pre-paid 1,425,828,278.95 562,819,947.18
Prepaid urban maintenance and construction tax 84,488,338.50
Prepaid education surcharge 36,209,287.91
Prepaid surcharge for local education 24,139,525.29
Total 6,251,484,089.13 5,801,152,355.65
Unit: RMB
Increase and decrease in the current period End
ing
bal
Openin
Investme Pro anc
Begin g Re Declared Endin
Addi nt gains Other visi e of
ning balanc duc distributi O g
tion or losses compreh on pro
balan e of ed Other on of t balan
Investee al recognize ensive for visi
ce impair inv equity cash h ce
inve d under income im on
(book ment est changes dividend e (book
stme the adjustme pai for
value) provisi me s or r value)
nt equity nts rm imp
on nt profits
method ent air
me
nt
I. Joint ventures
II. Associated enterprise
Zhejiang Yi
sheng 37,956,11
Petrochemical 2.86
Co., Ltd.
Ningbo Hengyi
Trading Co., Ltd.
Zhejiang
Xiaoshan Rural 172,588,1 43,654,51
Commercial 41.95 0.65
Bank Co., Ltd.
Hainan Yisheng 3,529, - 3,524,
Petrochemical 633,1 6,340,305 988,8
.85
Co., Ltd. 26.07 .60 94.32
ZPC-ENN 14,20 17,12
(Zhoushan) Gas 9,724. 2,809.
.74
Co., Ltd. 51 25
Zhejiang
Dingsheng 61,05 71,72
Petrochemical 6,825. 4,017.
Engineering Co., 71 22
Ltd.
Zhejiang Derong 168,9 - 260,6
Chemicals Co., 69,22 9,537,904 96,73
Lt d. 8.97 .30 2.24
Zhoushan ZPC 74,98 81,55
Zhougang 0,969. 7,107.
.37 13,223.29
Tugboat Co., Ltd. 45 53
Zhejiang
Dongjiang Green 1,819,562
Petrochemical .91
Technology
Innovation
Center Co., Ltd.
Ningbo Coastal 4,671, 7,50 - 11,80
Public Pipe 038.0 0,00 363,408.2 7,629.
Gallery Co., Ltd. 6 0.00 9 77
Zhejiang Zhenshi 27,52 25,80
Port Service Co., 8,403. 4,179.
.49 .00
Ltd. 38 87
Subtotal 636,3 51,943,11 088,7
Total 636,3 51,943,11 088,7
The recoverable amount is determined according to the net amount of fair value minus disposal expenses
□Applicable Not applicable
The recoverable amount is determined according to the present value of the expected future cash flow
□Applicable Not applicable
(1) Investment real estate under the cost measurement mode
Applicable □Not applicable
Unit: RMB
Houses and Land-use Construction in
Item Total
buildings right progress
I. Original book value
(1) Outsourcing
(2) Transfers from inventories/fixed
assets/construction in progress
(3) Increase due to business merger
(1) Disposal
(2) Other transfer-out
II. Accumulated depreciation and accumulated
amortization
(1) Accrual or amortization 135,723.00 135,723.00
(1) Disposal
(2) Other transfer-out
III. Provision for impairment
(1) Accrual
(1) Disposal
(2) Other transfer-out
IV. Book value
The recoverable amount is determined according to the net amount of fair value minus disposal expenses
□Applicable Not applicable
The recoverable amount is determined according to the present value of the expected future cash flow
□Applicable Not applicable
(2) Investment real estate under the fair value method
□Appliable Not applicable
Unit: RMB
Item Ending balance Beginning balance
Fixed assets 229,147,301,133.74 232,497,113,015.70
Total 229,147,301,133.74 232,497,113,015.70
(1) Fixed assets
Unit: RMB
Housing and Machinery and Other
Item Transportation Total
buildings equipment equipment
I. Original book value:
current period
(1) Acquisition 2,761,168.73 533,323,610.91 26,217,353.86 2,398,804.03 564,700,937.53
(2) Transfer-in
from construction in 2,931,108.26 4,919,140,189.55 4,922,071,297.81
progress
(3) Increase due
to business merger
current period
(1) Disposal or
scrapping
II. Accumulated
depreciation
current period
(1) Accrual 1,593,917,903.87 7,210,616,317.55 8,597,474.88 16,700,301.35 8,829,831,997.65
current period
(1) Disposal or
scrapping
III. Provision for
impairment
current period
(1) Accrual
current period
(1) Disposal or
scrapping
IV. Book value
value
value
(2) Fixed assets with the certificate of title not transacted
Unit: RMB
Reasons for incomplete
Item Book value
certificates of title
Houses and buildings - tank farm, supporting buildings and others of ZPC 5,232,308,679.16 Still being processed
Houses and buildings - dormitories of ZPC 563,752,962.44 Still being processed
Houses and buildings - office buildings and others of Yisheng Dahua
Petrochemical Co., Ltd.
Houses and buildings - polymerization building and others of Zhejiang
Shengyuan Chemical Fiber Co., Ltd.
Houses and buildings - buildings of Zheyou Technology Co. Ltd. 82,559,405.56 Still being processed
Houses and buildings -film warehouse and others of Zhejiang Yongsheng
Technology Co. Ltd.
Subtotal 6,707,287,945.02
(3) Impairment test of fixed assets
□Applicable Not applicable
Unit: RMB
Item Ending balance Beginning balance
Construction in progress 49,283,767,532.48 42,746,526,646.14
Engineering materials 3,523,830,240.63 1,289,605,450.14
Total 52,807,597,773.11 44,036,132,096.28
(1) Construction in progress
Unit: RMB
Ending balance Beginning balance
Item Provision Provision
Book balance for Book value Book balance for Book value
impairment impairment
tons ethylene
and
downstream
chemical plant
(optimization
of product
structure of
Phase II
project)
Utilities and
supporting 5,037,015,877.41 5,037,015,877.41 899,607,272.74 899,607,272.74
facilities
Functional
polyester film
expansion
project with an 1,030,455,357.48 1,030,455,357.48 964,148,483.95 964,148,483.95
annual output
of 250,000
tons per year
High
performance 9,967,623,196.88 9,967,623,196.88 12,950,188,181.48 12,950,188,181.48
resin project
High-end new
material 5,462,807,649.92 5,462,807,649.92 3,140,188,910.32 3,140,188,910.32
project
Jintang New
Material 7,211,201,339.23 7,211,201,339.23 4,335,769,983.60 4,335,769,983.60
Project
Sporadic
projects
Total 49,283,767,532.48 49,283,767,532.48 42,746,526,646.14 42,746,526,646.14
(2) Changes in major construction in progress in the current period
Unit: RMB
Amou Includ
Oth Prop
nt of ing:
er ortio Accu Intere
fixed Capit
Incre dec n of mulat st
assets alized
ase in reas total ed capita
Budg Begin carrie Endin Projec amou
the es proj capita lizatio Sourc
et ning d g t nt of
Project curre in ect lized n rate e of
numb balan over balan progr intere
nt the inpu amou in the funds
er ce in the ce ess st in
perio cur t to nt of curre
curre the
d rent the intere nt
nt curre
peri bud st period
perio nt
od get
d period
ethylene and
downstream 137,0 788,6 798,12 135,23
chemical plant 56,62 73,79 0,474. 8,824. 3.29%
(optimization of 5.02 0.90 43 77
product structure
of Phase II project)
Bank
Utilities and 899,6 4,622, 484,6 5,037, 271,24 28,065
loan,
supporting 07,27 081,5 72,92 015,8 1,212. ,471.1 2.65%
other
facilities 2.74 29.73 5.06 77.41 59 8
source
High performance 5,380, 0,188, 77.0 75.00 loan,
resin project 000.0 181.4 7% % other
High-end new 6,910, 9.37 loan,
material project 000.0 % other
Jintang New 8,570, 9.07 19.00 loan,
Material Project 000.0 % % other
Total 469,1 202,98 9,012.
(3) Impairment test of construction in progress
□Applicable Not applicable
(4) Engineering materials
Unit: RMB
Ending balance Beginning balance
Item Provision for Provision for
Book value Book value Book value Book value
impairment impairment
Special
material
Special
equipment
Total 3,523,830,240.63 3,523,830,240.63 1,289,605,450.14 1,289,605,450.14
(1) Details of right-of-use assets
Unit: RMB
Item Housing and buildings Total
I. Original book value
II. Accumulated depreciation
(1) Accrual 11,836,985.34 11,836,985.34
(1) Disposal
III. Provision for impairment
(1) Accrual
(1) Disposal
IV. Book value
(2) Impairment test of right-of-use assets
□Applicable Not applicable
(1) Intangible assets
Unit: RMB
Proprietary Management Pollution Sea area use
Item Land-use right Total
technology software dumping right right
I. Original book value
current period
(1) 595,482,792.00 200,616.97 51,269.27 27,465,670.20 623,200,348.44
Acquisition
(2) Other 11,246,010.38 11,246,010.38
the current period
(1) Other 11,246,010.38 11,246,010.38
balance
II. Accumulated
amortization
current period
(1) Accrual 96,339,746.95 94,339.62 3,195,166.66 7,619,831.52 5,208,322.44 112,457,407.19
(2) Other 281,150.25 281,150.25
the current period
(1) Other 281,150.25 281,150.25
balance
III. Provision for
impairment
current period
(1) Accrual
the current period
(1) Disposal
balance
IV. Book value
value
book value
(2) Land-use right for which the certificate of title has not been obtained
Unit: RMB
Item Book value Reasons for incomplete certificates of title
Land-use right 1,080,668,152.16 Still being processed
Subtotal 1,080,668,152.16
(3) Impairment test of intangible assets
□Applicable Not applicable
(1) Deferred income tax assets before offset
Unit: RMB
Ending balance Beginning balance
Item Deductible Deductible
Deferred income tax Deferred income
temporary temporary
assets tax assets
difference difference
Provision for impairment of
assets
Unrealized profits from internal
transactions
Deductible loss 7,937,194,033.06 1,435,835,892.76 8,534,688,742.74 1,550,960,099.21
Changes in fair value of trading
financial instruments and 136,033,398.79 20,405,009.82 331,739,047.49 49,815,680.12
derivative financial instruments
Deferred income 236,242,191.27 36,247,439.77 191,230,102.07 29,528,959.74
Lease liabilities 175,391,811.15 26,308,771.67 182,212,003.42 27,331,800.51
Total 8,908,415,127.63 1,590,731,258.38 9,776,001,211.04 1,750,122,031.83
(2) Deferred income tax liabilities before offset
Unit: RMB
Ending balance Beginning balance
Item Taxable temporary Deferred income tax Taxable temporary Deferred income
difference liabilities difference tax li abilities
One-time pre-tax deduction of long-
term assets
The parent company, reflected at
the level of consolidated statements,
invests the borrowing as paid-in
capital into the subsidiary company, 2,032,973,050.71 318,318,245.76 2,066,452,064.88 319,599,270.81
which serves as the borrowing
interest for the capitalization of
long-term asset construction.
Changes in fair value of trading
financial instruments and derivative 453,467,665.45 68,894,901.82 432,807,147.83 64,977,475.17
financial instruments
Right-of-use assets 160,716,737.32 24,107,510.60 168,620,191.32 25,293,028.70
Government grants 439,020,000.00 109,755,000.00 694,020,000.00 173,505,000.00
Total 12,729,438,294.03 1,966,506,609.18 13,408,088,214.99 2,090,303,096.33
(3) Deferred income tax assets or liabilities presented as net amount after offset
Unit: RMB
Ending offset Ending balance of Beginning offset Beginning balance
amount of def erred income amount of of deferred income
Item deferred income tax assets and deferred income tax assets and
tax assets and liabilities after tax assets and liabilities after
liabilities offset liabilities offset
Deferred income tax assets 250,075,832.37 1,340,655,426.01 512,945,754.55 1,237,176,277.28
Deferred income tax liabilities 250,075,832.37 1,716,430,776.81 512,945,754.55 1,577,357,341.78
(4) Details of unrecognized deferred income tax assets
Unit: RMB
Item Ending balance Beginning balance
Deductible loss 2,814,198,895.32 3,061,760,213.17
Changes in fair value of trading financial instruments and derivative financial
instruments
Deferred income 6,895,735.64 7,399,864.22
Provision for impairment of assets 11,211,655.07 45,827,362.55
Lease liabilities 6,641,219.34 10,610,567.21
Total 2,932,217,098.05 3,126,066,845.38
(5) The deductible loss of unrecognized deferred income tax assets will expire in the following year
Unit: RMB
Year Ending amount Beginning amount Remarks
Total 2,814,198,895.32 3,061,760,213.17
Unit: RMB
Ending balance Beginning balance
Item Book Provision for Book Provision for
Book value Book value
balance impairment balance impairment
Prepayment for purchase 3,472,038,61 3,472,038,61 2,936,356,58 2,936,356,587.
of long-term assets 9.54 9.54 7.96 96
Rental value of silver 990,467,185. 990,467,185. 990,467,185. 990,467,185.8
leased in 82 82 82 2
Total
Unit: RMB
Period end Period beginning
Item Book Book Restriction Restriction Book Book Restriction Restriction
balance value type situation balance value type situation
Letter of
Letter of credit, bank
credit, bank acceptance
acceptance bill, silver
Monetary f Deposit bill, 1,889,552,5 1,889,552,5 Deposit lease
und occupation guarantee 85.00 85.00 occupation margin,
and guarantee
borrowing and
depo sit borrowing
depo sit
Borrowings Borrowings
Fixed 259,481,52 205,609,50 and letters 254,645,77 208,346,97 and letters
Mortgage Mortgage
assets 4,660.93 6,193.28 of credit as 8,826.31 1,958.41 of credit as
collateral collateral
Borrowings Borrowings
Intangible 6,229,413,5 5,567,692,3 and letters 6,229,413,5 5,629,806,1 and letters
Mortgage Mortgage
assets 56.02 78.63 of credit as 56.02 56.03 of credit as
collateral collateral
Borrowings Borrowings
Constructio
n in Mortgage Mortgage
progress
collateral collateral
Bank
Accounts
receivable Pledge
financing
collateral
Total
Unit: RMB
Item Ending balance Beginning balance
Guarantee borrowings 42,769,389,677.36 40,887,276,581.01
Credit borrowings 3,504,629,014.30 3,203,693,222.22
Total 46,274,018,691.66 44,090,969,803.23
Unit: RMB
Item Ending balance Beginning balance
Trading financial liabilities 1,484,797,113.33 1,269,256,561.53
Where: Fair value of leased silver 1,484,797,113.33 1,269,256,561.53
Total 1,484,797,113.33 1,269,256,561.53
Unit: RMB
Item Ending balance Beginning balance
Paper futures contract 93,269,592.68 34,655,378.23
Foreign exchange derivatives 2,679,876.86
Total 95,949,469.54 34,655,378.23
Unit: RMB
Category Ending balance Beginning balance
Banker’s acceptance 2,356,024,860.95 3,204,293,497.95
Total 2,356,024,860.95 3,204,293,497.95
Unit: RMB
Item Ending balance Beginning balance
Payable for material procurement and operation 57,365,805,904.72 50,482,691,896.90
Payable for purchase of long-term assets 6,519,849,769.89 8,550,137,922.21
Total 63,885,655,674.61 59,032,829,819.11
Unit: RMB
Item Ending balance Beginning balance
Other payables 9,068,973,579.80 6,588,756,879.48
Total 9,068,973,579.80 6,588,756,879.48
Unit: RMB
Item Ending balance Beginning balance
Current accounts 7,839,408,651.53 5,548,635,694.24
Deposit and security 1,002,094,010.55 916,055,524.03
Settled but unpaid operating expenses 163,590,846.64 110,443,622.88
Other 63,880,071.08 13,622,038.33
Total 9,068,973,579.80 6,588,756,879.48
As of the end of the period, there were no significant other payables aged over 1 year.
