Full text of 2026 Semi-Annual Report
Full text of 2026 Semi-Annual Report
Section I Important Notice, Table of Contents and Definitions
The Board of Directors, the Directors and Senior Management of the
Company warrant 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 will severally and jointly accept legal responsibility
for such contents.
Mr. Li Shuirong, Principal of the Company, Ms. Wang Yafang, Person in
Charge of Accounting Work, and Ms. Zhang Shaoying, Person in Charge of the
Accounting Department (Accounting Officer), hereby declare that they warrant
the truthfulness, accuracy, and completeness of the financial report in this semi-
annual report.
All Directors have attended the Board meeting to deliberate on the report.
The Company does not plan to distribute cash dividends, issue bonus shares
or convert capital reserves into share capital.
This semi-annual report has been prepared in both Chinese and English. In
case of any discrepancy between the two versions, the Chinese version shall
prevail.
Full text of 2026 Semi-Annual Report
Contents
Full text of 2026 Semi-Annual Report
Contents of Documents for Future Reference
(I) The financial statements containing signatures and seals of the person in charge of the Company, the person
in charge of accounting work and the person in charge of the Accounting Department (Accounting Officer);
(II) Written confirmation from Directors and Senior Management of the Company on the 2026 Semi-Annual
Report;
(III) The originals of all company documents and announcements that are disclosed to the public via media
designated by CSRC during the reporting period;
(IV) The place where the above-mentioned documents are maintained: Office of the Board of Directors.
Full text of 2026 Semi-Annual Report
Definitions
Term Refers to Definition
Company, the Company,
Refers to Rongsheng Petrochemical Co., Ltd.
Rongsheng Petrochemical
Zhejiang Rongsheng Holding Group Co., Ltd., controlling shareholder of the
Rongsheng Holdings Refers to
Company
Zhejiang Rongtong Logistics Co., Ltd., a subsidiary of the Company's controlling
Rongtong Logistics Refers to
shareholder
Saudi Arabian Oil Company, a shareholder holding 5% or more of the
Saudi Aramco Refers to
Company’s shares
ZPC Refers to Zhejiang Petroleum & Chemical Co., Ltd., a subsidiary of the Company
Zhongjin Petrochemical,
Refers to Ningbo Zhongjin Petrochemical Co., Ltd., a subsidiary of the Company
ZJPC
Yisheng Investment Refers to Dalian Yisheng Investment Co., Ltd., a subsidiary of the Company
Shengyuan Chemical Fiber Refers to Zhejiang Shengyuan Chemical Fiber Co., Ltd., a subsidiary of the Company
Rongxiang Chemical Fiber Refers to Rongxiang Chemical Fiber Co., Ltd., a subsidiary of the Company
Hong Kong Shenghui Refers to Hong Kong Shenghui Co., Ltd., a subsidiary of the Company
Yongsheng Technology Refers to Zhejiang Yongsheng Technology Co., Ltd., a subsidiary of the Company
Rongsheng New Materials
Refers to Rongsheng New Materials (Zhoushan) Co., Ltd., a subsidiary of the Company
(Zhoushan)
Rongsheng (Singapore) Refers to Rongsheng Petrochemical (Singapore) Pte. Ltd., a subsidiary of the Company
Zhejiang Yisheng Refers to Zhejiang Yisheng Petrochemical Co., Ltd., an associate of the Company
Hengyi Trading Refers to Ningbo Hengyi Trading Co., Ltd., an associate of the Company
Zhejiang Yisheng New Materials Co., Ltd., a controlled subsidiary of Zhongjin
Yisheng New Materials Refers to
Petrochemical
Niluoshan New Energy Refers to Ningbo Niluoshan New Energy Co., Ltd., a subsidiary of Zhongjin Petrochemical
Yisheng Dahua Refers to Yisheng Dahua Petrochemical Co., Ltd., a subsidiary of Yisheng Investment
Hainan Yisheng Refers to Hainan Yisheng Petrochemical Co., Ltd., an associate of Yisheng Investment
The Securities Regulatory
Refers to China Securities Regulatory Commission
Commission, CSRC
Stock Exchange, SZSE Refers to Shenzhen Stock Exchange
Yuan, 10,000 yuan Refers to RMB, RMB 10,000.00
Reporting period Refers to January 1, 2026 to June 30, 2026
Full text of 2026 Semi-Annual Report
Section II Company Profile and Key Financial Indicators
I. Company Profile
Stock abbreviation Rongsheng Petrochemical Stock code 002493
Abbreviation before change (if
None
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 the foreign
RONGSHENG PETROCHEMICAL CO., LTD.
language (if any)
Company abbreviation in foreign
RSPC
language (if any)
Company’s legal representative Li Shuirong
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, website, email address and other contact
information changed during the reporting period
□ Applicable R Not applicable
The Company’s registered address, office address and postal code, website, email address and other contact
information remained unchanged during the reporting period. For details, please refer to the 2025 Annual Report.
Whether the information disclosure channels and the place where the report is available changed during the reporting
period
□ Applicable R Not applicable
Full text of 2026 Semi-Annual Report
The website of the stock exchange on which the Company discloses its semi-annual report, the names and websites
of the media selected by the Company for information disclosure, and the place where the Company’s semi-annual
report is available remained unchanged during the reporting period. For details, please refer to the 2025 Annual
Report.
Whether other relevant information changed during the reporting period
□ Applicable R 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 R No
Increase or decrease of
Same reporting period this reporting period
This reporting period
of the previous year compared with the
previous year
Operating revenue (RMB) 129,406,713,606.78 148,629,350,935.50 -12.93%
Net profit attributable to shareholders of the
listed company (RMB)
Net profit attributable to shareholders of the
listed company excluding non-recurring 5,343,525,369.10 754,957,891.58 607.79%
profit or loss (RMB)
Net cash flow from operating activities
(RMB)
Basic earnings per share (RMB per share) 0.53 0.06 783.33%
Diluted earnings per share (RMB per share) 0.53 0.06 783.33%
Weighted average return on net assets 11.13% 1.37% 9.76%
Increase or decrease at
the end of this
At the end of this
At the end of 2025 reporting period
reporting period
compared with the end
of the previous year
Total assets (RMB) 402,822,539,719.62 386,633,124,294.10 4.19%
Net assets attributable to shareholders of the
listed company (RMB)
V. Differences in Accounting Data under Domestic and Foreign Accounting Standards
accounting standards and China’s accounting standards
□ Applicable R Not applicable
In the reporting period of the Company, there is no difference in the net profit and net assets disclosed in the financial
report under international accounting standards and China’s accounting standards.
Full text of 2026 Semi-Annual Report
standards and China’s accounting standards
□ Applicable R Not applicable
In the reporting period of the Company, there is no difference in the net profit and net assets disclosed in the financial
report under foreign accounting standards and China’s accounting standards.
VI. Items and Amounts of Non-recurring Profit or Loss
RApplicable □ Not applicable
Unit: RMB
Item Amount
Profit or loss on disposal of non-current assets (including the write-off part of the provision for asset
impairment)
Government grants included in the current profit or loss (excluding those closely related to the Company's
normal business operations, granted in accordance with national policies, based on certain standards, and 13,985,643.04
having a continuous impact on the Company’s profit and losses)
Profit or loss arising from changes in the fair value of financial assets and financial liabilities held by non-
financial enterprises, and gains or losses arising from the disposal of financial assets and financial liabilities, -359,403,400.67
except for effective hedging activities related to the Company’s normal business operations
Fund occupation fees charged to non-financial enterprises and recognized in current profit or loss 153,396.22
Profit or loss from entrusted investment or asset management 143,013.70
Other non-operating income and expenses other than the items set out above -410,642.51
Other profit or loss items falling within the definition of non-recurring gain or loss 4,022,688.71
Less: Effect of income tax -58,116,873.86
Effect on non-controlling interests (after tax) -44,787,981.32
Total -232,872,816.14
Other gain/loss items falling within the definition of non-recurring gain or loss:
□ Applicable R Not applicable
The Company has no other gain/loss items falling within the definition of non-recurring gain or loss
Explanation of the circumstances in which the non-recurring profit or loss items listed in the Explanatory
Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public - Non-
recurring Gains and Losses are defined as recurring gains and losses.
□ Applicable R Not applicable
The Company does not define any of the non-recurring profit or loss items listed in the Explanatory Announcement
No. 1 on Information Disclosure for Companies Offering Their Securities to the Public - Non-recurring Gains and
Losses as recurring gains and losses.