Unit: RMB
Item Ending balance Beginning balance
Loans 2,183,602,360.00 5,995,580,462.05
Total 2,183,602,360.00 5,995,580,462.05
As of the end of the reporting period, there were no significant contract liabilities outstanding for more
than one year.
(1) Presentation of employee benefits
Unit: RMB
Increase in the Decrease in the
Item Beginning balance Ending balance
current period current period
I. Short-term compensation 984,064,165.64 1,868,896,217.74 2,204,806,148.55 648,154,234.83
II. Post-employment benefits
- defined contribution plan
III. Dismissal welfare 220,281.63 220,281.63
Total 996,809,278.49 1,957,570,927.74 2,275,015,735.94 679,364,470.29
(2) Short-term remuneration
Unit: RMB
Beginning Increase in the Decrease in the
Item Ending balance
balance current period current period
Including: Medical insurance premium 7,046,508.11 45,777,863.48 46,105,889.51 6,718,482.08
Work-related injury insurance 799,779.48 5,297,852.22 4,213,857.39 1,883,774.31
premium
Birth insurance premium 181,474.02 181,474.02
expenses
Total 984,064,165.64 1,868,896,217.74 2,204,806,148.55 648,154,234.83
(3) Presentation of defined contribution plan
Unit: RMB
Beginning Increase in the Decrease in the
Item Ending balance
balance current period current period
Total 12,745,112.85 88,454,428.37 69,989,305.76 31,210,235.46
Unit: RMB
Item Ending balance Beginning balance
Value-added tax 526,046,975.53 13,254,307.86
Consumption tax 579,604,716.66 747,606,263.37
Enterprise income tax 91,802,918.29 89,950,544.34
Individual income tax 8,913,597.00 15,562,859.71
Urban maintenance and construction tax 89,951,281.99 98,714,225.59
Property tax 13,583,047.09 34,022,887.00
Land use tax 60,640,533.02 116,305,831.44
Education surcharge 37,154,277.47 42,653,919.65
Local education surcharge 24,770,818.26 28,437,246.39
Environmental protection tax 3,427,536.98 3,145,855.20
Stamp duty 46,505,836.67 67,254,962.09
Deed tax 19,750,212.00 20,953,566.00
Total 1,502,151,750.96 1,277,862,468.64
Unit: RMB
Item Ending balance Beginning balance
Long-term borrowings due within one year 41,904,925,519.12 38,301,297,104.65
Lease liabilities due within one year 20,725,042.40 21,198,112.29
Total 41,925,650,561.52 38,322,495,216.94
Unit: RMB
Item Ending balance Beginning balance
Output tax to be transferred 270,153,302.03 742,351,889.84
Total 270,153,302.03 742,351,889.84
Unit: RMB
Item Ending balance Beginning balance
Mortgage borrowings 62,547,589.60 187,683,275.31
Guaranteed borrowings 25,773,435,825.69 25,309,274,718.75
Credit borrowings 1,136,864,988.56 874,673,819.84
Pledge borrowings 89,658,094,359.59 93,146,709,048.51
Total 116,630,942,763.44 119,518,340,862.41
[Note] The long-term borrowings of the Company and its subsidiaries include contractual conditions, including debt-to-asset ratio,
current ratio, and interest coverage ratio. Failure to comply with these contractual conditions may result in the loans becoming
repayable on demand by the bank. The Company and its subsidiaries expect to comply with the aforementioned contractual
conditions.
Unit: RMB
Item Ending balance Beginning balance
Lease payments 203,156,443.18 212,198,297.79
Unacknowledged financial charges -41,848,455.09 -40,573,839.45
Total 161,307,988.09 171,624,458.34
Unit: RMB
Beginning Increase in the Decrease in the Reasons for
Item Ending balance
balance current period current period incurrence
Government grants
Government grants 198,629,966.29 58,145,100.00 13,637,139.38 243,137,926.91
related to assets
Total 198,629,966.29 58,145,100.00 13,637,139.38 243,137,926.91
Unit: RMB
Increase and decrease of this change (+, -)
Conver
sion of
Beginning balance New Issue of Ending balance
provide Subtota
issue of bonus Other
nt fund l
shares shares
into
shares
Total number of shares 10,125,525,000.00 10,125,525,000.00
Unit: RMB
Increase in the Decrease in the
Item Beginning balance Ending balance
current period current period
Capital premium (capital stock premium) 10,779,726,139.51 10,779,726,139.51
Other capital reserves 39,840,495.53 638,613.98 40,479,109.51
Total 10,819,566,635.04 638,613.98 10,820,205,249.02
Other notes, including notes to increase and decrease in the current period and its reasons:
As a result of other changes in owners' equity of associates other than net profit or loss, other comprehensive
income and profit appropriation, the Company's share, calculated on the basis of the proportion of shareholding,
was credited to capital surplus (other capital surplus) in the amount of RMB 638,613.98.
Unit: RMB
Beginning Increase in the Decrease in the
Item Ending balance
balance current period current period
Repurchase of public shares 6,987,008,823.24 6,987,008,823.24
Total 6,987,008,823.24 6,987,008,823.24
Unit: RMB
Amount incurred in the current period
Less: Amount
included in
Less: amount
other Less:
included in other
Beginning Amount comprehensive Inco Attributable to Attributable to
Item comprehensive Ending balance
balance incurred before incomes me the parent the minority
income previously
current income previously and tax company after shareholders
and then transferred
tax then transferred expen tax after tax
into current gain and
into current ses
loss
retained
earnings
I. Other comprehensive income that
cannot be reclassified into profit or
loss
II. Other comprehensive income to be
reclassified into profit or loss
Including: other comprehensive
income convertible into profit or loss 225,977,453.58 -51,943,118.30 -50,041,026.62 -1,902,091.68 175,936,426.96
by the equity method
Translation difference of
financial statements in foreign 54,914,763.40 -15,479,113.80 -13,577,761.33 -1,901,352.47 41,337,002.07
currency
Total other comprehensive income 280,892,216.98 -67,422,232.10 -63,618,787.95 -3,803,444.15 217,273,429.03
Unit: RMB
Item Beginning balance Increase in the current period Decrease in the current period Ending balance
Work safety expenses 19,057,187.43 203,467,546.03 170,337,182.73 52,187,550.73
Total 19,057,187.43 203,467,546.03 170,337,182.73 52,187,550.73
Other notes, including notes to increase and decrease in the current period and its reasons:
Changes in special reserve during the period were all attributable to safety production fees provided for and expended by subsidiaries Yisheng Dahua Petrochemical Co., Ltd., Ningbo
Zhongjin Petrochemical Co., Ltd., Zhejiang Yisheng New Materials Co., Ltd., Zhejiang Petroleum & Chemical Co., Ltd. and ZPC Zheyou Technology Co., Ltd.
Unit: RMB
Increase in the Decrease in the
Item Beginning balance Ending balance
current period current period
Statutory surplus reserve 1,270,743,066.03 1,270,743,066.03
Total 1,270,743,066.03 1,270,743,066.03
Unit: RMB
Item Current period Previous year
Undistributed profits at the end of the prior period before the adjustment 28,330,397,005.41 28,859,818,194.51
Total amount of undistributed profit at the beginning of adjustment (“+” for
increase, “-” for decrease)
Undistributed profit at the beginning of the period after adjustment 28,330,397,005.41 28,859,818,194.51
Add: Net profit attributable to the owner of the parent company in the current
period
Less: Appropriation of statutory surplus reserve 296,591,421.35
Common stock dividends payable 957,229,214.20 957,314,454.20
Undistributed profit at the end of the period 27,975,251,895.60 28,330,397,005.41
(1) Detailed breakdown
Unit: RMB
Amount incurred in the current period Amount incurred in the previous period
Item
Revenue Cost Revenue Cost
Primary business 148,009,181,013.17 128,437,128,123.01 160,079,424,414.28 140,556,935,637.10
Other businesses 620,169,922.33 441,831,814.58 1,170,319,863.57 699,198,058.96
Total 148,629,350,935.50 128,878,959,937.59 161,249,744,277.85 141,256,133,696.06
(2) Breakdown of Operating Revenue and Operating Costs
Unit: RMB
Amount in the current period Amount in the previous period
Item
Revenue Cost Revenue Cost
Oil refining 52,406,252,637.61 40,569,244,124.05 59,838,932,657.76 48,726,246,424.89
Chemical 60,742,136,938.65 53,407,151,495.43 57,596,453,886.82 49,118,458,197.00
PTA 15,754,125,991.87 15,707,088,918.89 26,077,114,974.80 26,373,338,285.23
Polyester chemical fiber film 11,125,503,900.41 10,959,123,038.16 8,458,552,743.59 8,345,372,567.39
Trade and others 8,601,331,466.96 8,236,352,361.06 9,278,690,014.88 8,692,718,221.55
Total 148,629,350,935.50 128,878,959,937.59 161,249,744,277.85 141,256,133,696.06
Unit: RMB
Item Amount in the current period Amount in the previous period
Revenue recognized at a certain point of time 148,625,506,295.70 161,249,318,488.86
Revenue recognized at a certain period of time 3,844,639.80 425,788.99
Total 148,629,350,935.50 161,249,744,277.85
(3) Information on performance obligations
The amount
The nature of the Types of quality
Whether it is expected to be
Time to fulfill goods that the assurance
Important payment the main refunded to
Item performance Company provided by the
terms responsible customers
obligations promises to Company and
person undertaken by the
transfer related obligations
Company
Advance receipts;
Sales Accounts receivable are Products
Upon delivery Warranty-type
of generally due within 30 complying with Yes None
of goods quality assurance
goods to 90 days after product national standards
delivery
(4) The revenue recognized in the current period included in the opening book value of contract liabilities is
RMB 5,995,580,462.05.
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
Consumption tax 11,175,699,023.28 10,978,246,370.38
Urban maintenance and construction tax 782,709,884.37 764,424,581.48
Education surcharge 337,116,153.80 332,817,591.84
Property tax 23,445,599.03 14,133,561.40
Land use tax 58,116,054.62 72,200,604.38
Vehicle and vessel use tax 43,838.21 44,985.46
Stamp duty 113,549,108.55 107,573,102.77
Local education surcharge 224,744,102.49 221,878,394.54
Environmental protection tax 6,381,089.55 5,630,479.78
Other 26,326,601.72
Total 12,748,131,455.62 12,496,949,672.03
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
Employee compensation 191,387,950.72 208,789,083.98
Office expenses 41,443,666.62 54,249,360.40
Depreciation and amortization expense 133,685,404.20 106,087,038.33
Insurance premium 56,591,532.93 30,511,570.43
Business entertainment expenses 9,292,968.52 6,882,681.56
Other 34,420,354.02 31,521,138.44
Total 466,821,877.01 438,040,873.14
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
Employee compensation 57,339,546.73 56,136,825.51
Sales business expenses 2,095,862.18 2,193,116.70
Other 24,857,935.25 20,603,542.75
Total 84,293,344.16 78,933,484.96
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
Direct input 1,705,509,902.92 1,665,062,813.44
Depreciation and amortization 347,075,587.62 454,966,340.52
Employee compensation 275,138,926.71 362,187,152.24
Equipment commissioning fee 6,088,072.49 8,550,243.78
Outsourcing R&D and others 35,279,205.42 6,163,262.37
Total 2,369,091,695.16 2,496,929,812.35
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
Interest expense 3,280,153,933.32 3,544,593,781.09
Interest income 222,591,881.34 240,894,876.38
Exchange gain or loss 1,363,537.16 186,839,681.50
Other 151,030,675.77 205,072,357.61
Total 3,209,956,264.91 3,695,610,943.82
Unit: RMB
Sources generating other incomes Amount incurred in the current period Amount incurred in the previous period
Government grants related to assets 13,637,139.38 12,759,033.44
Government grants related to income 401,568,707.90 354,442,587.20
Return of fees for withheld taxes 4,155,049.74 3,889,552.53
Value-added tax with deduction 644,538,133.02 881,642,794.60
Other 938,426.37 1,017,500.00
Total 1,064,837,456.41 1,253,751,467.78
Unit: RMB
Sources of income from changes in fair Amount incurred in the current
Amount incurred in the previous period
value period
Derivative financial assets 37,473,544.84 326,380,708.78
Derivative financial liabilities -93,269,592.68 -1,011,440.00
Trading financial liabilities -243,925,361.38 -210,332,050.25
Where: income from changes in fair
-243,925,361.38 -210,332,050.25
value arising from leasing silver
Total -299,721,409.22 115,037,218.53
Unit: RMB
Amount incurred in the previous
Item Amount incurred in the current period
period
Long-term equity investment income
calculated by equity method
Investment income from disposal of
trading financial liabilities
Financing discount loss of receivables -3,056,076.31 -346,723,053.25
Investment income from disposal of
derivative financial assets
Interest income from related party
lending
Total 284,046,651.75 -52,174,957.84
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
Bad debt losses 87,104,774.79 -138,884,225.38
Total 87,104,774.79 -138,884,225.38
Unit: RMB
Item Amount incurred in the current period Amount incurred in the previous period
Inventory depreciation loss -152,150,594.56 -12,655,239.18
Total -152,150,594.56 -12,655,239.18
Unit: RMB
Sources of asset disposal income Amount incurred in the current period Amount incurred in the previous period
Income from disposal of assets -64,124.27 5,269,441.94
Unit: RMB
Amount incurred in the Amount incurred in Amount included in non-recurring
Item
current period the previous period gain and loss of the current period
Income from indemnity and fines 3,232,472.57 7,023,731.21 3,232,472.57
Other 666,376.43 804,113.55 666,376.43
Total 3,898,849.00 7,827,844.76 3,898,849.00
Unit: RMB
Amount included in non-
Amount incurred in the Amount incurred in the
Item recurring gain and loss of
current period previous period
the current period
External donations 4,000,000.00 3,750,000.00 4,000,000.00
Impairment and disposal
losses of non-current assets
Indemnity, fines and late fee 8,747,499.44 31,084,001.90 8,747,499.44
Other 242,290.81 602,771.24 242,290.81
Total 15,476,643.56 35,436,773.14 15,476,643.56
(1) Presentation of income tax expenses
Unit: RMB
Amount incurred in the current Amount incurred in the previous
Item
period period
Income tax expenses in the current period 142,723,502.07 292,771,993.36
Deferred income tax expenses 35,594,286.30 -34,862,774.83
Total 178,317,788.37 257,909,218.53
(2) Adjustment of accounting profit and income tax expense
Unit: RMB
Amount incurred in the current
Item
period
Total profits 1,844,571,321.39
Income tax expenses calculated at the appropriate/applicable tax rate 461,142,830.35
Impact of different tax rates applied on subsidiaries -137,489,871.39
Influence of income tax during periods prior to adjustment -2,481,117.17
Influence of non-taxable income -47,574,458.44
Impact of non-deductible costs, expenses and losses 25,269,834.08
Impact of using deductible loss on deferred income tax assets unrecognized in prior
-567,388.46
periods
Impact of temporary deductible difference or deductible loss on deferred income tax assets
unrecognized in the current period
Impact of R&D cost plus deduction -155,437,274.24
Income tax expenses 178,317,788.37
See the Notes VII 35 for details.