Full text of 2026 Semi-Annual Report
Section III Management Discussion and Analysis
I. Main Businesses of the Company during the Reporting Period
(I) Industry Overview during the Reporting Period
In the first half of 2026, spillover effects from geopolitical conflicts intensified, commodity price volatility
increased, global supply chains underwent profound adjustments, and inflation and tight monetary policies
continued to exert pressure. Nevertheless, the global economy did not stall. The IMF forecast global economic
growth of 3.0% for the full year, with growth expected to recover to 3.4% in the following year, demonstrating
continued resilience. As the US dollar fluctuated at elevated levels, the policies of major central banks gradually
took effect. Although the external environment remained complex, momentum for recovery continued to build.
Amid these changes, the Chinese economy consolidated its foundation through stability and broke new ground
through progress. GDP grew by 4.7% year on year, including growth of 5.0% in the first quarter and 4.3% in the
second quarter, remaining within a reasonable range. Industrial output increased steadily, the industrial structure
continued to be optimized and upgraded, foreign trade remained buoyant, and exports of chemicals emerged as a
strong growth driver. Through its stability, the Chinese economy provided an anchor of certainty amid global
changes; through structural progress, it accumulated long-term momentum for high-quality development.
Building on this momentum, the petrochemical industry expanded output to secure supply and made flexible
adjustments to navigate changes, fully leveraging its strengths across the entire industrial chain. Crude oil output
increased by 0.9% year on year, further strengthening the resource foundation. Processing volumes were flexibly
adjusted, while export value rose significantly, helping safeguard the stability of global supply chains. Driven by
improved cost pass-through and stronger exports, industry profitability rebounded markedly. In the first half of the
year, profit of industrial enterprises above designated size in the industry increased by 18.7% year on year, while
profit in the chemical manufacturing sector surged by 67.8%, opening up broader opportunities for high-quality
development.
(II) Main Products of the Company during the Reporting Period
Rongsheng Petrochemical is one of China’s leading privately owned petrochemical enterprises, principally
engaged in the research and development, production and sales of various petroleum products, chemicals and
polyester products. The Company has established seven major production bases in the Bohai Economic Rim, the
Yangtze River Delta Economic Circle and the Hainan “Belt and Road” Economic Circle, forging five major
industrial chains covering polyester, engineering plastics, new energy, high-end polyolefins and special rubber. It
is one of Asia’s major producers of polyester, new energy materials, engineering plastics and high value-added
polyolefins, and possesses the world’s largest production capacities for chemicals such as PX and PTA.
Through technological innovation, green transformation and strategic deployment, the Company actively
responds to national policy directions and advances its transformation and upgrading. The Company has actively
developed a differentiated, high-end and green product portfolio covering new energy, new materials, organic
chemicals, synthetic fibers, synthetic resins, synthetic rubber, petroleum products and other fields, substantially
realizing the transformation from “a drop of oil to everything in the world.” Building on its existing world-scale
integrated refining and chemical complex and comprehensive upstream and downstream supporting facilities, the
Company continues to upgrade and improve its new materials industrial chain, thereby developing a more
diversified and resilient product portfolio.
Full text of 2026 Semi-Annual Report
At present, the main products are shown in the following figure:
Note: products marked by dotted line / dotted box are products under planning.
(III) Management measures
Full text of 2026 Semi-Annual Report
starting point, deepen its strategic deployment, and accelerate its transformation and upgrading. During the reporting
period, the Board of Directors thoroughly implemented the new development philosophy and remained committed
to connecting with the world through openness, consolidating profitability through quality enhancement, driving
upgrading through digital and intelligent technologies, and achieving shared success through incentives. The
Company achieved operating revenue of RMB 129.407 billion in the first half of the year, with total profit reaching
RMB 10.86 billion, total assets reaching RMB 402.823 billion and EBITDA reaching RMB 24.705 billion.
Compared with the same period of the previous year, total assets grew by 4.9%, while total profit increased by
earnings quality.
Rongsheng Petrochemical has consistently pursued high-end, intelligent and green development, coordinating
its overall development through scientific decision-making and accelerating the quality and pace of its high-end
industrial deployment. The Company further deepened its strategic cooperation with Saudi Aramco, with the two
parties carrying out comprehensive collaboration in areas including crude oil supply assurance, technology research
and development, and overseas market expansion. The Company also plans to work with Saudi Basic Industries
Corporation (SABIC) to make strategic investments in advanced new materials projects, introduce internationally
advanced processes and core technology systems, and further stimulate the Company’s innovation vitality. The
Company’s international industrial cooperation continued to deepen and deliver substantive results.
Strengthening the Foundation
Rongsheng Petrochemical has consistently focused on its core petrochemical business, fully leveraging its
integrated advantages across the entire industrial chain. Internally, the Company continued to tap into its potential
for cost reduction and efficiency improvement. It advanced the tank farms and terminal engineering of the Jintang
Crude Oil Storage and Transportation Base in an orderly manner, significantly strengthening the resilience of its
logistics and storage operations. The Company also accelerated the Zhoushan-Ningbo Petrochemical Base
Interconnection Pipeline Project to achieve efficient coordination and connectivity among its three major production
bases.
Units under ZPC’s High-performance Resin Project were successively put into operation, further expanding
the Company’s production capacity for high-end chemical materials. At the Jintang New Materials Project in
Zhoushan, the offshore high-altitude lifting of China’s heaviest petrochemical pipe rack was successfully completed.
The Company continued to make solid progress in extending its industrial chain toward high-value-added products,
generating increasingly strong momentum for transformation and upgrading.
Fruitful Results
Rongsheng Petrochemical has consistently placed innovation at the core of its development, with its research
and development investment intensity continuing to lead the industry. ZPC received multiple honors, including
recognition as a “Manufacturing Single Champion Enterprise” and a “Provincial Advanced Intelligent Factory.” Its
digitalization case was selected as an outstanding industry case, and its strong digital management capabilities
received authoritative recognition.
The Jintang New Materials Project pioneered an integrated construction model and set a new domestic record
for large-tonnage offshore lifting. Driven by digital and intelligent transformation together with engineering
innovation, the Company accelerated the conversion of innovation achievements into actual productive forces,
further consolidating its leading position in the petrochemical new materials sector.
Full text of 2026 Semi-Annual Report
Rongsheng Petrochemical has consistently implemented its strategy of strengthening the Company through
talent, establishing an employee incentive system and consolidating the foundation for talent development. The
Company formulated the Remuneration Management System for Directors and Senior Management, which is
aligned with its sustainable development. It scientifically determined remuneration allocation ratios across different
levels, with greater emphasis placed on key positions, frontline production employees, and urgently needed high-
level and highly skilled talent, while effectively improving the remuneration of general employees.
The Company launched its first Employee Stock Ownership Plan since its listing, with a total of 1,404
employees participating and aggregate funds of RMB 1.7 billion raised. The diversified and long-term incentive
mechanisms have fully stimulated the initiative and creativity of the management team and employees.
(IV) Operational synergy
Rongsheng Holdings ranks 115th on the Fortune Global 500 list, 32nd among the Top 500 Chinese Enterprises,
The Group currently owns listed companies including Rongsheng Petrochemical (stock code: 002493) and Ningbo
United (stock code: 600051), and operates in a wide range of sectors, including upstream oil and gas and trading,
coal, logistics, equipment manufacturing, process engineering technology, real estate and venture capital. Rongtong
Logistics, a subsidiary of the Group, is a national AAAA-level logistics enterprise with a mature and stable carrier
cooperation and operating platform. Suzhou Shenghui Equipment Co., Ltd., a company controlled by the Group,
specializes in the design, manufacture and sale of pressure vessels, cryogenic equipment, spherical tanks and marine
equipment. Shanghai Huanqiu Engineering Co., Ltd., an investee company of the Group, has extensive experience
in engineering, procurement and construction (EPC). A number of projects invested in by Zhejiang Rongsheng
Venture Investment Co., Ltd. have not only generated sound economic returns but also promoted synergy across
the industrial chain. In addition, a number of other investments are progressing steadily.
Rongsheng Petrochemical and Saudi Aramco are positioned upstream and downstream of each other within
the industry and have established a solid foundation for cooperation. The two parties will conduct comprehensive
consultations and cooperation in areas including: ① Frontier technology sharing and cooperation: The two parties
will engage in sincere discussions on leveraging their respective strengths to achieve technological complementarity,
jointly develop new technologies, processes and equipment that meet future market demand, promote their
application in the market, and share the necessary research and development resources. ② Stable crude oil supply
assurance: Saudi Aramco has committed to supplying ZPC with 480,000 barrels per day of high-quality crude oil
and providing the Company with production feedstocks including naphtha, mixed xylene and straight-run fuel oil.
③ Interest-free purchase credit facility: Saudi Aramco will provide an interest-free purchase credit facility for a
term of 20 years in an amount of not less than USD 800 million. The credit facility may be increased during the
cooperation period, which will help improve ZPC’s capital utilization efficiency and have a positive impact on its
profitability. ④ Flexible cooperation in crude oil storage: The parties will engage in amicable consultations
regarding the Company’s provision of crude oil storage tanks and related facilities located in Zhoushan to Saudi
Aramco. Saudi Aramco will maintain crude oil inventories of not less than 1.5 million metric tons, helping safeguard
ZPC’s crude oil supply. ⑤ Extensive global sales channels: By leveraging Saudi Aramco’s overseas sales channels,
the Company can further expand the international market for its products and deepen strategic cooperation with
overseas customers. Similarly, by leveraging the resources that the Company has developed over many years, Saudi
Aramco can rapidly gain access to the relevant international and domestic markets.
The combination of the respective strengths of the two parties enables the forward positioning of raw material
supplies and the expansion of global sales channels, promotes resource sharing and industrial chain synergy, and
Full text of 2026 Semi-Annual Report
facilitates the joint development of a mutually beneficial industrial ecosystem. As a practitioner of the Belt and
Road Initiative, Rongsheng Petrochemical is driven by both “going global” and “bringing in.” The Company has
established a strategic foothold in the Middle East and developed a supply chain network around the Indian Ocean,
while attracting long-term investments from international strategic investors into China, thereby injecting sustained
vitality into its continued 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 is located in Zhoushan, a part of East China, which is
the main consumer of terminal chemicals. The Yangtze River Delta contains about 70% of China's production
capacity of plastics and chemical fibers, with obvious regional advantages. Located in Zhejiang Free Trade Zone,
ZPC enjoys various preferential policies in the free trade zone and has continuously obtained the export quota of
refined oil; Yushan Island, where it is located, is an uninhabited island. Therefore, it is convenient for development
and utilization, and will have little impact on the surrounding society and broad development space in the future;
Being close to the consumer market, ZPC enjoys a prominent position advantage as a sea-land hub at the Ningbo-
Zhoushan port with convenient access to bulk materials and products, and a significantly low transportation cost.
Industrial AI has been deeply integrated into the core aspects of ZPC’s production and operations. ZPC has
constructed a new industrial intelligence system centered on "intelligent instrumentation + predictive maintenance
+ data governance," significantly enhancing production efficiency through data analysis and AI technologies. ZPC
has deployed an industrial control system with a scale of up to 1 million I/O points, fully supporting the synergistic
improvement of production efficiency, economic benefits, and safety levels, while driving the sustainable
development of the upstream and downstream industrial chains. Relying on over 1 million online instruments for
real-time monitoring of production processes, combined with robotic inspection, whole-process intelligent control
Full text of 2026 Semi-Annual Report
systems, and intelligent safety risk control for the entire hazardous chemical transportation chain, ZPC has achieved
a unit operation stability rate of ≥98.5% and an automatic control rate for major refining and chemical units of ≥
comprehensively promoted the informationized, visualized, and intelligent management of safety access for
personnel, vehicles, and materials.
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
successfully achieved its first industrial application on ZPC’s 2# disproportionation unit (3.5 million tons/year).
This catalyst features the excellent "Three Highs" characteristics of simultaneous high space velocity, high
selectivity, and a high conversion rate of heavy aromatics, while demonstrating superior operational stability. Its
comprehensive performance and technical indicators have reached the current advanced industry levels, enabling
import substitution. This reflects a staged progress in the Company's R&D and innovation capabilities and is of
great significance for continuously enhancing the operation of aromatics units, improving raw material conversion
efficiency, and achieving energy conservation and carbon reduction.
As the expansion area of the Zhoushan Green Petrochemical Base, Rongsheng New Materials (Zhoushan)
relies on ZPC and Ningbo Zhongjin Petrochemical to extend the industrial chain downstream and develop fine
chemicals and new chemical materials. The interconnection planning among ZPC, Zhongjin Petrochemical, and
Jintang New Materials is a core strategy for Rongsheng Petrochemical to build a synergetic development of the
entire industrial chain of "refining-aromatics-high-end new materials." Through infrastructure interconnection,
industrial chain extension, and policy coordination, a cross-regional deep integration system has been established.
Specifically, ZPC has deployed crude oil storage and transportation base tank farms and terminal engineering in
Jintang, as well as the Zhoushan-Ningbo Petrochemical Base interconnection pipeline project, which will coordinate
and integrate storage resources for crude oil and various chemical products, achieving efficient connectivity among
ZPC, Zhongjin Petrochemical, and the Jintang New Materials project through dedicated pipelines. At present, the
project has commenced construction, and relevant work is progressing in an orderly manner according to plan.
The Company's four major PTA production bases—Yisheng New Materials, Yisheng Dahua, Hainan Yisheng,
and Zhejiang Yisheng—have a combined total production capacity of 21.5 million tons, firmly ranking first in the
world in terms of scale. Relying on the integrated layout of the entire industrial chain, the Company's PTA sector
has established significant competitive advantages in terms of upstream and downstream integrated synergy,
logistics, and economies of scale. In terms of upstream and downstream synergy, the Company is equipped with
upstream PX capacity, achieving a high proportion of self-sufficiency in the core raw material PX; downstream, it
extends to cover products such as polyester bottle chips, filaments, and films, with a prominent industrial chain
linkage effect. Regarding logistics, each base is adjacent to premium coastal deep-water ports such as Ningbo and
Dalian, equipped with large-scale dedicated terminals and transmission pipelines. Through modes such as pipeline
transportation and direct ship-to-shore delivery, the comprehensive transportation cost is effectively reduced.
Meanwhile, the proximity to downstream polyester textile industrial clusters further enhances production and sales
response efficiency.
Full text of 2026 Semi-Annual Report
Since the construction of the first private PTA production line in 2002, the Company has adhered to
independent innovation, successively developing and building the first domestic PTA process package and
production units with independent intellectual property rights. It has achieved the first localized application of core
equipment such as large-scale oxidation reactors and high-speed pumps, breaking the long-term dependence of
China's PTA industry on imported complete sets of patented technologies and driving the leapfrog development of
a large number of domestic equipment manufacturers. Meanwhile, the Company continues to carry out
technological upgrades to existing equipment to improve production efficiency and product quality, while
continuously optimizing raw material consumption to ensure efficient resource utilization.
The Company has established a comprehensive polyester capacity system covering polyester filament,
polyester bottle chips, and polyester film, forming a well-structured and highly efficient industrial layout. In the
field of polyester filament, the Company primarily operates through two major production bases: Shengyuan
Chemical Fiber and Rongxiang Chemical Fiber, with a total filament capacity ranking among the top players in
China. Notably, Shengyuan Chemical Fiber empowers traditional production lines with digitalization to create "dark
factories" and realize "replacement of humans with machines," and has been awarded the "Intelligent Manufacturing
Excellent Scenario" by the Ministry of Industry and Information Technology. In the field of polyester film, the main
production base is Yongsheng Technology, with an annual capacity of 430,000 tons, ranking among the top four in
China. Through the development of differentiated products, its product competitiveness and market influence
continue to increase. In the field of polyester bottle chips, the Company leverages its industrial chain integration
advantages to continuously tap potential and increase efficiency. The current capacity for polyester bottle chips
reaches 5.3 million tons per year, ranking second in the world and first in China. Relying primarily on the production
bases of Yisheng Dahua and Hainan Yisheng, the Company consumes a portion of its PTA capacity locally,
effectively strengthening industrial chain synergy and significantly enhancing overall profitability and
comprehensive competitive advantages. Furthermore, Hainan Yisheng possesses an r-PET capacity of 50,000 tons
per year. Its products have passed the U.S. Food and Drug Administration (FDA) certification, confirming that they
can be used to produce PET containers with up to 100% recycled content for all types of food contact. Hainan
Yisheng has established a differentiated advantage in the fields of green, low-carbon, and circular economy, and
was successfully selected as a "National Green Factory."
II. Analysis of Core Competitiveness
As one of the world’s leading chemical materials manufacturers, Rongsheng Petrochemical is a major global
producer of polyester, new energy materials, engineering plastics and high value-added polyolefins. The ZPC
refining and chemical integration project, which is primarily operated by the Company, has 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, and
maintains a globally leading level of refining and chemical integration. In 2026, the Company’s global brand value
and industry influence continued to increase steadily. In May 2026, Rongsheng Petrochemical was included in the
Brand Finance Chemicals 25 ranking for the seventh consecutive year and retained fifth place globally, making it
the only Chinese brand among the top five. In July 2026, Chemical & Engineering News (C&EN) released its “2026
Global Top 50 Chemical Companies” ranking, in which Rongsheng Petrochemical ranked 17th. In 2025, Rongsheng
Petrochemical also received recognition in a number of authoritative global industry rankings, ranking ninth in the
ICIS Top 100 Chemical Companies and seventh globally in the Chemical Week Billion-Dollar Club ranking. In
terms of sustainable development, the Company continued to lead the industry, maintaining an MSCI ESG rating
of A and achieving industry-leading performance in carbon reduction, water resource management and corporate
governance. Through its comprehensive sustainability capabilities, the Company continued to shape a high-quality
and sustainable long-term development model.