(1) Cash related to operating activities
Other cash received related to operating activities
Unit: RMB
Amount incurred in the current Amount incurred in the
Item
period previous period
Recovery of bills, letters of credit and other deposits 946,130,946.82 1,274,732,571.30
Interest income received from bank deposits 222,591,881.35 240,894,876.38
Recovery of operating deposit and security deposit 500,536,662.41 77,717,964.04
Government grants received 1,168,356,849.18 1,277,709,639.73
Other 77,479,188.12 49,108,054.42
Total 2,915,095,527.88 2,920,163,105.87
Other cash paid related to operating activities
Unit: RMB
Amount incurred in the current Amount incurred in the
Item
period previous period
Payment of bills, letters of credit and other deposits 718,529,832.90 1,039,940,396.18
Cash disbursements from administrative expenses,
R&D expenses and sales expenses
Payment of bank charges 140,468,419.35 184,101,320.45
Payment of operating deposit and security deposit 152,596,821.33 77,799,264.13
Other 215,285,078.15 87,342,072.61
Total 1,551,265,169.78 1,589,457,438.81
(2) Cash related to investment activities
Other cash received related to investment activities
Unit: RMB
Amount incurred in the current Amount incurred in the
Item
period previous period
Recovery of bills, letters of credit and other deposits 20,810,762.77 58,439,047.20
Received deposit for project and land auction 12,466,400.00 700,000.00
Recovery of temporary borrowings and interest from
ZPC-ENN (Zhoushan) Gas Co., Ltd.
Total 33,463,822.77 59,352,298.76
Other cash paid related to investment activities
Unit: RMB
Amount incurred in the current Amount incurred in the
Item
period previous period
Paid deposit related to project and land auction 17,692,600.00 29,960,000.00
Payment of bills, letters of credit and other deposits 19,592,872.76 78,543,840.40
Total 37,285,472.76 108,503,840.40
(3) Cash related to financing activities
Other cash received related to financing activities
Unit: RMB
Amount incurred in the Amount incurred in the
Item
current period previous period
Temporary borrowings received from Zhejiang Rongsheng
Holding Group Co., Lt d.
Recovery of silver lease deposits 949,022,591.65
Recovery of borrowing deposit 132,500,000.00 250,000,000.00
Payment received for discounted but unexpired L/Cs and notes 8,317,753,820.39 17,650,908,866.65
Total 12,429,276,412.04 18,799,408,866.65
Other cash paid related to financing activities
Unit: RMB
Amount incurred Amount incurred
Item in the current in the previous
period period
Repayment of temporary borrowings to Zhejiang Rongsheng Holding Group Co., Ltd. 793,685,359.55 2,638,841,925.73
Repayment of entrusted loan and interest to Zhejiang Yisheng Petrochemical Co., Ltd. 561,272,792.49
Payment of financing fees 6,495,620.57 10,641,996.38
Payments for right-of-use assets 15,826,686.80 14,493,187.65
Payment of borrowing deposit 250,000,000.00
Payment for stock repurchase 359,901,072.78
Payment of silver lease deposit 276,441,966.24 844,580,625.41
Total 1,092,449,633.16 4,679,731,600.44
Changes in all liabilities arising from financing activities
Applicable □Not applicable
Unit: RMB 10,000
Increase in the current Decrease in the current
Opening period period Ending
Item
balance Non-cash Non-cash balance
Cash changes Cash changes
changes changes
Bank borrowings 20,191,060.78 6,460,192.05 373,369.23 6,543,633.36
Other payables – temporary
borrowings of Zhejiang 554,863.57 303,000.00 5,432.06 79,368.54 783,927.10
Rongsheng Holding Group
Other accounts payable -
dividends payable
Lease liabilities (including
those due within one year)
Total 20,765,206.61 6,763,192.05 475,027.92 6,720,307.49 21,283,119.10
(1) Supplementary information of Cash Flow Statement
Unit: RMB
Amount of prior
Supplementary information Current amount
period
Net profit 1,666,253,533.02 1,671,971,354.43
Add: Provision for impairment of assets 65,045,819.77 151,539,464.56
Fixed assets depreciation, oil and gas assets depletion, productive
biological assets depreciation
Depreciation of assets with right of use 11,836,985.34 12,075,356.96
Amortization of intangible assets 98,211,783.04 90,278,218.65
Amortization of long-term deferred expenses 45,701.13
Loss on disposing fixed assets, in tangible assets and other long-term
assets (gains expressed with “-”)
Loss from scrapping of fixed assets (income is presented with “-”) 2,486,853.31
Loss from fair value changes (gai ns expressed with “-”) 299,721,409.22 -115,037,218.53
Financial expenses (gains express ed with “-”) 3,200,618,546.85 3,750,706,175.81
Investment loss (gains expressed with “-”) -284,046,651.75 52,174,957.84
Decrease in deferred income tax assets (increase expressed with “-”) -103,479,148.73 -34,449,732.26
Increase in deferred income tax liabilities (decrease expressed with “-”) 139,073,435.03 69,312,507.09
Decrease in inventories (increase expressed with “-”) -5,047,811.25 6,466,710,786.77
Decrease in operating receivables (increase expressed with “-”) -1,269,368,564.74 -6,339,774,806.89
Increase in operating payables (decrease expressed with “-”) -4,604,242,244.15 -4,709,791,428.51
Other 65,583,666.73 -21,786,474.80
Net cash flow from operating activities 7,586,625,253.68 8,392,538,351.96
and withdrawal:
Debt into capital
Convertible corporate bonds due within one year
Fixed assets leased under finance leases
Ending balance of cash 14,021,968,092.19 17,009,516,388.75
Less: Beginning balance of cash 12,943,832,335.45 11,486,855,097.52
Add: Ending balance of cash equivalents
Less: Beginning balance of cash equivalents
Net increase in cash and cash equivalents 1,078,135,756.74 5,522,661,291.23
(2) Composition of cash and cash equivalents
Unit: RMB
Item Ending balance Beginning balance
I. Cash 14,021,968,092.19 12,943,832,335.45
Including: cash on hand 1,389,486.56 1,580,800.25
Bank deposits available for payment at any time 13,468,459,512.05 12,624,073,263.80
Other monetary funds available on demand 552,119,093.58 318,178,271.40
II. Ending balance of cash and cash equivalents 14,021,968,092.19 12,943,832,335.45
(3) Monetary funds that are not cash and cash equivalents
Unit: RMB
Reasons for not cash and
Item Current amount Amount of prior period
cash equivalents
Bank acceptance bill deposit 460,942,350.55 471,306,867.33
L/C deposit 275,710,042.40 475,632,655.05
These are all deposits for
Loan deposit 132,500,000.00 250,000,000.00 related businesses and are
subject to restrictions on use.
Guarantee deposit 1,470,312.71 20,001,187.21
Silver lease deposit 672,580,625.41
The accrued interest on the
Accrued interest on deposits 48,277.80 30,250.00
deposit
ETC deposit 1,000.00 ETC frozen funds
Total 870,670,983.46 1,889,552,585.00
(1) Monetary items in foreign currency
Unit: RMB
Ending balance in foreign
Item Conversion exchange rate Ending balance in RMB
currencies
Monetary fund
Including: USD 746,259,108.71 7.1586 5,342,170,455.59
EUR 4,505,592.36 8.4024 37,857,789.27
HKD 671,487.91 0.9120 612,363.40
Pound 2.70 9.8300 26.54
Singapore dollar 1,566,637.71 5.6179 8,801,214.02
Accounts receivable
Including: USD 510,377,633.83 7.1586 3,653,589,329.59
Other receivables
Including: USD 15,928,130.56 7.1586 114,023,115.42
Other payables
Including: USD 14,648,353.51 7.1586 104,861,703.44
Short-term borrowings
Including: USD 67,552,540.68 7.1586 483,581,617.71
Accounts payable
Including: USD 728,259,932.29 7.1586 5,213,321,551.33
EUR 6,694,997.04 8.4024 56,254,043.13
Pounds 678,025.00 9.8300 6,664,985.75
Long-term borrowings
Including: EUR 44,794,643.66 8.4024 376,382,513.89
Non-current liabilities due
within one year
Including: EUR 6,399,234.82 8.4024 53,768,930.65
(2) Description of the overseas operating entity, including important overseas operating entity, shall
disclose its main overseas business place, recording currency and the basis for selection, and shall also
disclose reasons in the case of changes in recording currency.
Applicable □Not applicable
Place of Recording
Company name Selection basis
registration currency
Hong Kong Sheng Hui Co., Ltd. Hong Kong, China
Hong Kong Yisheng Dahua Petrochemical Co.,
Hong Kong, China
Ltd.
Yisheng New Materials Trading Co., Ltd. Hong Kong, China
General settlement currency for
Rongsheng Petrochemical (Hong Kong) Co., Ltd. Hong Kong, China USD
company operation
Rongsheng Petrochemical (Singapore) Pte. Ltd. Singapore
Zhejiang Petroleum & Chemical (Singapore) Pte.
Singapore
Ltd
Rongtong Logistics (Singapore) Pte. Ltd. Singapore
(1) The Company as the lessee
Applicable □Not applicable
Variable lease payments not included in the measurement of lease liabilities
□Applicable Not applicable
Simplified treatment of short-term leases or rental expenses of low-value assets
Applicable □Not applicable
the notes to the financial statements in Note V (29). The amounts of short-term lease charges and low-value asset
lease charges recognized in profit or loss are as follows:
Unit: RMB
Amount in the current Amount of the same
Item
period period last year
Short-term lease expense 14,257,090.92 11,182,468.20
Lease expense of low value assets (exclude short-term lease)
Total 14,257,090.92 11,182,468.20
Unit: RMB
Amount in the current Amount of the same period
Item
period last year
Interest expense on lease liabilities 3,863,755.25 4,148,066.09
Total cash outflow related to leasing 15,936,527.01 14,128,824.16
Note XII 1 (II) to these financial statements.