Full text of 2026 Semi-Annual Report
(I) Comprehensive Industrial Synergy Advantages
Through years of development and refinement, the Company has seized opportunities arising from industry
adjustments and achieved rapid growth, establishing a business model that spans “from a drop of oil to everything
in the world.” By extending the industrial chain, the Company has effectively reduced operating costs, established
complementary upstream and downstream operations, and enhanced its sustainable profitability and risk resilience.
Building on the complete polyester industrial chains of ZPC’s controlling shareholder, Rongsheng Petrochemical,
and its shareholder, Tongkun Group, ZPC successfully completed the final link in the entire process “from a drop
of oil to a filament,” creating significant advantages through the integration of the upstream and downstream
polyester industry and generating strong synergies with its shareholders across other industrial chains.
The interconnection between the Zhoushan Green Petrochemical Base and the Ningbo Petrochemical Base
enables the coordinated development of the two major bases. Pipeline transportation significantly reduces the risks
and costs associated with marine and road transportation. Large quantities of light hydrocarbon feedstocks generated
as by-products at the Ningbo Petrochemical Base can be transported by pipeline to the Zhoushan Green
Petrochemical Base and used as high-quality ethylene feedstocks, while surplus petroleum products from the
Zhoushan Green Petrochemical Base can be transported to the Ningbo Petrochemical Base and used as high-quality
feedstocks for aromatics production.
The ZPC project is equipped with supporting facilities capable of securing the crude oil supply required for
both phases of the project. The Mamu Crude Oil Depot and the Yushan Island Crude Oil Depot have a combined
storage capacity of 4.6 million cubic meters, representing the largest dedicated storage capacity supporting a refining
and chemical project in China. As China’s most concentrated resource allocation hub for oil and gas enterprises,
the Zhejiang Free Trade Zone has more than 30 million cubic meters of oil storage capacity at locations including
Cezi Island and Waidiao Island. Most of its oil pipeline networks are interconnected, enabling local transportation
and transfer. The Company is advancing the tank farm and terminal projects of the Jintang Crude Oil Storage and
Transportation Base. The project includes three new 300,000-dwt oil berths with a designed annual throughput of
annual turnover of 50 million tons. Upon completion of the project, the economies of scale arising from large-
volume inbound and outbound transportation and rapid turnover of terminal throughput and crude oil reserves will
gradually become evident, effectively generating both economic and social benefits.
(II) Distinctive Location Advantages
Along China’s eastern coastline, the Company’s production bases are primarily located in Dalian, Liaoning
Province, within the Bohai Economic Rim; Ningbo and Zhoushan, Zhejiang Province, within the Yangtze River
Delta Economic Circle; and Haikou, Hainan Province, along the Belt and Road Economic Belt and the Maritime
Silk Road. Each production base is adjacent to high-quality ports, connected to waterways and equipped with
comprehensive terminal facilities. The principal and auxiliary raw materials required for the Company’s production
can be unloaded and stored at chemical terminals constructed or leased by the Company, greatly facilitating the
transportation of bulk raw materials and inventory adjustments.
The ZPC project is located in a major consumption region for petroleum and chemical products, and its
principal products are well suited to market demand. Its chemical products primarily target East China and South
China, which are among China’s most economically developed regions and have the most active downstream
markets for petrochemical products. Related industries, including plastics processing, light manufacturing and
household chemicals, are well developed in these regions, providing strong market demand for bulk petrochemical
products. The Company has diversified sales channels for refined oil products, strong policy support and evident
competitive advantages. The Ministry of Commerce formally approved ZPC’s qualification to export refined oil
products through non-state trading. As the first privately owned refining and chemical enterprise to obtain such
Full text of 2026 Semi-Annual Report
export rights, ZPC took the lead in opening a sales channel into Southeast Asia. Against the backdrop of excess
domestic refined oil supply, ZPC’s refined oil export rights are scarce and highly valuable.
(III) Outstanding Strategic Deployment Advantages
The management team has keen investment insight, accurately determines the timing of project commissioning,
and possesses outstanding investment and financing capabilities. The Company started its business in polyester
chemical fibers and established a solid foundation through years of development. Following the full commissioning
of ZPC’s 40-million-ton-per-year refining and chemical integration project in early 2022, ZPC became the world’s
largest single-site refinery. Leveraging the platform provided by the world’s largest single-site 40-million-ton
refining and chemical integration project, the Company accelerated its deployment in downstream chemical new
materials. Focusing on new energy and high-end materials, the Company developed a range of new energy and new
materials products, including EVA, POE, DMC, PC and ABS, continuously enriching its product portfolio. As new
projects progress steadily, the Company will expand its production capacities for new energy materials, renewable
plastics, specialty synthetic materials and high-end synthetic materials in an orderly manner, further accelerating its
transformation toward new materials.
(IV) Strong R&D and Innovation Advantages
The Company follows a technology research and development model driven by both “independent innovation”
and “open cooperation.” It has established first-class R&D platforms, including a high-tech R&D center, an
academician and expert workstation, an enterprise technology center and a postdoctoral research workstation. The
Company also actively engages in external technological exchanges and discussions, promotes integrated industry-
university-research cooperation, and brings together resources from universities, society and enterprises. Through
these initiatives, the Company works with its partners to improve research capabilities, advance technological
progress and jointly develop an open, healthy and mutually beneficial innovation ecosystem. In recent years, the
Company has continuously strengthened its research cooperation with domestic and international institutions, with
R&D investment increasing year by year and remaining at an industry-leading level.
The Company’s principal manufacturing enterprises are national high-tech enterprises with strong R&D
capabilities and extensive experience in process operations accumulated through long-term production management.
Bringing together domestic and international capabilities in industry, academia, research and application, the
Company conducts research and development through independent innovation and has established an integrated
achievement-maturation platform covering laboratory innovation, bench-scale testing, pilot testing and industrial
demonstration production. Leveraging its flexible systems and mechanisms and its complete industrial chain, the
Company addresses the difficulties faced by certain domestic research institutes in incubating and commercializing
research results despite their basic research capabilities. It has removed the final bottleneck between scientific
research achievements and their industrial application, promoted industrial technological innovation and upgrading,
and sought to secure technological leadership. These efforts drive the Company’s high-quality development toward
independent technologies, diversified raw materials, high-end products, green production and intelligent industrial
operations.
(V) Extensive Human Resources Advantages
The Company attaches great importance to corporate culture development and has established a positive
working environment and strong corporate cohesion. Through internal development and external recruitment, the
Company has assembled a stable team of core management, R&D and technical personnel. The Company places
considerable emphasis on developing its existing workforce. Based on its actual circumstances and overall planning,
it continuously expands employee selection and development platforms and establishes effective incentive
mechanisms. By improving employee remuneration and benefits, refining professional title assessment, and
clarifying promotion standards and reward mechanisms, the Company maintains a practical, proactive and capable
workforce. The Company dynamically evaluates employees’ overall capabilities through a combination of
Full text of 2026 Semi-Annual Report
assessments, performance appraisals and competitions. It has fostered a healthy competitive environment in which
employees learn from one another, strive to improve and compete for excellence. The Company emphasizes
assigning employees according to their individual strengths and placing them in suitable positions, ensuring that all
types of talent have opportunities to fully demonstrate their abilities.
In addition, the Company attaches great importance to talent and team management and adopts a two-pronged
approach involving internal incentives and external talent development. In terms of internal management, the
Company advances the development of three talent groups comprising Senior Management, high-potential
employees and professional specialists. It places particular emphasis on talent assessment and integrity education,
strengthens skills training and certification, and improves employees’ capabilities in all respects. In terms of external
talent development, the Company relies on industry-university-research cooperation platforms to actively recruit
highly educated and highly skilled talent, increase the proportion of high-caliber employees and provide new
momentum for its development.
(VI) Efficient Operational Management Advantages
The Company remains committed to institutional development and integrates digitalization, intelligent
technologies, standardization, process-based management and regulatory compliance into its corporate operations.
It actively strengthens information technology development, comprehensively integrates procurement, production,
inventory, sales and other business processes, and continuously enhances its rapid-response capabilities. Taking
into account its actual circumstances, the Company has established a comprehensive and effective management
system that clearly defines position responsibilities and workflows. Through refined management, the Company
has effectively reduced its operating costs. After years of effort, the Company’s information technology,
performance appraisal and credit management systems have reached industry-leading levels. Meanwhile, through
brand and corporate culture development, the Company has further strengthened its corporate cohesion and brand
influence.
III. Analysis of Main Business
Overview
For details, please refer to "I. Main Businesses of the Company during the Reporting Period".
Year-on-year Changes in Key Financial Data
Unit: RMB
Same period of the
This reporting period YoY change Reasons for changes
previous year
Operating revenue 129,406,713,606.78 148,629,350,935.50 -12.93%
Operating costs 109,671,529,657.63 128,878,959,937.59 -14.90%
Selling expenses 86,672,912.63 84,293,344.16 2.82%
Administrative
expenses
Financial expenses 3,031,712,215.69 3,209,956,264.91 -5.55%
Mainly due to the year-on-year
increase in total profit during the
Income tax expenses 1,599,910,333.55 178,317,788.37 797.22% current period, resulting in a
corresponding increase in income
tax expenses
R&D investment 2,242,542,374.59 2,369,091,695.16 -5.34%
Full text of 2026 Semi-Annual Report
Same period of the
This reporting period YoY change Reasons for changes
previous year
changes in net cash generated
Net cash flows from
operating activities
and taxes paid during the current
period
-20,365,844,227.94 Mainly due to increased
Net cash flows from expenditures on the purchase and
-16,060,371,106.87 -26.81%
investing activities construction of long-term assets
during the period
Net cash flows from 9,314,864,561.03 9,545,184,516.11 -2.41%
financing activities
Mainly due to increased cash
Net increase in cash
and cash equivalents
during the period
Whether the composition of the Company’s profit or sources of profit changed significantly during the reporting
period
□ Applicable RNot applicable
There were no significant changes in the composition of the Company’s profit or sources of profit during the
reporting period.
Composition of Operating Revenue
Unit: RMB
This reporting period Same period of the previous year
Proportion of Proportion of
YoY change
Amount operating Amount operating
revenue revenue
Total operating
revenue
By industry
Petrochemical
industry 106,081,941,876.06 81.98% 128,902,515,568.13 86.73% -17.70%
Polyester and
chemical fiber 13,289,684,977.32 10.27% 11,125,503,900.41 7.48% 19.45%
industry
Trade and
others
By product
Oil refining
products
Chemical
products
PTA 14,011,379,216.13 10.83% 15,754,125,991.87 10.60% -11.06%
Polyester,
chemical fiber
and film
products
Trade and
others
By region
Domestic 107,648,115,188.12 83.19% 133,658,202,665.65 89.93% -19.46%
Overseas 21,758,598,418.66 16.81% 14,971,148,269.85 10.07% 45.34%
Industries, Products or Regions Accounting for More Than 10% of the Company’s Operating Revenue or Operating
Profit
R Applicable □ Not applicable
Full text of 2026 Semi-Annual Report
Unit: RMB
YoY change
YoY change YoY change
Gross profit in gross
Operating revenue Operating costs in operating in operating
margin profit
revenue costs
margin
By industry
Petrochemical
industry
Polyester and
chemical fiber 13,289,684,977.32 12,389,188,913.52 6.78% 19.45% 13.05% 5.28%
industry
Trade and
others 10,035,086,753.40 9,105,290,834.68 9.27% 16.67% 10.55% 5.02%
By product
Oil refining
products
Chemical
products
PTA 14,011,379,216.13 13,962,271,439.42 0.35% -11.06% -11.11% 0.05%
Polyester,
chemical fiber
and film
products
Trade and
others
By region
Domestic 107,648,115,188.12 89,083,481,492.24 17.25% -19.46% -22.09% 2.79%
Overseas 21,758,598,418.66 20,588,048,165.39 5.38% 45.34% 41.56% 2.52%
Where the statistical basis for the Company’s main business data was adjusted during the reporting period, the
Company’s main business data for the most recent period as adjusted based on the statistical basis at the end of the
reporting period
□ Applicable R Not applicable
Full text of 2026 Semi-Annual Report
IV. Analysis of Non-main Businesses
R Applicable □ Not applicable
Unit: RMB
Proportion of
Amount Explanation of reasons Sustainable
total profit
Mainly due to gains from futures investments
Investment income 362,514,525.42 3.34% No
and investment income from associates
Gains/(losses) from Mainly due to changes in unrealized gains on
-292,395,250.55 -2.69% No
changes in fair value derivative financial assets
Mainly due to provisions for inventory write-
Asset impairment loss -1,070,657.02 -0.01% No
downs
Non-operating income 4,459,855.55 0.04% Mainly compensation income No
Non-operating Mainly miscellaneous non-recurring losses and
expenses donation expenses
Gains on disposal of
assets
Mainly due to provisions for bad debts on
Credit impairment loss 18,584,617.97 0.17% No
receivables
Mainly benefits under the VAT super-deduction
Other income 800,815,540.06 7.37% Yes
policy for advanced manufacturing enterprises
V. Analysis of Assets and Liabilities
Unit: RMB
At the end of this reporting period At the end of the previous year Explanation
Proportion Proportion Change in of
Amount of total Amount of total proportion significant
assets assets changes
Monetary funds 23,734,636,453.49 5.89% 13,499,669,478.84 3.49% 2.40%
Accounts
receivable
Inventories 32,009,662,550.09 7.95% 33,576,127,180.92 8.68% -0.73%
Investment
properties
Long-term
equity 9,446,006,115.38 2.34% 9,764,207,212.23 2.53% -0.19%
investments
Fixed assets 249,424,094,904.07 61.92% 259,757,528,525.39 67.18% -5.26%
Construction in
progress
Right-of-use
assets
Short-term
borrowings
Contract
liabilities
Long-term
borrowings
Lease liabilities 42,251,995.26 0.01% 0.01%
Non-current
liabilities due 37,100,487,475.75 9.21% 35,466,338,269.58 9.17% 0.04%
within one year
Full text of 2026 Semi-Annual Report
□ Applicable R Not applicable
R Applicable □ Not applicable
Unit: RMB
Item Beginning balance Ending balance
Financial assets
including derivative financial assets)
Subtotal of financial assets 278,828,802.69 192,305,512.54
Financial liabilities 254,957,356.99 242,510,513.90
Whether there were any significant changes in the measurement attributes of the Company’s major assets during
the reporting period
□ Yes R No
Unit: RMB
Closing gross carrying
Item Reason for restriction
amount
Letters of credit, bank acceptance bills, letters of guarantee, loan security
Monetary funds 568,401,314.82
deposits and funds in transit
Fixed assets 294,528,079,475.45 Mortgaged as security for borrowings and letters of credit
Construction in
progress
Intangible assets 6,136,663,519.99 Mortgaged as security for borrowings and letters of credit
Total 317,817,071,829.24
VI. Analysis of Investments
R Applicable □ Not applicable
Investment during the reporting Investment during the same period of
Change
period (RMB) the previous year (RMB)
□ Applicable R Not applicable
□ Applicable R Not applicable
(1) Securities Investments
□ Applicable R Not applicable
The Company had no securities investments during the reporting period.
Full text of 2026 Semi-Annual Report
(2) Derivatives Investments
R Applicable □ Not applicable
R Applicable □ Not applicable
Unit: RMB 10,000
Percentage
of ending
Gains/
investments
(losses) Cumulative Purchases
Sales to the
Type of Initial from changes in during
Beginning during the Ending Company’s
derivatives investment changes in fair value the
balance reporting balance net assets
investment amount fair value recognized reporting
period at the end
during the in equity period
of the
period
reporting
period
Forward foreign
exchange 23,158.30 -9,622.21 14,596.82 0.31%
contracts
Paper futures
-20,771.15 -19,617.32 -19,617.32 -0.41%
contracts
Total 2,387.15 -29,239.53 -5,020.50 -0.10%
Explanation of
the accounting
policies and
specific
accounting
principles for
hedging
activities during
the reporting No
period, and
whether there
were any
significant
changes
compared with
the previous
reporting period
Explanation of
actual profit or
The Company recorded an actual investment loss of RMB 359.4034 million during the reporting period
loss during the
reporting period
Explanation of
hedging N/A
effectiveness
Sources of
funds for
Self-owned funds
derivatives
investments
(I) Risk Analysis of Commodity Futures Hedging Business
Risk analysis 1. Risk of Abnormal Price Fluctuations: In theory, futures and spot prices of each traded product should converge during
and control the delivery period. However, under rare irrational market conditions, futures and spot prices may fail to converge, which
measures for could adversely affect the Company’s hedging arrangements and even result in losses.
derivatives 2. Liquidity Risk: Excessive capital investment in futures trading may create liquidity risk and may even result in actual
positions held losses due to forced liquidation if margin calls cannot be met in a timely manner. Inactive trading may also make
during the transactions difficult to execute, giving rise to liquidity risk.
reporting period
(including but
controls may result in unexpected losses.
not limited to
market risk, 4. Credit Risk: If prices fluctuate significantly against a counterparty, the counterparty may breach relevant contractual
liquidity risk, provisions or cancel the contract, resulting in losses to the Company.
credit risk, 5. Legal Risk: Changes in relevant laws and regulations, or violations thereof by counterparties, may prevent contracts
from being performed as intended and cause losses to the Company.