(2) The Company as the lessor
Operating lease as lessor
Applicable □Not applicable
Unit: RMB
Amount of the same period last
Item Amount in the current period
year
Leasing revenue 3,844,639.80 425,788.99
Total 3,844,639.80 425,788.99
Financial lease as lessor
□Applicable Not applicable
Undiscounted lease receipts for each of the next five years
Applicable □Not applicable
Unit: RMB
Undiscounted annual lease receivables
Item
Ending amount Beginning amount
Year 1 2,137,089.00 2,137,089.00
Year 2 2,137,089.00 2,137,089.00
Year 3 2,137,089.00 2,137,089.00
Year 4 2,137,089.00 2,137,089.00
Year 5 2,137,089.00 2,137,089.00
Total undiscounted lease payments
beyond 5 years
(3) Recognition of the profit and loss of financial leasing sales as a manufacturer or distributor
□Applicable Not applicable
Supplier financing arrangements
(1) Terms and conditions of supplier financing arrangements
Unit: RMB
Bank Loan amount Borrowing date Payment due date Guarantor
Ningbo Xiepu Sub-branch of Rongsheng
Agricultural Bank of China Co., Ltd. Holding
Ningbo Xiepu Sub-branch of Rongsheng
Agricultural Bank of China Co., Ltd. Holding
Ningbo Xiepu Sub-branch of Rongsheng
Agricultural Bank of China Co., Ltd. Holding
Ningbo Xiepu Sub-branch of Rongsheng
Agricultural Bank of China Co., Ltd. Holding
Xiaoshan Sub-branch of China Rongsheng
Construction Bank Corporation Holding
Xiaoshan Sub-branch of China Rongsheng
Construction Bank Corporation Holding
Xiaoshan Sub-branch of China Rongsheng
Construction Bank Corporation Holding
Xiaoshan Sub-branch of China Rongsheng
Construction Bank Corporation Holding
Xiaoshan Sub-branch of China Rongsheng
Construction Bank Corporation Holding
Xiaoshan Sub-branch of China Rongsheng
Construction Bank Corporation Holding
Xiaoshan Sub-branch of China Rongsheng
Construction Bank Corporation Holding
(2) Liability details related to supplier financing arrangements
Unit: RMB
Item Amount by the end of the period Amount at the beginning of the period
Short-term borrowings 712,203,975.00 502,000,000.00
Including: Amounts already
received by suppliers
Subtotal 712,203,975.00 502,000,000.00
Due date range of payment at the Due date range of payment at
Item
end of the period the beginning of the period
March 17, 2025-September 16,
Liabilities classified under financing arrangements September 16, 2025-May 15, 2026
Unit: RMB
Amount by the end of Amount at the beginning
Non-cash change type
the period of the period
Reclassification from accounts payable to short-term borrowings 712,203,975.00 502,000,000.00
VIII. R&D expenditure
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item
period period
Direct input 1,705,509,902.92 1,665,062,813.44
Depreciation and amortization 347,075,587.62 454,966,340.52
Employee compensation 275,138,926.71 362,187,152.24
Equipment commissioning fee 6,088,072.49 8,550,243.78
Outsourcing R&D and others 35,279,205.42 6,163,262.37
Total 2,369,091,695.16 2,496,929,812.35
Including: expensed R&D expenditure 2,369,091,695.16 2,496,929,812.35
IX. Consolidation scope changes
Changes in consolidation scope for other reasons
Decrease in consolidation scope
Net assets on Profit from beginning
Date of
Company name Method of equity disposal the disposal of the period to
disposal
date disposal date
Zhejiang Rongshen New Industrial and commercial
March 24, 2025
Materials Co., Ltd. deregistration
Zhejiang Shengcheng New Industrial and commercial
March 24, 2025
Materials Co., Ltd deregistration
Zhejiang Huiyu New Industrial and commercial
March 24, 2025
Materials Co., Ltd. deregistration
X. Interests in other entities
(1) Group composition
Unit：RMB 10,000
Registered Principal place of Place of Business Shareholding ratio
Name of subsidiary Shareholding ratio
capital business registration nature Direct Indirect
Zhejiang Shengyuan Chemical Fiber Co., Ltd. 200,000.00 Xiaoshan, Zhejiang Xiaoshan, Zhejiang Manufacturing 100.00% Setup
Business
Hong Kong Sheng Hui Co., Ltd. USD1,970.00 Hong Kong, China Hong Kong, China Commercial 100.00% combinations under
the same control
USD10,526.0
Ningbo Yisheng Chemical Co., Ltd. Ningbo, Zhejiang Ningbo, Zhejiang Manufacturing 95.00% Setup
Dalian Yisheng Investment Co., Ltd. 201,800.00 Dalian, Liaoning Dalian, Liaoning Manufacturing 70.00% Setup
Yisheng Dahua Petrochemical Co., Ltd. 245,645.00 Dalian, Liaoning Dalian, Liaoning Manufacturing 84.60% Setup
Hong Kong Yisheng Dahua Petrochemical Co., Ltd. USD10.00 Hong Kong, China Hong Kong, China Commercial 100.00% Setup
Dalian Rongxincheng Trading Co., Ltd. 1,000.00 Dalian, Liaoning Dalian, Liaoning Commercial 100.00% Setup
Zhejiang Rongtong Chemical Fiber New Material Co., Ltd. 5,000.00 Xiaoshan, Zhejiang Xiaoshan, Zhejiang Commercial 100.00% Setup
Zhejiang Rongyi Chemical Fiber Co., Ltd. 1,000.00 Shaoxing, Zhejiang Shaoxing, Zhejiang Commercial 100.00% Setup
Dalian Yisheng New Materials Co., Ltd. 2,000.00 Dalian, Liaoning Dalian, Liaoning Manufacturing 100.00% Setup
Business
Ningbo Zhongjin Petrochemical Co., Ltd. 600,000.00 Ningbo, Zhejiang Ningbo, Zhejiang Manufacturing 100.00% combinations under
the same control
Ningbo Niluoshan New Energy Co., Ltd. 36,000.00 Ningbo, Zhejiang Ningbo, Zhejiang Manufacturing 100.00% Setup
Zhejiang Yisheng New Materials Co., Ltd. 300,000.00 Ningbo, Zhejiang Ningbo, Zhejiang Manufacturing 51.00% Business
combination not
involving
enterprises under
common control
Ningbo Rongxincheng Trading Co., Ltd. 1,000.00 Ningbo, Zhejiang Ningbo, Zhejiang Commercial 100.00% Setup
Yisheng New Materials Trading Co., Ltd. HKD100.00 Hong Kong, China Hong Kong, China Commercial 100.00% Setup
Zhejiang Rongyi Trading Co., Ltd. 1,000.00 Ningbo, Zhejiang Ningbo, Zhejiang Commercial 100.00% Setup
Rongsheng Petrochemical (Singapore) Pte. Ltd. USD10,100.00 Singapore Singapore Commercial 100.00% Setup
Rongtong Logistics (Singapore) Pte. Ltd. USD0.0001 Singapore Singapore Commercial 100.00% Setup
Rongsheng Petrochemical (Hong Kong) Co., Ltd. USD10.00 Hong Kong Hong Kong Commercial 100.00% Setup
Rongsheng International Trading Co., Ltd. 10,000.00 Xiaoshan, Zhejiang Xiaoshan, Zhejiang Commercial 100.00% Setup
Business
Zhejiang Petroleum & Chemical Co., Ltd. 5,880,000.00 Zhoushan, Zhejiang Zhoushan, Zhejiang Manufacturing 51.00% combinations under
the same control
ZPC Zheyou Technology Co., Ltd. 41,220.00 Zhoushan, Zhejiang Zhoushan, Zhejiang Manufacturing 70.00% Setup
Zhejiang Petroleum & Chemical (Singapore) Pte. Ltd. USD10.00 Singapore Singapore Commercial 100.00% Setup
ZPC Jintang Logistics Co., Ltd. 200,000.00 Zhoushan, Zhejiang Zhoushan, Zhejiang Commercial 100.00% Setup
Zhejiang ZPC Sales Co., Ltd. 10,000.00 Xiaoshan, Zhejiang Xiaoshan, Zhejiang Commercial 100.00% Setup
Zhoushan ZPC Sales Co., Ltd. 6,000.00 Zhoushan, Zhejiang Zhoushan, Zhejiang Commercial 100.00% Setup
Zhoushan ZPC Trading Co., Ltd. 6,000.00 Zhoushan, Zhejiang Zhoushan, Zhejiang Commercial 100.00% Setup
Ningbo ZPC Sales Co., Ltd. 1,000.00 Ningbo, Zhejiang Ningbo, Zhejiang Commercial 100.00% Setup
Taizhou ZPC Sales Co., Ltd. 1,000.00 Taizhou, Zhejiang Taizhou, Zhejiang Commercial 100.00% Setup
ZPC (Zhejiang Free Trade Zone) Green Petrochemical
Research Institute Co., Ltd.
Zhejiang ZPC Power Generation Co., Ltd. 10,000.00 Zhoushan, Zhejiang Zhoushan, Zhejiang Manufacturing 100.00% Setup
Zhoushan ZPC Logistics Co., Ltd. 1,000.00 Zhoushan, Zhejiang Zhoushan, Zhejiang Road transport 100.00% Setup
Rongxiang Chemical Fiber Co., Ltd. 20,000.00 Xiaoshan, Zhejiang Xiaoshan, Zhejiang Manufacturing 100.00% Setup
Zhejiang Yongsheng Technology Co. Ltd. 102,000.00 Shaoxing, Zhejiang Shaoxing, Zhejiang Manufacturing 70.00% Business
combinations under
the same control
Hainan Rongsheng International Trade Co., Ltd. 10,000.00 Danzhou, Hainan Danzhou, Hainan Commercial 100.00% Setup
Rongsheng Chemical (Shanghai) Co., Ltd. 5,000.00 Shanghai, China Shanghai, China Commercial 100.00% Setup
Rongsheng New Materials (Zhoushan) Co., Ltd. 500,000.00 Zhoushan, Zhejiang Zhoushan, Zhejiang Manufacturing 100.00% Setup
Rongsheng Energy (Zhoushan) Co., Ltd. 100,000.00 Zhoushan, Zhejiang Zhoushan, Zhejiang Manufacturing 100.00% Setup
Rongsheng New Materials (Taizhou) Co., Ltd. 100,000.00 Taizhou, Zhejiang Taizhou, Zhejiang Manufacturing 90.00% Setup
(2) Major non-wholly owned subsidiaries
Unit：RMB 10,000
Dividend announced to be
Gain and loss attributable to
Shareholding ratio of distributed to minority Ending balance of minority
Name of subsidiary minority shareholders in the
minority shareholders shareholders in the current equity
current period
period
Dalian Yisheng Investment Co., Ltd. 30.00% 242.61 200,882.06
Yisheng Dahua Petrochemical Co., Ltd. 15.40% 106.51 101,426.69
Zhejiang Yisheng New Materials Co., Ltd. 49.00% 1,423.38 88,644.72
Zhejiang Petroleum & Chemical Co., Ltd. 49.00% 105,783.03 4,782,593.12
(3) Main financial information of important partially-owned subsidiaries
Unit: RMB
Ending balance Beginning balance
Name of subsidiary Non- Non- Non- Non-
Current Total Current Total Current Total Current Total
current current current current
assets assets liabilities liabilities assets assets liabilities liabilities
assets liabilities assets liabilities
Dalian Yisheng 7,687,708, 10,346,282 18,033,990 8,465,596, 2,041,360, 10,506,956 7,147,381 10,529,90 17,677,28 8,836,810 1,312,253 10,149,06
Investment Co., Ltd. 607.04 ,155.21 ,762.25 890.52 083.43 ,973.95 ,977.77 6,295.30 8,273.07 ,317.71 ,421.18 3,738.89
Yisheng Dahua 9,523,089, 6,822,091, 16,345,181 8,464,268, 2,041,360, 10,505,628 8,982,897 7,001,071 15,983,96 8,835,075 1,312,253 10,147,32
Petrochemical Co., Ltd. 850.24 944.50 ,794.74 392.65 083.43 ,476.08 ,616.49 ,852.84 9,469.33 ,077.46 ,421.18 8,498.64
Zhejiang Yisheng New 2,566,311, 8,170,723, 10,737,034 6,911,322, 2,012,735, 8,924,057, 2,274,146 8,460,719 10,734,86 6,801,500 2,150,149 8,951,650
Materials Co., Ltd. 212.82 186.68 ,399.50 028.39 348.97 377.36 ,496.09 ,914.06 6,410.15 ,656.59 ,494.40 ,150.99
Zhejiang Petroleum & 44,496,081 247,673,75 292,169,83 97,520,551 97,535,853 195,056,40 49,531,70 244,769,3 294,301,0 95,805,92 103,580,7 199,386,6
Chemical Co., Ltd. ,381.44 6,049.09 7,430.53 ,200.08 ,464.97 4,665.05 7,967.86 29,281.62 37,249.48 2,176.62 77,338.89 99,515.51
Unit: RMB
Amount incurred in the current period Amount incurred in the previous period
Name of subsidiary Total Total
Cash flow from Operating Cash flow from
Operating income Net profit comprehensive Net profit comprehensive
financing activities income financing activities
income income
Dalian Yisheng 15,791,532,876.
Investment Co., Ltd. 12
Yisheng Dahua 15,791,532,876.
Petrochemical Co., Ltd. 12
Zhejiang Yisheng New 16,773,628,679.
Materials Co., Ltd. 50
Zhejiang Petroleum & 132,218,458,401 2,029,903,422.1
Chemical Co., Ltd. .42 9
(1) Important joint ventures or associated enterprises
Shareholding ratio Accounting method
Name of the joint venture or associated Principal place of
Place of registration Business nature for investments in
enterprise business Direct Indirect
joint ventures and
associated enterprises
Accounting by the
Zhejiang Yisheng Petrochemical Co., Ltd. Ningbo, Zhejiang Ningbo, Zhejiang Manufacturing 16.07% 13.93%
equity method
Accounting by the
Hainan Yisheng Petrochemical Co., Ltd. Yangpu, Hainan Yangpu, Hainan Manufacturing 50.00%
equity method
Zhejiang Xiaoshan Rural Commercial Bank Co., Accounting by the
Xiaoshan, Zhejiang Xiaoshan, Zhejiang Finance 9.712%
Ltd. equity method
Basis for one having voting rights of below 20% and significant influences or one having voting rights of 20% or above but no significant influence:
The company holds 9.712% of the shares of Zhejiang Xiaoshan Rural Commercial Bank Co., Ltd. and has a representative on the board of directors of the
company, who has the substantive right to participate in decision-making. The representative can participate in the formulation of financial and operating policies of
Zhejiang Xiaoshan Rural Commercial Bank Co., Ltd., so as to exert significant influence on it.
(2) Main financial information of important associated enterprises
Unit: RMB
Ending balance/amount incurred in the current period Beginning balance/amount incurred in the prior period
Zhejiang Zhejiang
Zhejiang Yisheng Hainan Yisheng Zhejiang Yisheng Hainan Yisheng
Xiaoshan Rural Xiaoshan Rural
Petrochemical Petrochemical Petrochemical Petrochemical
Commercial Bank Commercial Bank
Co., Ltd. Co., Ltd. Co., Ltd. Co., Ltd.
Co., Ltd. Co., Ltd.