Full text of 2026 Semi-Annual Report
Percentage
of ending
Gains/
investments
(losses) Cumulative Purchases
Sales to the
Type of Initial from changes in during
Beginning during the Ending Company’s
derivatives investment changes in fair value the
balance reporting balance net assets
investment amount fair value recognized reporting
period at the end
during the in equity period
of the
period
reporting
period
operational risk (II) Risk Control Measures Proposed for Commodity Futures Hedging Business
and legal risk) 1. The Company matches its futures hedging activities with its operating activities to hedge against price fluctuation risks.
Futures hedging is limited to futures products related to the raw materials or products required for the Company’s
operations.
established design principles and specific approval authorities for hedging plans. Hedging activities are conducted solely
to mitigate commodity price risks and do not involve speculation or arbitrage. The hedged volume may not exceed the
volume of actual spot transactions, and futures positions may not exceed the corresponding spot volume being hedged.
regulations, the Company has formulated the Commodity Futures Hedging Management System to govern futures
activities and minimize operational risks arising from inadequate systems or improper procedures.
trading activities. In the event of a system failure, corresponding measures will be taken promptly to mitigate losses.
(III) Risk Analysis of Foreign Exchange Derivatives Trading
costs incurred after locking in exchange rates or interest rates may exceed those that would have been incurred without
such arrangements, resulting in potential losses.
control mechanisms may give rise to risks.
to suppliers, may affect the Company’s cash flows and cause the timing or amount of actual cash flows to differ from those
of executed foreign exchange derivatives transactions.
Collection Forecast Risk: The Company generally forecasts payments and collections based on purchase orders, customer
orders and expected orders. During actual execution, suppliers or customers may adjust their orders or forecasts, resulting
in inaccurate collection forecasts and delayed settlement of executed foreign exchange derivatives transactions.
contracts from being performed as intended and cause losses to the Company.
(IV) Risk Control Measures Proposed for Foreign Exchange Derivatives Trading
exchange derivatives transactions for speculative purposes. All such transactions must be based on normal production and
operations, supported by specific business activities, and conducted for the purpose of avoiding and preventing exchange
rate or interest rate risks. The system clearly stipulates operating principles, approval authorities, internal review
procedures, responsible departments and personnel, information segregation measures, internal risk reporting and risk
handling procedures. It complies with relevant regulatory requirements, meets operational needs and provides effective
risk control measures.
management roles and responsibilities, with accountability assigned to specific individuals. Tiered management
fundamentally prevents the risk of operations being conducted by a single person or department and improves the speed
of risk response while maintaining effective risk control.
legal qualifications and closely monitors relevant laws and regulations to mitigate potential legal risks.
Full text of 2026 Semi-Annual Report
Percentage
of ending
Gains/
investments
(losses) Cumulative Purchases
Sales to the
Type of Initial from changes in during
Beginning during the Ending Company’s
derivatives investment changes in fair value the
balance reporting balance net assets
investment amount fair value recognized reporting
period at the end
during the in equity period
of the
period
reporting
period
Changes in the
market prices or
fair values of
invested
derivatives
during the
reporting
The Company measures hedging investments at fair value. Forward foreign exchange contracts are generally valued based
period,
on prices provided by or obtained from banks and other pricing service providers. Fair value is measured and recognized
including the
monthly, while the transaction price of futures represents their fair value.
specific
methods used to
analyze fair
value and the
assumptions and
parameters
applied
Litigation status
None
(if applicable)
Disclosure date
of the Board
announcement
approving April 28, 2026
derivatives
investments (if
any)
Disclosure date
of the
announcement
of the general
meeting of
May 22, 2026
shareholders
approving
derivatives
investments (if
any)
The Company is required to comply with the disclosure requirements for the chemical industry under the Self-Regulatory Guidelines
for Companies Listed on the Shenzhen Stock Exchange No. 3—Industry Information Disclosure.
At its fifth meeting of the seventh Board of Directors held on April 26, 2026, the Company reviewed and
approved the Proposal on Conducting Futures Hedging Business for 2026, which was subsequently approved at the
Futures Hedging Business for 2026 (Announcement No. 2026-010), published on April 28, 2026 in Securities Times,
Securities Daily, China Securities Journal and Shanghai Securities News and on CNINFO
(http://www.cninfo.com.cn). The Company conducts the relevant business strictly in accordance with the proposal
approved at the aforementioned meetings.
□ Applicable R Not applicable
The Company had no derivatives investments for speculative purposes during the reporting period.
Full text of 2026 Semi-Annual Report
□ Applicable R Not applicable
The Company did not use any raised funds during the reporting period.
VII. Sales of Major Assets and Equities
□ Applicable R Not applicable
The Company did not sell any major assets during the reporting period.
□ Applicable RNot applicable
VIII. Analysis of Major Subsidiaries and Associates
R Applicable □ Not applicable
Major subsidiaries and associates with an impact of 10% or more on the Company’s net profit
Full text of 2026 Semi-Annual Report
Unit: RMB10,000
Company
Company name Main business Registered capital Total assets Net assets Operating income Operating profit Net profit
type
Zhejiang
Production, sales, storage
Petroleum &
Subsidiary and transportation of RMB58,800,000,000 29,963,191.33 10,864,611.62 9,352,144.39 965,416.39 827,462.04
Chemical Co.,
petroleum products, etc.
Ltd.
Ningbo Zhongjin Production and sales of
Petrochemical Subsidiary chemical products and RMB6,000,000,000 2,711,714.85 440,074.94 1,016,356.49 12,153.08 9,663.12
Co., Ltd. petroleum products
Dalian Yisheng Project investment,
Investment Co., Subsidiary domestic trade, import and RMB 2,018,000,000 1,873,458.05 550,789.78 1,083,936.87 43,339.45 37,855.86
Ltd. export of goods
Yisheng Dahua Production and sales of
Petrochemical Subsidiary PTA and polyester bottle RMB2,456,450,000 1,691,313.63 484,113.24 1,083,936.87 26,048.65 20,565.98
Co., Ltd. chips
Zhejiang Yisheng
Production and sales of
New Materials Subsidiary RMB3,000,000,000 1,111,019.45 129,654.97 1,396,845.92 -14,302.51 -14,945.50
PTA
Co., Ltd.
Zhejiang Yisheng
Production and sales of
Petrochemical Associate USD 514,447,100 2,164,782.60 627,138.74 1,334,250.76 9,111.39 8,007.01
PTA and PIA
Co., Ltd.
Hainan Yisheng Production and sales of
Petrochemical Associate PTA and polyester bottle RMB4,580,000,000 2,248,557.60 712,123.02 1,649,251.87 34,279.97 34,551.39
Co., Ltd. chips
Zhejiang
Production and sales of
Shengyuan
Subsidiary polyester chips and RMB2,000,000,000 916,667.50 222,780.92 346,616.08 13,291.58 11,718.98
Chemical Fiber
polyester filaments
Co., Ltd.
Full text of 2026 Semi-Annual Report
Acquisition and disposal of subsidiaries during the reporting period
R Applicable □ Not applicable
Method of Acquisition or Disposal Impact on Overall Production,
Company Name
During the Reporting Period Operations and Performance
Ningbo Yisheng Chemicals Co., Ltd. Deregistration No material impact
Description of Major Controlled and Investee Companies
(1) Zhejiang Petroleum & Chemical Co., Ltd.
Zhejiang Petroleum & Chemical Co., Ltd. is the implementation entity of the Company’s 40 million tons/year
refining and chemical integration project and is primarily engaged in the production, sales, storage and
transportation of petroleum products. Its legal representative is Li Shuirong, and its registered capital is RMB 58,800
million. It is a holding subsidiary of the Company. As of June 30, 2026, it had total assets of RMB 299,631.91
million and net assets of RMB 108,646.12 million. For the six months ended June 30, 2026, it recorded operating
revenue of RMB 93,521.44 million and net profit of RMB 8,274.62 million.
(2) Ningbo Zhongjin Petrochemical Co., Ltd.
Ningbo Zhongjin Petrochemical Co., Ltd. is primarily engaged in the storage of chemical products and the
wholesale and retail of chemical products and petroleum products other than hazardous chemicals. Its legal
representative is Li Shuirong, and its registered capital is RMB 6,000 million. It is a wholly-owned subsidiary of
the Company. As of June 30, 2026, it had total assets of RMB 27,117.15 million and net assets of RMB 4,400.75
million. For the six months ended June 30, 2026, it recorded operating revenue of RMB 10,163.56 million and net
profit of RMB 96.63 million.
(3) Dalian Yisheng Investment Co., Ltd.
Dalian Yisheng Investment Co., Ltd. is primarily engaged in industrial investment, domestic trade, and the
import and export of goods. Its legal representative is Li Shuirong, and its registered capital is RMB 2,018 million.
The Company holds 70% of its equity. As of June 30, 2026, it had total assets of RMB 18,734.58 million and net
assets of RMB 5,507.90 million. For the six months ended June 30, 2026, it recorded operating revenue of RMB
(4) Yisheng Dahua Petrochemical Co., Ltd.
Yisheng Dahua Petrochemical Co., Ltd. is primarily engaged in the production and sales of PTA and polyester
bottle chips, as well as the import and export of goods and domestic trade. Its legal representative is Li Shuirong,
and its registered capital is RMB 2,456.45 million. As of June 30, 2026, it had total assets of RMB 16,913.14 million
and net assets of RMB 4,841.13 million. For the six months ended June 30, 2026, it recorded operating revenue of
RMB 10,839.37 million and net profit of RMB 205.66 million.
(5) Zhejiang Yisheng New Materials Co., Ltd.
Zhejiang Yisheng New Materials Co., Ltd. is primarily engaged in the production and sales of PTA. Its legal
representative is Xu Baoyue, and its registered capital is RMB 3,000 million. Ningbo Zhongjin Petrochemical Co.,
Ltd. holds 51% of its equity. As of June 30, 2026, it had total assets of RMB 11,110.19 million and net assets of
RMB 1,296.55 million. For the six months ended June 30, 2026, it recorded operating revenue of RMB 13,968.46
million and a net loss of RMB 149.46 million.
(6) Zhejiang Yisheng Petrochemical Co., Ltd.
Zhejiang Yisheng Petrochemical Co., Ltd. is primarily engaged in the production and sales of PTA and PIA.
Its legal representative is Fang Xianshui, and its registered capital is USD 514.4471 million. The Company holds
an aggregate equity interest of 30% in the company. As of June 30, 2026, it had total assets of RMB 21,647.83
Full text of 2026 Semi-Annual Report
million and net assets of RMB 6,271.39 million. For the six months ended June 30, 2026, it recorded operating
revenue of RMB 13,342.51 million and net profit of RMB 80.07 million.
(7) Hainan Yisheng Petrochemical Co., Ltd.
Hainan Yisheng Petrochemical Co., Ltd. is an associate of Yisheng Investment, a holding subsidiary of the
Company. It is primarily engaged in the production and sales of PTA and polyester bottle chips, as well as import
and export business. Its legal representative is Fang Xianshui, and its registered capital is RMB 4,580 million.
Yisheng Investment holds 50% of its equity. As of June 30, 2026, it had total assets of RMB 22,485.58 million and
net assets of RMB 7,121.23 million. For the six months ended June 30, 2026, it recorded operating revenue of RMB
(8) Zhejiang Shengyuan Chemical Fiber Co., Ltd.
Zhejiang Shengyuan Chemical Fiber Co., Ltd. is the implementation entity of the Company’s multifunctional
fiber technological upgrading project and is primarily engaged in the production and sales of polyester chips and
polyester filaments. Its legal representative is Li Shuirong, and its registered capital is RMB 2,000 million. It is a
wholly-owned subsidiary of the Company. As of June 30, 2026, it had total assets of RMB 9,166.68 million and net
assets of RMB 2,227.81 million. For the six months ended June 30, 2026, it recorded operating revenue of RMB
IX. Structured Entities Controlled by the Company
□ Applicable R Not applicable
X. Risks Facing the Company and Countermeasures
As the Company operates within the crude oil industry chain, upstream raw materials constitute the primary
component of its product costs. Fluctuations in crude oil prices may therefore cause price fluctuations in products
across the industry chain. The Company’s principal products include oil products, aromatic hydrocarbons, olefins
and downstream chemicals, which are closely related to the national economy and people’s livelihoods. The
development of the industry is highly correlated with overall macroeconomic conditions, and macroeconomic
changes may have a certain impact on the Company’s operating performance. The Company’s procurement,
production and sales teams have extensive experience in procurement, production, sales, hedging and logistics. In
coordination with the marketing department, the Company will closely monitor market changes and continue to
combine strategic procurement with opportunistic procurement. It will also flexibly adjust its product mix and
production loads based on market demand, arrange long-term and short-term contracts as appropriate, and
strengthen sales management to mitigate the adverse impact of raw material price fluctuations.
The Company engages in overseas procurement and sales. As its business scale continues to expand, its sales
and procurement amounts denominated in foreign currencies have increased accordingly. Meanwhile, the foreign
exchange market is affected by various complex factors, resulting in considerable uncertainty in exchange rate
movements. Significant fluctuations in the RMB exchange rate in the future may affect the Company’s operating
performance. Taking into account the characteristics of its cross-border business and adhering to the principles of
legality, prudence, safety and effectiveness, the Company will conduct foreign exchange derivatives transactions
based on its actual business operations to avoid and mitigate foreign exchange risks.
Full text of 2026 Semi-Annual Report
With the expansion of domestic refining and chemical integration capacity and the advancement of the strategy
of “reducing oil products and increasing chemicals” in recent years, a certain degree of product homogeneity has
emerged among some basic chemical raw materials and general-purpose chemical products downstream of the
refining and chemical industry. On the one hand, leveraging its complete and well-established industry chain
platform, the Company is expected to remain at the lower end of the industry cost curve, thereby maintaining a
favorable position in market competition. On the other hand, many products included in the Company’s planned
new materials projects currently have limited domestic production capacity or are entirely dependent on imports.
These products are expected to create differentiated competitive advantages and generate excess returns for the
Company.
The petrochemical industry is capital-intensive and is characterized by large investment requirements and long
construction periods. Continuous large-scale capital expenditure may increase the Company’s asset-liability ratio
and place temporary pressure on its cash flows. In addition, if the industry is at the bottom of its cycle and
downstream demand remains weak, returns on project investments may fall short of expectations. The Company is
currently focusing on high-performance resin projects, high-end new materials projects and the Jintang New
Materials Project. It will continue to exercise strict control over the pace of project investment and construction,
adjust project scope in line with market developments, maintain a reasonable asset-liability ratio, and actively
advance its international cooperation plans to build 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.
RYes □No
Whether the company has disclosed the valuation promotion plan.
□ Yes R No
Market value management serves as a strategic cornerstone for the Company’s long-term value growth. By
establishing a scientific and systematic management framework, the Company can continuously enhance its market
competitiveness, consolidate investor confidence, and promote the alignment of its intrinsic value with its market
value. To thoroughly implement the requirements for the high-quality development of the capital market and
effectively protect the lawful rights and interests of investors, the Company formulated the Market Value
Management System in accordance with the Securities Law of the People’s Republic of China, the Guidelines for
the Supervision of Listed Companies No. 10—Market Value Management, the Rules Governing the Listing of
Shares on the Shenzhen Stock Exchange and other applicable laws and regulations, taking into account the
characteristics of the industry and the Company’s actual operations. The system was reviewed and approved at the
During the Reporting Period, the Company strictly complied with the requirements of the Market Value
Management System. With information disclosure as the core, investor relations as the link, shareholder returns as
the objective and capital operations as the means, the Company systematically advanced its market value
management initiatives, continuously standardized its market value management practices, and further enhanced its
investment value and shareholder returns, thereby providing solid support for the Company’s high-quality and
sustainable development.
Full text of 2026 Semi-Annual Report
XII. Implementation of the Action Plan for the “Dual Enhancement of Quality and Returns”
Whether the Company has disclosed an announcement on the Action Plan for the “Dual Enhancement of Quality
and Returns”
RYes □No
To implement the guiding principles of “invigorating the capital market and boosting investor confidence” put
forward at the meeting of the Political Bureau of the CPC Central Committee on July 24, 2023, as well as the
requirement to “vigorously improve the quality and investment value of listed companies, adopt more forceful and
effective measures, and focus on stabilizing the market and confidence” set out at the executive meeting of the State
Council on January 22, 2024, and to effectively protect the interests of investors, the Company formulated the
Action Plan for the “Dual Enhancement of Quality and Returns” based on its confidence in the Company’s future
development prospects and recognition of the value of its shares. The Action Plan was disclosed on March 2, 2024.