Current assets 18,746,547,975.18 8,848,625,803.12 278,228,537,997.46 18,007,943,478.45 8,131,053,257.49 260,652,281,183.67
Non-current assets 2,547,157,403.10 11,230,242,895.62 124,356,159,876.67 2,741,961,606.23 11,585,208,302.00 131,191,013,484.36
Total assets 21,293,705,378.28 20,078,868,698.74 402,584,697,874.13 20,749,905,084.68 19,716,261,559.49 391,843,294,668.03
Current liabilities 10,582,296,551.42 8,127,427,787.47 352,165,320,020.88 10,573,546,592.33 8,089,815,969.61 335,547,942,251.55
Non-current liabilities 1,392,582,147.50 5,091,550,626.40 21,596,760,509.77 984,230,000.00 4,755,208,149.68 28,342,070,574.28
Total liabilities 11,974,878,698.92 13,218,978,413.87 373,762,080,530.65 11,557,776,592.33 12,845,024,119.29 363,890,012,825.83
Minority equity 304,277,227.89 313,277,227.89
Shareholders' equity attributable to the parent company 9,318,826,679.36 6,859,890,284.87 28,518,340,115.59 9,192,128,492.35 6,871,237,440.20 27,640,173,446.18
Share of net assets calculated by the shareholding ratio 2,795,648,003.81 3,429,945,142.43 2,769,644,155.35 2,757,638,547.71 3,435,618,720.10 2,684,413,645.09
Adjustments
- Goodwill 102,420,730.97 4,040,414.35 102,420,730.97 4,040,414.35
- Unrealized profits from internal transactions -7,376,979.08 -8,406,325.00
- Others 11,273,596.92 1,495,653.17 11,273,596.90 1,546,596.41
Book value of equity investment in associated enterprise 2,806,921,600.73 3,524,988,894.32 2,775,180,222.87 2,768,912,144.61 3,529,633,126.07 2,690,000,655.85
Fair value of equity investment in associated enterprise
with the public offer
Operating income 12,398,241,720.04 15,031,996,594.13 3,581,957,831.75 12,104,143,062.27 16,355,492,690.18 4,145,047,089.21
Net profit 126,520,376.17 1,333,455.86 1,795,647,866.84 72,216,785.54 112,481,708.13 1,611,200,043.73
Net profit from termination of operation
Other comprehensive income 177,810.84 -12,680,611.20 -450,524,766.61 -875,282.76 -40,912,892.55 717,977,303.36
Total comprehensive income 126,698,187.01 -11,347,155.34 1,345,123,100.23 71,341,502.78 71,568,815.58 2,329,177,347.09
Dividends received from associated enterprises in the
current year
(3) Summary of the financial information of minor joint ventures and associated enterprises
Unit: RMB
Ending balance/amount Beginning balance/amount
incurred in the current period incurred in the prior period
Associated enterprise:
Total of the following items calculated as per the respective
shareholding proportion
Joint venture:
Total book value of investments 607,997,992.35 528,090,394.64
Total of the following items calculated as per the respective
shareholding proportion
- Net profit -21,942,494.89 -45,694,583.93
- Other comprehensive income -1,902,091.68 -6,136,933.88
- Total comprehensive income -23,844,586.58 -51,831,517.81
XI. Government subsidies
receivable
Applicable □ Not applicable
The ending balance of accounts receivable: RMB 1,042,056,416.00.
Applicable □ Not applicable
As of the date of approval for issuance of this financial report, the Company still had government grants
receivable of RMB 1,012,056,416.00 pending payment by finance authorities.
Applicable □ Not applicable
Unit: RMB
Amount
Amount of Amount carried
Other
additional included in forward to Related to
Accounting Beginning change in Ending
subsidy in current non- other assets/incom
subject balance current balance
current operating income in e
period
period income current
period
Deferred 198,629,966. 58,145,100.0 13,637,139.3 243,137,926. Related to
income 29 0 8 91 assets
Applicable □ Not applicable
Unit: RMB
Amount incurred in the current Amount incurred in the
Accounting subject
period previous period
Amount of government subsidies included in other income 415,205,847.28 367,201,620.64
Total 415,205,847.28 367,201,620.64
XII. Risks related to financial instruments
Risks Relating to Financial Instruments The Company conducts risk management to seek the appropriate
balance between the risks and benefits from its use of financial instruments and to mitigate the adverse effects that
the risks of financial instruments have on the Company's financial performance. Based on this objective, the
Company's basic policy for risk management is to confirm and analyze all kinds of risks faced by the Company,
set up an appropriate risk bottom line, conduct risk management, and monitor all risks promptly and reliably to
limit risks within a specific range.
The Company faces various risks related to financial instruments in its daily activities, mainly including
credit risk, liquidity risk and market risk. The Management has deliberated and approved the policies governing
such risks, as outlined below.
(I) Credit risk
Credit risk refers to the risk that may bring financial loss to one party of the financial tool caused by the other
party's failure to perform its obligations in the contract.
(1) Evaluation method of credit risk
On each balance sheet date, the Company assesses whether the credit risk of relevant financial instruments
has increased significantly since initial recognition. When confirming whether the credit risks have increased
significantly since the initial recognition, the Company considers reasonable and well-founded information,
including qualitative and quantitative analysis based on the Company’s history data, external credit risk ratings
and forward-looking information, without incurring additional costs or efforts. Based on a single financial
instrument or a combination of financial instruments with similar credit risk characteristics, the Company
compares the default risks of the financial instruments on the balance sheet date with the default risks on the
initial recognition date so as to determine changes in the expected default risks of financial instruments during the
duration.
When one or more of the following quantitative and qualitative criteria is/are triggered, the Company
considers that the credit risks of financial instruments have increased significantly:
balance sheet date increases by more than a certain proportion compared with the initial recognition.
situation, and existing or expected changes in the technical, market, economic or legal environment, which will
have a significant adverse impact on the debtor's repayment ability to the Company, etc.
(2) Definition of default and credit-impaired assets
When a financial instrument meets one or more of the following conditions, the Company defines the
financial asset as a default, and its standard is consistent with the definition of credit impairment:
due to economic or contractual considerations related to the debtor's financial difficulties.
Key parameters for measuring expected credit loss include the probability of default (PD), loss given default
(LGD) and exposure at default (EAD). The Company has taken into account the quantitative analysis and
forward-looking information of historical statistical data (such as counterparty rating, guarantee method, collateral
type and repayment method), and established the PD, LGD and EAD models.
detailed in Notes VII 3 and VII 5 to these financial statements.
The credit risk to the Company mainly comes from monetary funds and accounts receivable. In order to
control the above related risks, the Company has taken the following measures respectively.
(1) Monetary fund
The Company deposits bank deposits and other monetary funds in financial institutions with high credit
rating, so its credit risk is low.
(2) Receivables
The Company regularly evaluates the credit of customers who trade by credit. According to the credit
evaluation results, the Company chooses to trade with recognized customers with good credit and monitors their
accounts receivable balance to ensure that the Company will not face significant bad debt risk.
Since the Company only conducts transactions with recognized third parties with good credit, no collateral is
required. Credit risk concentration is managed according to customers. As of June 30, 2025, the Company has a
certain credit concentration risk, because 48.90% (December 31, 2024: 49.37%) of the Company's accounts
receivable are from the top five customers ranking in terms of balance. The Company holds no collateral or other
credit enhancement for the balance of accounts receivable.
The maximum credit risk exposure of the Company is the book value of each financial asset on the balance
sheet.
(II) Liquidity risk
Liquidity risk refers to the risk of occurrence of capital shortage when the Company fulfills its obligations
settled by delivering cash or other financial assets. Liquidity risk may result from the inability to sell financial
assets at fair value as soon as possible; or because the other party is unable to repay its contractual debts; or from
debts due in advance; or from the inability to generate expected cash flow.
In order to control this risk, the Company comprehensively uses various financing means, such as bill
settlement and bank loan, and adopts the method of the appropriate combination of long-term and short-term
financing methods to optimize the financing structure, so as to maintain the balance between financing
sustainability and flexibility. The Company has obtained bank credit lines from a number of commercial banks to
meet working capital needs and capital expenditure.
Financial liabilities are classified by remaining maturity date
Unit: RMB
Ending balance
Item Undiscounted
Book value Within 1 year 1-3 years Above 3 years
contract price
Bank loans 204,809,886,974.22 213,739,469,190.12 89,336,135,597.12 61,695,446,460.44 62,707,887,132.56
Trading financial
liabilities
Derivative
financial liabilities
Notes payable 2,356,024,860.95 2,356,024,860.95 2,356,024,860.95
Accounts payable 63,885,655,674.61 63,885,655,674.61 63,885,655,674.61
Other payables 9,068,973,579.80 9,068,973,579.80 9,068,973,579.80
Lease liabilities 182,033,030.49 223,875,209.38 28,009,114.38 42,735,790.08 153,130,304.92
Subtotal 281,883,320,702.94 290,854,745,097.73 166,255,545,409.73 61,738,182,250.52 62,861,017,437.48
(Cont.)
Amount at the end of last year
Item Undiscounted
Book value Within 1 year 1-3 years Above 3 years
contract price
Bank loans 201,910,607,770.29 220,409,646,422.41 85,781,763,934.67 65,369,822,673.33 69,258,059,814.41
Trading financial
liabilities
Derivative
financial liabilities
Notes payable 3,204,293,497.95 3,204,293,497.95 3,204,293,497.95
Accounts payable 59,032,829,819.11 59,032,829,819.11 59,032,829,819.11
Other payables 6,588,756,879.48 6,588,756,879.48 6,588,756,879.48
Lease liabilities 192,822,570.63 240,977,160.43 29,438,043.89 47,718,409.83 163,820,706.71
Subtotal 272,233,222,477.22 290,780,415,719.14 155,940,994,114.86 65,417,541,083.16 69,421,880,521.12
(III) Market risk management
Market risk means a risk that the fair value or future cash flow of the financial instrument fluctuates due to
changes in market price. Market risk mainly includes interest rate risk and foreign exchange risk.
Interest rate risk refers to the risk that the fair value of financial instruments or cash flow in the future may
fluctuate due to changes in the market interest rate. The interest-bearing financial instruments with fixed interest
rates expose the Company to fair value interest rate risk, and the interest-bearing financial instruments with
floating interest rates expose the Company to cash flow interest rate risk. The Company determines the ratio of
fixed interest rate and floating interest rate financial instruments according to the market environment and
maintains an appropriate combination of financial instruments through regular review and monitoring. The cash
flow interest rate risk faced by the Company is mainly related to the bank borrowings with floating interest rates.
As of June 30, 2025, the bank borrowings with a floating interest rate of the Company are RMB
changes by 50 benchmark points, we believe that it will not have a significant impact on the total profits and
shareholders' equity.
Foreign exchange risk means a risk that the fair value or future cash flow of a financial instrument fluctuates
due to a change in the foreign exchange rate. The risk of exchange rate changes faced by the Company is mainly
related to the Company's foreign currency monetary assets and liabilities. For foreign currency assets and
liabilities, in case of short-term imbalance, the Company will buy and sell foreign currencies at the market
exchange rate when necessary to ensure that the net risk exposure is maintained at an acceptable level.
The Company's monetary assets and liabilities in foreign currencies at the end of the period are detailed in
Notes to the Financial Statements VII 57 (1) to the financial statements.
(1) Classification by transfer method
Applicable □ Not applicable
Unit: RMB
Nature of transferred Amount of transferred Derecognition Judgment basis for
Transfer method
financial assets financial assets status derecognition
Accounts receivable Substantially all risks and
Bill discounting 1,945,849,491.31 De-recognition
financing rewards have been transferred
Accounts receivable Substantially all risks and
Bill endorsement 85,946,544.09 De-recognition
financing rewards have been transferred
Total 2,031,796,035.40
(2) Financial assets derecognized due to transfer
Applicable □ Not applicable
Unit: RMB
Method of financial Amount of derecognized Gains or losses related to
Item
asset transfer financial assets derecognition
Accounts receivable financing Discounting 1,945,849,491.31 2,663,067.98
Accounts receivable financing Endorsement 85,946,544.09
Total 2,031,796,035.40 2,663,067.98
(3) Financial assets transferred with continuing involved assets
□ Applicable Not applicable
XIII. Disclosure of fair value
Unit: RMB
Ending fair value
Item Level 1 fair value Level 2 fair value Level 3 fair value
Total
measurement measurement measurement
I. Sustained measurement of fair value -- -- -- --
Total assets continuously measured at fair
value
(1) Fair value of leased silver 1,484,797,113.33 1,484,797,113.33
Total liabilities continuously measured at
fair value
II. Non-sustainable measurement of fair
-- -- -- --
value
measurement items
The Company’s Level 1 fair value measured derivative financial assets/liabilities consist of futures or paper
contracts held at the end of the reporting period. Trading financial liabilities represent obligations to repay leased
silver upon maturity. Their unrealized gains or losses are determined based on the market fair value.
parameters for continuous and non-continuous second-level fair value measurement items
The Company’s derivative financial assets/liabilities measured at Level 2 fair value consist of forward
foreign exchange contracts, whose fair value is determined by the Company using the present value of the
difference between the delivery exchange rate specified in the forward foreign exchange contract and the market
forward exchange rate on the balance sheet date.
parameters for continuous and non-continuous third-level fair value measurement items
The Company’s receivables financing measured at Level 3 fair value consist of bank acceptance bills, with
less credit risk and short remaining maturities, whose fair value is determined by the Company based on their face
value.
XIV. Related parties and related-party transactions
Proportion of
Proportion of the
the
Place of Company’s
Name of parent Registered Company’s
registratio Business nature voting rights held
company capital shares held by
n by the parent
the parent
company
company
Zhejiang Rongsheng Xiaoshan, Industrial investment RMB 53.81% 53.81%
Holding Group Co., Ltd. Zhejiang 834,664,000
Note to information about the Company’s parent company
The ultimate controlling party of the Company is Li Shuirong.
Other notes:
Li Shuirong directly holds 6.35% shares of the Company; Zhejiang Rongsheng Holding Group Co., Ltd.
holds 53.81% of the shares of the Company, and Li Shuirong holds 63.523% of the shares of Zhejiang Rongsheng
Holding Group Co., Ltd., thus indirectly holding 34.18% of the shares of the Company, so he holds a total of
See Note X for details of the Company’s subsidiaries.
See Note X for details of important joint ventures or associated enterprises of the Company.
Other joint ventures and associated enterprises that form balances in related party transactions with the
Company in the current or previous period are as follows:
Name of joint venture or associated enterprise Relation with the Company
Ningbo Hengyi Trading Co., Ltd. Associated enterprise
ZPC-ENN (Zhoushan) Gas Co., Ltd. Associated enterprise
Zhejiang Dingsheng Petrochemical Engineering Co., Ltd. Associated enterprise
Ningbo Coastal Public Pipe Gallery Co., Ltd. Associated enterprise
Zhejiang Zhenshi Port Service Co., Ltd. Associated enterprise
Zhejiang Derong Chemicals Co., Ltd. Associated enterprise
Zhoushan ZPC Zhougang Tugboat Co., Ltd. Associated enterprise
Zhejiang Dongjiang Green Petrochemical Technology Innovation Center Co., Ltd. Associated enterprise
Relationship between other related parties and the
Name of other related parties
Company
Li Jumei Close family member of the actual controller
Sanyuan Holding Group Co., Ltd. Controlled by a family member close to the actual controller
Sanyuan Holding Group Hangzhou Thermal Power Co., Ltd. Controlled by a family member close to the actual controller
Zhejiang Saintyear Textile Co., Ltd. Controlled by a family member close to the actual controller
Zhejiang Rongxiang Thermal Power Co., Ltd. The same ultimate actual controller
Zhejiang Rongtong Logistics Co., Ltd. The same ultimate actual controller
Ningbo Rongxiang Logistics Co., Ltd. The same ultimate actual controller
Thermal Power Co., Ltd. of Ningbo Economic and
The same ultimate actual controller
Technological Development Zone
Ningbo United Group Co., Ltd. The same ultimate actual controller
Qijiashan Hotel of Ningbo United Group Co., Ltd. The same ultimate actual controller
Suzhou Shenghui Equipment Co., Ltd. The same ultimate actual controller
Hangzhou Shengyuan Real Estate Development Co., Ltd. The same ultimate actual controller
Hangzhou Shengyuan Property Service Co., Ltd. The same ultimate actual controller
Daishan Chenyu Real Estate Co., Ltd. The same ultimate actual controller
Rongsheng Coal Co., Ltd. The same ultimate actual controller
Rongsheng Energy Co., Ltd. The same ultimate actual controller
Ningbo Qingzhi Chemical Terminal Co., Ltd. The same ultimate actual controller
Ningbo Qijiashan Chemical Terminal Co., Ltd. The same ultimate actual controller
Ningbo Haineng Blend Oil Co., Ltd. The same ultimate actual controller
Hainan Shenggu Petrochemical Equipment Investment Co.,
The same ultimate actual controller
Ltd.
Hong Kong New Hengrong Co., Ltd. Subsidiary of Hainan Yisheng Petrochemical Co., Ltd.
Affiliate of Hainan Shenggu Petrochemical Equipment
Shanghai Shenglanhui Technology Co., Ltd
Investment Co., Ltd.
Hong Kong Yisheng Co., Ltd. Subsidiary of Hong Kong Yisheng Co., Ltd.
Ningbo Shengmao Trading Co., Ltd. Subsidiary of Hong Kong Yisheng Co., Ltd.
Zhejiang Yixin Chemical Fiber Co., Ltd. Subsidiary of Hong Kong Yisheng Co., Ltd.
Dongzhan Shipping Co., Ltd. Associated enterprise of Zhejiang Rongtong Logistics Co., Ltd.
Aramco Overseas Company B.V. Shareholders
Saudi Arabian Oil Company Parent company of Aramco Overseas Company B.V.
Aramco Trading Singapore Pte.Ltd. Subsidiary of Saudi Arabian Oil Company
Saudi Basic Industries Corporation Subsidiary of Saudi Arabian Oil Company
Aramco Trading Company Subsidiary of Saudi Arabian Oil Company
Aramco Trading Fujairah Fze Subsidiary of Aramco Trading Company
Saudi Basic Industries Corporation Subsidiary of Saudi Arabian Oil Company
Shanghai Huanqiu Engineering Co., Ltd. Company where the actual controller serves as the director
(1) Related party transactions regarding purchase and sales of goods as well as provision and acceptance
of labor services
Table of the purchasing of goods and receiving of labor services
Unit: RMB
Contents of The amount Whether it Amount
Trading limit
Related party related party incurred in exceeds the incurred in
approved
transaction the current approved the previous
period limit or not period
(Y/N)
Zhejiang Rongsheng Holding Group Coal and other 5,363,583,841. 15,000,000,00 6,422,702,073.
N
Co., Ltd. materials 91 0.00 67
Zhejiang Rongtong Logistics Co., 269,187,462.0 800,000,000.0 368,890,405.9
Freight N
Ltd. 4 0 4
Sanyuan Holding Group Hangzhou
Steam 1,608,839.45 30,000,000.00 N 6,641,229.37
Thermal Power Co., Ltd.
Work clothes
Zhejiang Saintyear Textile Co., Ltd. and other 2,884,576.99 10,000,000.00 N 3,111,060.18
materials
Ningbo Hengyi Trading Co., Ltd. PTA N
Lump sum fee
Ningbo Qingzhi Chemical Terminal 100,000,000.0
for port 32,566,684.62 N 33,305,366.08
Co., Ltd. 0
operation
Ningbo Rongxiang Logistics Co., 100,000,000.0
Freight 25,462,670.38 N 23,856,257.17
Ltd. 0
Hainan Yisheng Petrochemical Co.,
PTA, etc. 20,000,000.00 N 19,644,839.29
Ltd.
Suzhou Shenghui Equipment Co., Equipment and 600,000,000.0 137,229,365.8
Ltd. materials 0 2
Zhejiang Yisheng Petrochemical Co., Isophthalic 155,427,700.4 350,000,000.0 114,492,123.9
N
Ltd. acid 1 0 0
Warehousing
Ningbo Haineng Blend Oil Co., Ltd. 16,028,152.63 50,000,000.00 N 15,388,953.94
service
Auxiliary
materials, 192,962,427.9 400,000,000.0 203,148,866.1
Zhejiang Derong Chemicals Co., Ltd. N
processing 1 0 0
services, etc.
Dongzhan Shipping Co., Ltd. Freight 30,000,000.00 N 2,946,816.61
Shanghai Huanqiu Engineering Co., Engineering
Ltd. design service
Shanghai Shenglanhui Technology Process
Co., Ltd package
Device
guarantee
Zhejiang Dingsheng Petrochemical 554,834,939.3 1,500,000,000. 375,827,719.2
service and N
Engineering Co., Ltd. 2 00 2
maintenance
service
Zhejiang Rongxiang Thermal Power 139,884,731.1 500,000,000.0
Steam, etc. N
Co., Ltd. 1 0
Ethylene 245,616,299.3 130,000,000,0 327,762,663.2
Saudi Basic Industries Corporation N
glycol 1 00.00 4
Fuel oil, 3,864,871,275. 130,000,000,0 1,385,419,356.
Aramco Trading Singapore Pte.Ltd. N
gasoline 70 00.00 55
Saudi Arabian Oil Company Crude oil N
Qijiashan Hotel of Ningbo United
Hotel service 61,251.88 186,352.04
Group Co., Ltd.
Thermal Power Co., Ltd. of Ningbo
Economic and Technological Electricity 58,911.23 48,325.56
Development Zone
Technical and
Zhejiang Dongjiang Green
engineering 500,000,000.0
Petrochemical Technology Innovation 66,886,792.45 N
design 0
Center Co., Ltd.
services, etc.
Total
Selling commodities/offering labor
Unit: RMB
The amount
Contents of related party Amount incurred in
Related party incurred in the
transaction the previous period
current period
Automotive diesel, hardware
Zhejiang Rongtong Logistics Co., Ltd. 12,522,879.89 10,909,855.73
spare parts, PTA
Ningbo Shengmao Trading Co., Ltd. PX 84,896,025.76 60,823,639.63
Zhejiang Yixin Chemical Fiber Co., Ltd. PTA 331,991,150.43
Zhejiang Yisheng Petrochemical Co., Ltd. PTA, PX, etc. 4,125,443,141.84 4,027,827,808.20
Power energy, industrial
Zhejiang Derong Chemicals Co., Ltd. 277,850,733.43 387,441,764.35
pyrolysis C5, etc.
Zhejiang Dingsheng Petrochemical
Vehicle diesel 756,637.15 1,246,017.71
Engineering Co., Ltd.
Suzhou Shenghui Equipment Co., Ltd. Vehicle diesel 10,619.47 7,079.64
Ningbo Rongxiang Logistics Co., Ltd. Vehicle diesel 48,707.96 613,522.13
Zhejiang Rongxiang Thermal Power Co.,
Coal, electricity fees, diesel 7,784,451.12
Ltd.
Zhoushan ZPC Zhougang Tugboat Co., Ltd. Vehicle diesel 5,190,827.52 3,810,923.47
Ningbo Coastal Public Pipe Gallery Co.,
Service charge 368,415.00
Ltd.
Aramco Trading Singapore Pte.Ltd. Diesel 290,242,079.46 224,887,450.44
Saudi Basic Industries Corporation PTA 246,114,941.05 377,713,617.48
Ningbo Hengyi Trading Co., Ltd. PX 649,618,462.03 1,103,276,006.05
Total 5,700,847,921.67 6,530,548,835.26
(2) Related leasing
The Company acts as the Lessor:
Unit: RMB
Lease income Lease income
Type of leased
Name of lessee recognized in the recognized in the
asset
current period previous period
Rongtong Logistics Co., Ltd. House lease 425,788.99
Zhejiang Dingsheng Petrochemical Engineering Co., Ltd. House lease 25,729.89
Total 25,729.89 425,788.99
The Company acts as the Lessee:
Unit: RMB
Rental expenses for short-term leases
and leases of low-value assets on a Rent paid
simplified basis, if applicable
Type of
Name of lessor Amount Amount
leased asset Amount incurred Amount incurred
incurred in incurred in
in the current in the previous
the current the previous
period period
period period
Hangzhou Shengyuan Property
Parking space 28,000.00
Service Co., Ltd.
Hangzhou Shengyuan Real
House leasing 2,593,407.34 3,418,149.57
Estate Development Co., Ltd.
Zhejiang Rongsheng Holding
House leasing 550,458.72 275,229.36
Group Co., Ltd.
(3) Affiliated guarantees
The Company as guarantor
Unit: RMB
If the
guarantee
Starting date of the Ending date of the
Secured party Guarantee amount has been
guarantee guarantee
performed
(Y/N)
Sanyuan Holding Group Co., Ltd. 80,000,000.00 January 1, 2024 December 28, 2026 N
Zhejiang Rongsheng Holding Group
Co., Ltd.
Zhejiang Rongsheng Holding Group
Co., Ltd., the Company
Zhejiang Rongsheng Holding Group
Co., Ltd. [Note 1]
Zhejiang Rongsheng Holding Group
Co., Ltd. [Note 2]
Zhejiang Rongsheng Holding Group
Co., Ltd. [Note 3]
Zhejiang Rongsheng Holding Group
Co., Ltd. [Note 4]
Zhejiang Rongsheng Holding Group 14,751,515,841.33 July 31, 2018 July 30, 2030 N
Co., Ltd., the Company, Li Shuirong, Li
Jumei [Note 5]
Zhejiang Rongsheng Holding Group
Co., Ltd. [Note 6]
Zhejiang Rongsheng Holding Group
Co., Ltd. [Note 7]
Zhejiang Rongsheng Holding Group
Co., Ltd. [Note 8]
Zhejiang Rongsheng Holding Group
Co., Ltd. [Note 9]
Zhejiang Rongsheng Holding Group
Co., Ltd.
Zhejiang Rongsheng Holding Group
Co., Ltd.
Zhejiang Rongsheng Holding Group
Co., Ltd.
Zhejiang Rongsheng Holding Group
Co., Ltd.
Zhejiang Rongsheng Holding Group
Co., Ltd. [Note 10]
Zhejiang Rongsheng Holding Group
Co., Ltd. [Note 10]
Zhejiang Rongsheng Holding Group
Co., Ltd. [Note 11]
Zhejiang Rongsheng Holding Group
Co., Ltd. [Note 11]
Zhejiang Rongsheng Holding Group
Co., Ltd. [Note 12]
Zhejiang Rongsheng Holding Group
Co., Ltd. [Note 12]
Zhejiang Rongsheng Holding Group
Co., Ltd., the Company
Zhejiang Rongsheng Holding Group
Co., Ltd.
Description of related guarantee
[Note 1]: Zhejiang Rongsheng Holding Group Co., Ltd. provides joint liability guarantee for 100% of the guarantee amount. Ningbo
Niluoshan New Energy Co., Ltd., a subsidiary of the Company, provided mortgage guarantee for fixed assets and intangible assets of
RMB 31,384,500.
[Note 2] Zhejiang Rongsheng Holding Group Co., Ltd. has provided joint and several liability guarantees for 100% of the guarantee
amount. The subsidiary Ningbo Zhongjin Petrochemical Co., Ltd. provided mortgage guarantee with fixed assets of RMB
[Note 3] Zhejiang Rongsheng Holding Group Co., Ltd. has provided joint and several liability guarantees for 100% of the guarantee
amount. Zhejiang Yisheng New Materials Co., Ltd., a subsidiary, provided mortgage guarantee with machinery and equipment of
RMB 3,672,356,000
[Note 4]: Zhejiang Rongsheng Holding Group Co., Ltd. has provided joint and several liability guarantees for 100% of the guarantee
amount. The subsidiary Zhejiang Petroleum & Chemical Co., Ltd. has provided a mortgage guarantee with the completed assets of
the newly added 1.4 million tons/year ethylene and downstream chemical plant (Phase II project product structure optimization)
project (including but not limited to the mortgage guarantee provided in the form of land use right, above-ground structures and
equipment of the project after the completion acceptance of the construction project)
[Note 5] Zhejiang Rongsheng Holding Group Co., Ltd. and the Company provide joint liability guarantee for 51% of the guarantee
amount. The subsidiary Zhejiang Petroleum & Chemical Co., Ltd. has provided a mortgage guarantee with the completed asset-
refining and chemical integration project with an annual output of 40 million tons (including but not limited to the mortgage
guarantee provided in the form of land use right, above-ground structures and equipment of the project after the completion
acceptance of the construction project)
[Note 6] Zhejiang Rongsheng Holding Group Co., Ltd. and the Company provide joint liability guarantee for 60% of the guarantee
amount. The subsidiary Zhejiang Petroleum & Chemical Co., Ltd. has provided a mortgage guarantee with the completed asset-
refining and chemical integration project with an annual output of 40 million tons (including but not limited to the mortgage
guarantee provided in the form of land use right, above-ground structures and equipment of the project after the completion
acceptance of the construction project)
[Note 7] Zhejiang Rongsheng Holding Group Co., Ltd. provides joint liability guarantee for 100% of the guarantee amount. The
Company's subsidiary Zhejiang Petroleum & Chemical Co., Ltd. provides a mortgage guarantee with the all asset-high-performance
resin formed (including but not limited to the mortgage guarantee provided in the form of land use right, above-ground structures and
equipment of the project after the completion acceptance of the construction project).
[Note 8] Zhejiang Rongsheng Holding Group Co., Ltd. provides joint liability guarantee for 100% of the guarantee amount. The
subsidiary Zhejiang Yisheng New Materials Co., Ltd. has provided a mortgage guarantee by machinery and equipment worth RMB
[Note 9] Zhejiang Rongsheng Holding Group Co., Ltd. and the Company provide joint liability guarantee for 60% of the guarantee
amount.
[Note 10]: Zhejiang Rongsheng Holding Group Co., Ltd. has provided joint and several liability guarantees for 100% of the
guarantee amount. The Company's subsidiary Zhejiang Petroleum & Chemical Co., Ltd. provides a mortgage guarantee with the all
asset-high-performance resin formed (including but not limited to the mortgage guarantee provided in the form of land use right,
above-ground structures and equipment of the project after the completion acceptance of the construction project).
[Note 11] Zhejiang Rongsheng Holding Group Co., Ltd. provides joint liability guarantee for 100% of the guarantee amount. The
subsidiary Zhejiang Petroleum & Chemical Co., Ltd. has provided a mortgage guarantee with the completed assets of the newly
added 1.4 million tons/year ethylene and downstream chemical plant (Phase II project product structure optimization) project
(including but not limited to the mortgage guarantee provided in the form of land use right, above-ground structures and equipment
of the project after the completion acceptance of the construction project).
[Note 12] Zhejiang Rongsheng Holding Group Co., Ltd. and the Company provide joint liability guarantee for 60% of the guarantee
amount. The subsidiary Zhejiang Petroleum & Chemical Co., Ltd. has provided a mortgage guarantee with the completed asset-
refining and chemical integration project with an annual output of 40 million tons (including but not limited to the mortgage
guarantee provided in the form of land use right, above-ground structures and equipment of the project after the completion
acceptance of the construction project).
(4) Remuneration of key management personnel
Unit: RMB 10,000
Amount incurred in the Amount incurred in the previous
Item
current period period
Remuneration of key management personnel 723.29 765.03
(5) Other related transactions
(1) At the beginning of the period, the Company had RMB 5,548.6356 million payable to Zhejiang
Rongsheng Holding Group Co., Ltd.; in the current period, the Company has borrowed RMB 3,030 million from
Zhejiang Rongsheng Holding Group Co., Ltd., made RMB 54.3206 million provisions for fund possession cost,
and returned RMB 793.6854 million of principal and interest on a cumulative basis. As of June 30, 2025, the
amount payable by the Company is RMB 7,839.2710 million.
(2) At the beginning of the period, the amount receivables of subsidiary Zhejiang Petroleum & Chemical Co.,
Ltd. from ZPC-ENN (Zhoushan) Gas Co., Ltd. were RMB 10.8 million, with RMB 186,700 provisions for interest,
RMB 186,700 of interest collected. As of June 30, 2025, the amount receivables of Zhejiang Petroleum &
Chemical Co., Ltd. were RMB 10.8 million.
project contracts in progress are as follows:
Unit：RMB 10,000
Related party Amount in the current period Amount in the previous period
Suzhou Shenghui Equipment Co., Ltd. 16,134.84 21,681.63
Zhejiang Dongjiang Green Petrochemical
Technology Innovation Center Co., Ltd.
Shanghai Shenglanhui Technology Co., Ltd 3,972.48 1,700.00
Total 66,200.18 58,381.63
were no outstanding bank acceptance bills issued but not yet matured at the period end.
(1) Receivables
Unit: RMB
Ending balance Beginning balance
Project Related party Bad-debt Bad-debt
Book balance Book balance
provision provision
Accounts Zhejiang Yisheng
receivable Petrochemical Co., Ltd.
Saudi Basic Industries
Corporation
Zhejiang Derong
Chemicals Co., Ltd.
Subtotal 462,445,712.47 136,536,977.05 478,721,686.98 126,591,379.60
Hangzhou Shengyuan
Advance payment Real Estate 1,212,685.16 3,806,092.50
Development Co., Ltd.
Saudi Basic Industries
Corporation
Aramco Trading
Singapore Pte.Ltd.
Subtotal 404,115,905.18 3,806,092.50
ZPC-ENN (Zhoushan)
Other receivables 10,800,000.00 5,400,000.00 10,800,000.00 5,400,000.00
Gas Co., Ltd.
Subtotal 10,800,000.00 5,400,000.00 10,800,000.00 5,400,000.00
Unit: RMB
Ending book Beginning book
Project Related party
balance balance
Rongsheng Petrochemical (Singapore) Pte. Ltd.
Accounts payable 39,189,114,105.79 30,257,905,558.70
[Note]
Ningbo Zhongjin Petrochemical Co., Ltd. [Note] 1,141,530,000.00 1,317,273,481.65
Yisheng Dahua Petrochemical Co., Ltd. [Note] 3,289,999,698.00 3,437,999,698.00
Zhejiang Yisheng New Materials Co., Ltd. [Note] 2,205,030,000.00 2,049,030,000.00
The Company [Note] 1,379,000,000.00 1,286,000,000.00
Zhejiang Petroleum & Chemical Co., Ltd. [Note] 378,958,431.42 1,122,747,553.24
Dalian Rongxincheng Trading Co., Ltd. [Note] 877,776,366.82 667,864,260.54
Ningbo Rongxincheng Trading Co., Ltd. [Note] 10,000,000.00 110,000,000.00
Saudi Arabian Oil Company 1,896,605,137.15 4,351,562,189.78
Zhejiang Rongtong Logistics Co., Ltd. 24,386,510.15 128,585,887.48
Zhejiang Dingsheng Petrochemical Engineering
Co., Ltd.
Zhejiang Rongxiang Thermal Power Co., Ltd. 62,932,488.98 17,675,013.16
Ningbo Qingzhi Chemical Terminal Co., Ltd. 8,219,950.05 4,979,118.97
Suzhou Shenghui Equipment Co., Ltd. 341,000.00 3,296,884.96
Zhejiang Saintyear Textile Co., Ltd. 1,535,806.67 3,064,391.99
Ningbo Rongxiang Logistics Co., Ltd. 12,775,433.51 2,222,834.88
Sanyuan Holding Group Hangzhou Thermal
Power Co., Ltd.
Shanghai Huanqiu Engineering Co., Ltd. 900,000.00 900,000.00
Hong Kong New Hengrong Co., Ltd. 29,726,102.82
Ningbo Haineng Blend Oil Co., Ltd. 6,968,999.24 5,538,838.28
Subtotal 50,628,084,369.43 45,002,775,966.90
Contract liabilities and other
Ningbo Hengyi Trading Co., Ltd. 16,297,590.39
current liabilities
Zhoushan ZPC Zhougang Tugboat Co., Ltd. 1,416,745.70 782,380.80
Ningbo Shengmao Trading Co., Ltd. 518,282.64
Subtotal 1,416,745.70 17,598,253.83
Other payables Zhejiang Rongsheng Holding Group Co., Ltd. 7,839,270,959.69 5,548,635,694.24
Zhejiang Dingsheng Petrochemical Engineering
Co., Ltd.
Zhejiang Rongtong Logistics Co., Ltd. 1,005,000.00 1,005,000.00
Dongzhan Shipping Co., Ltd. 500,000.00
Suzhou Shenghui Equipment Co., Ltd. 500,300.00 500,300.00
Zhejiang Yixin Chemical Fiber Co., Ltd. 1,031,670.22
Subtotal 7,842,132,809.69 5,553,683,504.46
[Note] These are letters of credit issued by the Company and its subsidiaries. After receiving the letters of credit, Rongsheng
Petrochemical (Singapore) Pte. Ltd., Ningbo Zhongjin Petrochemical Co., Ltd., Yisheng Dahua Petrochemical Co., Ltd., Zhejiang
Yisheng New Materials Co., Ltd., the Company, Zhejiang Petroleum & Chemical Co., Ltd., Dalian Rongxincheng Trading Co.,
Ltd., and Ningbo Rongxincheng Trading Co., Ltd. have discounted them.
XV. Commitments and contingencies
Significant commitments at the balance sheet date
including Bank of Communications Hangzhou Xiaoshan Sub-Branch by the Company and its holding subsidiaries
Zhejiang Shengyuan Chemical Fiber Co., Ltd., Yisheng Dahua Petrochemical Co., Ltd., Zhejiang Petroleum &
Chemical Co., Ltd., Rongsheng Petrochemical (Singapore) Pte Ltd., Zhejiang Yongsheng technology Co. Ltd.,
Ningbo Zhongjin Petrochemical Co., Ltd., Zhejiang Yisheng New Materials Co., Ltd. and Zhejiang Yongsheng
technology Co. Ltd. were RMB 55,910.3177 million, USD 345.3426 million, EUR 74.9242 million, GBP 5.68
million.
Unit：RMB 10,000
Issuing bank Name of issuing company Beneficiary Guarantee amount
Dalian Jinpu New Area Branch of Bank of China Limited Yisheng Dahua Petrochemical Co., Ltd. Zhengzhou Commodity Exchange 19,000.00
Agricultural Bank of China Limited, Banking Department of Dalian Branch Yisheng Dahua Petrochemical Co., Ltd. Zhengzhou Commodity Exchange 6,000.00
China Construction Bank Corporation Zhoushan Branch Zhejiang Petroleum & Chemical Co., Ltd. Mitsubishi Commercial Metal Trading (China) Co., Ltd. 4,241.82
China Construction Bank Corporation Zhoushan Branch Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 50,000.00
Zhoushan Branch, Industrial and Commercial Bank of China Limited Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 33,000.00
Zhoushan Branch, Industrial and Commercial Bank of China Limited Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 33,000.00
Zhoushan Branch, Industrial and Commercial Bank of China Limited Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 34,000.00
Zhoushan Branch of Huaxia Bank Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 14,000.00
Zhoushan Branch of Huaxia Bank Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 15,435.00
Bank of China Co., Ltd., Zhoushan Branch Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 13,090.00
Agricultural Bank of China Limited Xiaoshan Branch Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 14,240.00
Shanghai Pudong Development Bank Co., Ltd. Zhoushan Branch Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 3,880.00
Zhoushan Branch of Huaxia Bank Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 3,140.00
Agricultural Bank of China Limited Xiaoshan Branch Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 3,340.00
Ping An Bank Co., Ltd., Zhenhai Branch Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 36,000.00
Zhoushan Branch of Huaxia Bank Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 5,760.00
Shanghai Pudong Development Bank Co., Ltd. Zhoushan Branch Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 5,760.00
Agricultural Bank of China Limited Xiaoshan Branch Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 3,190.00
Agricultural Bank of China Limited Xiaoshan Branch Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 3,150.00
Bank of China Co., Ltd., Zhoushan Branch Zhejiang Petroleum & Chemical Co., Ltd. Hangzhou Customs of the People’s Republic of China 6,480.00
Shanghai Pudong Development Bank Co., Ltd. Zhoushan Branch Zhejiang Petroleum & Chemical Co., Ltd. Yitong New Materials Co., Ltd. 29,700.64
Hangzhou Xiaoshan Sub-branch of Bank of Communications Co., Ltd. Zhejiang Petroleum & Chemical Co., Ltd. Guiyan Resources (Yimen) Co., Ltd. 8,610.67
(1) Important contingencies on balance sheet date
As of the balance sheet date, the Company has no important contingencies that need to be disclosed.
(2) Explanation even if the Company has no important contingencies to be disclosed
The Company has no important contingencies to be disclosed.
XVI. Events After the Reporting Period
For the Company, at the 23rd Meeting of the Sixth Board of Directors held on April 24, 2025, and the 2024
Annual General Meeting of Shareholders held on May 16, 2025, the Proposal on Canceling Part of the
Repurchased Shares, Reducing Registered Capital, and Amending the Articles of Association was reviewed and
approved. The company resolved to cancel 136,082,746 shares held in the special repurchase securities account
and accordingly reduce its registered capital.
The Company completed the cancellation procedures for the aforementioned shares with CSDC (Shenzhen
Branch) on July 18, 2025.
XVII. Other important issues
(1) Determination basis and accounting policies for reporting segments
The Company establishes its reporting segment based on the internal organizational structure, management
requirements and internal reporting system, and determines reporting segments on the basis of the industry
segment. The business performance of the petrochemical production business, polyester fiber manufacturing
business, and wholesale and retail business have been evaluated, respectively. The assets and liabilities jointly
used with each segment are distributed among different segments according to the scale ratio.
(2) Financial information of the reporting segments
Unit: RMB
Polyester
Oil refining Chemical
fiber Trade Inter-segment
Item production production Total
manufacturin business offset
business business
g business
Revenue from main 53,668,398,33 90,677,829,15 11,171,479,36 96,644,135,70 148,009,181,0
businesses 5.36 8.27 4.65 0.98 13.17
Main business costs 104,089,965,0
Total assets 361,827,040,024.78 59,253,216,521.
Total liabilities 247,984,851,524.49 16,189,138,566.
XVIII. Notes to main items in financial statements of the parent company
(1) Disclosure by aging
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (inclusive of 1 year) 8,898,014.52 2,600,376.23
Above 3 years 29,466.76 29,466.76
Total 10,337,385.74 2,630,128.25
(2) Classified disclosure by bad debt accrual method
Unit: RMB
Ending balance Beginning balance
Book balance Bad-debt provision Book balance Bad-debt provision
Category Book Book
Percentag Percentag
Amou Propor value Amou Propor Amo value
Amount e of e of
nt tion nt tion unt
provision provision
Accounts
receivable
with provision 2,470,
for bad debt 5.95% 6.07% 580.9
reserves based 7
on aging
portfolio
Total 5.95% 6.07% 580.9
Provision for bad debts by portfolio: RMB 615,391.12
Unit: RMB
Ending balance
Name
Book balance Bad-debt provision Percentage of provision
Within 1 year 8,898,014.52 444,900.73 5.00%
Above 3 years 29,466.76 29,466.76 100.00%
Total 10,337,385.74 615,391.12
If the provision for bad debts of accounts receivable is accrued according to the general model of expected credit loss:
□ Applicable Not applicable
(3) Bad debt reserves accrual, recovered or reversed in the current period
Provision for bad debts in the current period:
Unit: RMB
The amount of change in the current period
Beginning Ending
Category Recovered
balance Provision Write-off Other balance
or returned
Provision made for bad debt
reserves based on aging portfolio
Total 159,547.28 455,843.84 615,391.12
(4) Accounts receivables and contract assets with top 5 ending balances by debtor
Unit: RMB
Ending balance of
Proportion of bad debt
Ending balance of accounts provision for
Ending balance
Ending balance accounts receivable and accounts
Company name of accounts
of contract assets receivable and total ending receivable and
receivable
contract assets balance of impairment
contract assets provision of
contract assets
Customer 1 4,230,318.78 4,230,318.78 40.92% 211,515.94
Customer 2 1,574,282.40 1,574,282.40 15.23% 78,714.12
Customer 3 1,123,128.00 1,123,128.00 10.86% 56,156.40
Customer 4 884,723.92 884,723.92 8.56% 44,236.20
Customer 5 378,680.64 378,680.64 3.66% 18,934.03
Total 8,191,133.74 8,191,133.74 79.23% 409,556.69
Unit: RMB
Item Ending balance Beginning balance
Dividends receivable 550,000,000.00 550,000,000.00
Other receivables 2,994,187,248.36 1,828,142,849.26
Total 3,544,187,248.36 2,378,142,849.26
(1) Dividends receivable
Unit: RMB
Project (or investee) Ending balance Beginning balance
Hong Kong Sheng Hui Co., Ltd. 550,000,000.00 550,000,000.00
Total 550,000,000.00 550,000,000.00
Unit: RMB
Reason for the Whether impairment
Project (or investee) Ending balance Aging unrecovered occurs and its
amount judgment basis
The subsidiary operates
normally, and there is
Hong Kong Sheng Hui Co., Ltd. 550,000,000.00 Unrecovered no expected risk in the
years
recovery of the
payment.
Total 550,000,000.00
□ Applicable Not applicable
(2) Other receivables
Unit: RMB
Nature of account Ending book balance Beginning book balance
Current account of related parties within
the scope of consolidation
Grants receivable 439,020,000.00 694,020,000.00
Reserve fund receivables 2,796,226.39 2,646,204.77
Current accounts 44,468.10 34,193.30
Deposit receivable margin 799.48 799.78
Total 2,996,407,711.47 1,830,357,007.23
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (inclusive of 1 year) 1,963,605,206.73 811,917,103.99
Above 3 years 375,687,777.28 375,689,576.92
Total 2,996,407,711.47 1,830,357,007.23
Unit: RMB
Ending balance Beginning balance
Bad-debt
Book balance Bad-debt provision Book balance
Boo provision
Category k Book
Percen
Percentage valu value
Proport Proport Amou tage of
Amount Amount of e Amount
ion ion nt provisi
provision
on
Provision made
for bad debt 1,828,
reserves based 0.07% 0.12% 142,8
on aging 49.26
portfolio
Total 0.07% 0.12% 142,8
Provision for bad debts by portfolio: RMB 2,220,463.11
Unit: RMB
Ending balance
Name
Book balance Bad-debt provision Percentage of provision
Portfolio of transactions between related
parties within the consolidation scope
Grants receivable 439,020,000.00
Deposit receivable margin portfolio 799.48 39.97 5.00%
Current accounts 44,468.10 2,223.41 5.00%
Portfolio of petty cash receivable, etc. 2,796,226.39 2,218,199.73 79.33%
Total 2,996,407,711.47 2,220,463.11
Provision for bad debts is made according to the general model of expected credit loss:
Unit: RMB
Stage I Stage II Stage III
Bad-debt provision Expected credit loss Expected credit loss for the Total
Expected credit loss
over the entire entire duration (credit
in the next 12 months
duration (without impairment has occurred)
credit impairment)
Balance as of January
The balance on January
period
Provision in current
period
Balance as of June 30,
Significant changes in the carrying amounts of loss provisions during the current period
□ Applicable Not applicable
Unit: RMB
Proportion in a Ending
total ending balance of
Company
Nature of payment Ending balance Aging balance of provision
name
other for bad
receivables debts
Current account of related parties
Unit 1 1,411,514,285.31 Within 1 year 47.11%
within the scope of consolidation
Current account of related parties Within 1 year, 1-2
Unit 2 645,179,829.21 21.53%
within the scope of consolidation year(s)
Unit 3 Government receivables 439,020,000.00 Within 1 year 14.65%
Current account of related parties
Unit 4 373,500,000.00 Above 3 years 12.46%
within the scope of consolidation
Current account of related parties Within 1 year, 1-2
Unit 5 122,449,260.28 4.09%
within the scope of consolidation year(s)
Total 2,991,663,374.80 99.84%
Unit: RMB
Ending balance Beginning balance
Item Provision Provision
Book
for Book value Book balance for Book value
balance
impairment impairment
Investment in subsidiaries
Investment in joint ventures 4,352,263,0 4,352,263,0 4,285,931,338.6 4,285,931,338.
and associated enterprises 53.33 53.33 5 65
Total
(1) Investment in subsidiaries
Unit: RMB
Opening Increase and decrease in the current period Ending
Beginning balance (book balance of Provision Ending balance balance of
Investee Additional Reduced
value) impairment for Other (book value) provision for
provision investment investment impairment
impairment
Zhejiang Petroleum & Chemical Co., Ltd. 29,987,242,115.34 29,987,242,115.34
Ningbo Zhongjin Petrochemical Co., Ltd. 5,990,201,140.04 5,990,201,140.04
Zhejiang Shengyuan Chemical Fiber Co.,
Ltd.
Dalian Yisheng Investment Co., Ltd. 1,468,204,457.48 1,468,204,457.48
Rongsheng New Materials (Zhoushan) Co.,
Ltd.
Rongsheng New Materials (Taizhou) Co.,
Ltd.
Rongsheng Petrochemical (Singapore) Pte.
Ltd.
Zhejiang Yongsheng Technology Co. Ltd. 800,306,537.70 800,306,537.70
Hong Kong Sheng Hui Co., Ltd. 141,419,910.00 141,419,910.00
Rongsheng International Trading Co., Ltd. 100,000,000.00 100,000,000.00
Rongsheng Chemical (Shanghai) Co., Ltd. 50,000,000.00 50,000,000.00
Rongxiang Chemical Fiber Co., Ltd. 3,000,000.00 3,000,000.00
Hainan Rongsheng International Trade Co.,
Ltd.
Rongsheng Petrochemical (Hong Kong)
Co., Ltd.
Total 43,843,102,808.47 1,559,000,000.00 45,402,102,808.47
(2) Investment in joint ventures and associated companies
Unit: RMB
Increase and decrease in the current period
Investment Ending
Opening
gains or Declared balance of
Beginning balance of Additiona Other Other Provision Ending
Reduced losses distribution provision
Investor balance (book impairme l comprehensi equity for Othe balance (book
investme recognized of cash for
value) nt investme ve income change impairme r value)
nt under the dividends or impairme
provision nt adjustments s nt
equity profits nt
method
I. Joint ventures
II. Associated enterprise
Zhejiang
Yisheng 1,518,057,281. 1,538,417,680.
Petrochemic 54 20
al Co., Ltd.
Ningbo
Hengyi -
Trading Co., 37,306,159.32
Ltd.
Zhejiang
Xiaoshan
Rural 2,690,000,655. 172,588,141.9 - 43,654,510.6 2,775,180,222.
Commercial 85 5 43,754,064.28 5 87
Bank Co.,
Ltd.
Subtotal
Total
The recoverable amount is determined according to the net amount of fair value minus disposal expenses
□ Applicable Not applicable
The recoverable amount is determined according to the present value of the expected future cash flow
□ Applicable Not applicable
Unit: RMB
Amount incurred in the current period Amount incurred in the previous period
Item
Revenue Cost Revenue Cost
Primary business 743,494,859.25 714,589,038.03 1,645,278,941.17 1,604,951,175.69
Other businesses 131,264,163.44 69,326,198.38 21,810,268.44 17,866,804.95
Total 874,759,022.69 783,915,236.41 1,667,089,209.61 1,622,817,980.64
Breakdown of operating revenue and operating costs:
Unit: RMB
Amount in the current period Amount in the previous period
Item
Revenue Cost Revenue Cost
Polyester chemical fiber film 743,494,859.25 714,589,038.03 1,645,278,941.17 1,604,951,175.69
Trade and others 131,264,163.44 69,326,198.38 21,810,268.44 17,866,804.95
Subtotal 874,759,022.69 783,915,236.41 1,667,089,209.61 1,622,817,980.64
Unit: RMB
Item Amount in the current period Amount in the previous period
Revenue recognized at a certain point of time 874,388,725.90 1,666,663,420.62
Revenue recognized in a period of time 370,296.79 425,788.99
Subtotal 874,759,022.69 1,667,089,209.61
Timing of Nature of Type of quality
Expected
satisfying Significant payment goods Principal or assurance
Item refunds to
performance terms transferred by not provided and
customers
obligations the Company related obligations
Advance payments:
Products
Upon accounts receivable are
Sales of compliant with Warranty quality
delivery of generally due 30–90 Yes None
goods national assurance
goods days after product
standards
delivery
Unit: RMB
Amount incurred in the Amount incurred in the
Item
current period previous period
Long-term equity investment income calculated by equity method 155,613,807.08 142,718,593.27
Financing discount loss of receivables -38,617,554.90
Interest income from the inter-bank loan of related party 13,659,765.86 19,062,856.58
Total 169,273,572.94 123,163,894.95
XIX. Supplementary information
Applicable □ Not applicable
Unit: RMB
Item Amount
Profits and losses on disposal of non-current assets -2,550,977.58
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 56,568,707.90
certain standards, and have a continuous impact on the Company's profits and losses)
Except for the effective hedging business related to the Company's normal business, the gains and
losses of the fair value changes arising from financial assets and financial liabilities held by non-
-203,092,609.25
financial enterprises and the gains and losses arising from the disposal of financial assets and financial
liabilities
Fund possession cost included in current gain and loss charged to non-financial enterprises 176,094.32
Other non-operating revenues and expenditures except for the aforementioned items -9,090,941.25
Other profit/loss items falling within the definition of non-recurring gain or loss -2,804,209.96
Less: Affected amount of income tax 31,611,999.81
Affected amount of minority shareholders' equity (after tax) -39,532,148.44
Total -152,873,787.19
Situation of other profit/loss items falling within the definition of non-recurring gain or loss:
□ Applicable Not applicable
The Company has no other profit/loss items falling within the definition of non-recurring gain or loss
Statement of defining non-recurring profit and loss items listed in the Explanatory Announcement No.1 on Information Disclosure
of Companies Offering Securities to the Public - Non-recurring Profits and Losses as recurring profits and losses
□ Applicable Not applicable
Profit within the reporting period Weighted Earnings per share (EPS)
average return Basic earnings per share Diluted earnings per
on net assets (RMB per share) share (RMB per share)
Net profit attributable to ordinary shareholders of
the Company
Net profit attributable to ordinary shareholders of
the Company after deducting non-recurring gains 1.72% 0.08 0.08
and losses
(1) Differences in net profits and net assets in financial reports disclosed in accordance with international
accounting standards and China accounting standards
□ Applicable Not applicable
(2) Differences in net profits and net assets in financial reports disclosed in accordance with foreign
accounting standards and China accounting standards
□ Applicable Not applicable
Section IX Other Submitted Data
Whether the listed company or its subsidiaries have other significant social security issues
Yes No Not applicable
Whether subject to administrative penalties during the reporting period
Yes No Not applicable
II. Reception of research, communication, interview and other activities during the
reporting period
Applicable □ Not applicable
Main contents Basic
Reception Ways of Reception discussed and information
Date Object type
place reception object materials index of
provided research
See details at: See details at:
http://www.cni http://www.cni
nfo.com.cn/new nfo.com.cn/new
/disclosure/deta /disclosure/deta
“Investor il?plate=szse& il?plate=szse&
Online
Relations orgId=9900015 orgId=9900015
communication
May 7, 2025 Interactive Individual Investor 502&stockCod 502&stockCod
on network
Platform” of e=002493&ann e=002493&ann
platform
p5w.net ouncementId=1 ouncementId=1
nouncementTi nouncementTi
me=2025-05- me=2025-05-
III. Fund transactions between the listed company and its controlling shareholder and other
related parties
Applicable □ Not applicable
Unit：RMB 10,000
In
te
Amount Amount
re
incurred repaid
Nature of Beginnin Ending Interest st
Counterparty name during the during the
transactions g balance balance income ex
reporting reporting
pe
period period
ns
e
Hangzhou Shengyuan Real Estate Operating
Development Co., Ltd. transactions
Dalian Yisheng Investment Co., Non-operating 37,350 37,350
Ltd. transactions
Zhejiang Petroleum & Chemical Non-operating 12,244.9
Co., Ltd. transactions 3
Non-operating
Zhejiang ZPC Sales Co., Ltd. 20.91 155.11 176.02
transactions
Rongsheng New Materials Non-operating
(Zhoushan) Co., Ltd. transactions
Rongsheng Energy (Zhoushan) Co., Non-operating 141,151.
Ltd. transactions 43
Rongsheng New Materials Non-operating 64,517.9
(Taizhou) Co., Ltd. transactions 9
Zhejiang Yongsheng Technology Non-operating
Co. Ltd. transactions
Operating
Hong Kong Sheng Hui Co., Ltd. 55,000 55,000
transactions
ZPC-ENN (Zhoushan) Gas Co., Non-operating
Ltd. transactions
Zhejiang Derong Chemicals Co., Operating
Ltd. transactions
Zhejiang Yisheng Petrochemical Operating 36,670.3
Co., Ltd. transactions 7
Operating
Saudi Basic Industries Corporation 31,057.22 27,754.64 3,302.58
transactions
Operating 36,987.7
Aramco Trading Singapore Pte.Ltd. 423,474.87 386,487.13
transactions 4
Saudi Basic Operating
Industries Corporation transactions
Total -- 1,163,741.84 984,634.05 1,384.65
The Proposal on Confirming the Actual Occurrence of Daily Related-Party Transactions in
approved at the 23rd meeting of the 6th Board of Directors held on April 24, 2025, and
subsequently passed at the 2024 General Meeting of Shareholders. For details, please refer
to the Announcement on Confirming the Actual Occurrence of Daily Related Party
Relevant decision-making
Transactions in 2024 and Estimating Daily Related-Party Transactions for 2025
procedures
(Announcement No.: 2025-016), published on April 25, 2025, in Securities
Times, Securities Daily, China Securities Journal, Shanghai Securities News, and on the
website of Juchao Information (http://www.cninfo.com.cn). The company strictly conducts
relevant business in accordance with the resolution approved in the aforementioned
meetings.
The company is capable of implementing effective business control, fund management,
Fund security safeguard measures and risk mitigation. Should any unfavorable factors be identified or assessed, timely
measures will be taken to manage or reduce risks, ensuring the security of funds.
Rongsheng Petrochemical Co., Ltd.
Chairman: Li Shuirong
August 21, 2025
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