The specific progress is as follows:
Growth
Rongsheng Petrochemical is one of the world’s leading petrochemical enterprises. In 2026, Brand Finance, a
renowned UK-based brand valuation consultancy, ranked Rongsheng Petrochemical fifth among the world’s most
valuable chemicals brands. The Company also ranked seventh in Chemical Week’s Billion-Dollar Club of global
chemicals companies and ninth in the ICIS Top 100 Chemical Companies. The Company has effectively
implemented its “vertical and horizontal strategy” and established seven major production bases in the Bohai
Economic Rim, the Yangtze River Delta Economic Circle and the Hainan Free Trade Port Economic Circle. It has
developed five major industry chains covering polyester, engineering plastics, new energy, high-end polyolefins
and specialty rubber. The Company is one of Asia’s major producers of polyester, new energy materials, engineering
plastics and high value-added polyolefins, and possesses the world’s largest production capacities for PX, PTA and
other chemicals.
Building on its existing comprehensive industry chain, the Company is actively developing projects involving
new energy and new materials products, whose proportion in the Company’s product portfolio continues to increase.
Meanwhile, the Company is actively expanding its global presence. In 2023, the Company introduced Saudi Aramco
as a strategic investor. Saudi Aramco currently holds approximately 10% of the Company’s shares through its
wholly-owned subsidiary. In early 2024, the Company entered into a Memorandum of Understanding with Saudi
Aramco. Since the signing of the Memorandum of Understanding, Rongsheng Petrochemical and Saudi Aramco
have actively advanced their cooperation and successively entered into the Cooperation Framework Agreement, the
Framework Agreement Relating to a Joint Development Agreement, the Development Framework Agreement and
other relevant agreements. The parties are currently conducting further negotiations on the specific terms of their
joint investments to facilitate the achievement of their respective strategic objectives. Building on the foregoing
cooperation, the Company has continued to deepen its collaboration with listed companies controlled by Saudi
Aramco. In July 2026, the Company and its wholly-owned subsidiary, Rongsheng New Materials (Zhoushan) Co.,
Ltd., entered into the Project Development Agreement for a New Project with Saudi Basic Industries Corporation
(SABIC), a Saudi-listed company controlled by Saudi Aramco. The parties are evaluating a potential investment by
SABIC in a 30% to no more than 50% equity interest in Rongsheng New Materials for the purposes of the new
project. By introducing advanced production processes and core technology systems, the signing of the Project
Development Agreement may comprehensively enhance the Company’s international cooperation capabilities and
overall competitiveness.
Full text of 2026 Semi-Annual Report
The Company keeps pace with the latest developments in international science and technology and continues
to introduce new technologies and products in clean energy, high-end materials and green development. The
Company adheres to a technology R&D model driven by both “independent innovation” and “open cooperation.”
It has established first-class R&D platforms, including a high-tech R&D center, an academician and expert
workstation, an enterprise technology center and a postdoctoral research workstation. Meanwhile, the Company
actively conducts external technological exchanges and discussions, proactively advances integrated industry-
university-research collaboration, and integrates resources from universities, social institutions and enterprises.
Through these initiatives, the Company works with relevant parties to enhance scientific research capabilities,
promote technological progress, and build an open, sound and mutually beneficial innovation and development
system.
While focusing on its own development, the Company also attaches great importance to shareholder returns.
To improve and strengthen its shareholder return mechanism and enhance the transparency and operability of its
profit distribution policy, the Company has formulated and continuously updated its Shareholder Return Plan for
the Next Three Years since its listing, in accordance with the Company Law of the People’s Republic of China, the
Guidelines for the Supervision of Listed Companies No. 3—Cash Dividends of Listed Companies, other applicable
laws, regulations and normative documents, as well as the Company’s Articles of Association. To date, the
Company has made a total of 16 cash dividend distributions, with aggregate cash dividends exceeding RMB10.358
billion. Going forward, the Company will continue to maintain a dynamic balance among corporate development,
performance growth and shareholder returns in light of its stage of development, with a view to establishing a long-
term, stable and sustainable shareholder value return mechanism.
Based on its confidence in the Company’s future development prospects and recognition of its long-term value,
and to protect the interests of investors, particularly minority investors, strengthen investor confidence, facilitate the
reasonable return of the Company’s share price to its long-term intrinsic value, and promote the Company’s stable
and sustainable development, the Company and its controlling shareholder, Rongsheng Holdings, have actively
implemented share repurchase and shareholding increase plans.
Since the Company conducted its first share repurchase on March 29, 2022, it has implemented three phases
of share repurchase plans, all of which have been completed. The Company repurchased a total of 553,232,858
shares, representing 5.4637% of its current total share capital, for an aggregate transaction amount of
RMB6,987,904,924.02, excluding transaction fees. Details are set out in the table below:
Amount to be
Number of shares Repurchased amount
Repurchase Repurchase period repurchased (RMB 100
repurchased (shares) (RMB)
million)
Phase I (cancelled) 2022.3.29-2022.8.2 136,082,746 10-20 1,998,203,937.31
Phase II (all
repurchased shares
used for the 2022.8.18-2023.7.27 147,862,706 10-20 1,989,986,431.34
Employee Stock
Ownership Plan)
Phase III (of which
have been used for 2023.8.28-2024.8.19 269,287,406 15-30 2,999,714,555.37
the Employee Stock
Ownership Plan)
Total 553,232,858 - 6,987,904,924.02
Full text of 2026 Semi-Annual Report
From January 22, 2024 to September 30, 2025, the Company’s controlling shareholder, Rongsheng Holdings,
implemented three shareholding increase plans, all of which have been completed. Rongsheng Holdings increased
its shareholding in the Company by a total of 289,064,301 shares, representing 2.89% of the Company’s current
total share capital, for an aggregate amount of approximately RMB2,705.4922 million. Details are set out in the
table below:
Share Number of shares Amount to be increased Amount increased
Share increase period
increase items increased (shares) (RMB 100 million) (RMB 10,000)
Phase I 2024.1.22-2024.7.18 115,530,037 10-20 118,805.82
Phase II 2024.8.21-2025.2.20 56,892,217 5-10 50,487.35
Phase III 2025.4.8-2025.9.30 116,642,047 10-20 101,256.05
Total 289,064,301 - 270,549.22
The Company strictly complies with applicable laws and regulations and continuously improves its corporate
governance structure. It has established a modern corporate governance system comprising the General Meeting of
Shareholders, the Board of Directors and its specialized committees, including the Audit Committee, as well as
senior management. The powers and responsibilities relating to decision-making, execution and supervision are
clearly defined, with effective checks and balances in place. The Company has also established and continuously
improved its internal control system, standardized its operating procedures and promoted the ongoing optimization
of its internal control framework. The Company remains independent in terms of its business, assets, personnel,
organizational structure and finance, and has a complete business system and the capability to operate independently.
The Company strictly adheres to the principles of truthfulness, accuracy, completeness, timeliness and fairness
and continuously improves the effectiveness and transparency of its information disclosure. Guided by investor
needs, the Company continues to present information concerning its operations and other matters to investors at
multiple levels, from multiple perspectives and through comprehensive channels. Meanwhile, the Company
continues to broaden and deepen its communications with investors and improve its open, fair, transparent and
multidimensional investor communication channels, enabling investors to gain a more direct and comprehensive
understanding of the Company’s core value and strengthening their confidence in the Company. Going forward, the
Company will continue to focus on its principal businesses, remain investor-oriented and continue to implement the
Action Plan for the “Dual Enhancement of Quality and Returns.”
The Company will pursue sustainable and sound development and endeavor to contribute to stabilizing the
market and confidence through standardized corporate governance and proactive shareholder returns.
Full text of 2026 Semi-Annual Report
Section IV Corporate Governance, Environment and Society
I. Changes in the Company’s Directors and Senior Management
□ Applicable R Not applicable
There were no changes in the Company’s Directors or Senior Management during the Reporting Period. For details,
please refer to the 2025 Annual Report.
II. Profit Distribution and Conversion of Capital Reserve into Share Capital during the
Reporting Period
□ Applicable R Not applicable
For the interim period, the Company does not plan to distribute any cash dividend, issue any bonus shares, or convert
any capital reserve into share capital.
III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans or Other
Employee Incentives
R Applicable □ Not applicable
Not applicable.
R Applicable □ Not applicable
All valid employee stock ownership plans during the Reporting Period
Percentage of the
Total Number Sources of Funds for
Number of Listed
Scope of Employees of Shares Held Changes Implementation of the
Employees Company’s Total
(Shares) Plan
Share Capital
Directors and Senior
Employees’ self-funded
Management of the
contributions and funds
Company, and eligible
employees of the Company
means permitted by
and its controlled or wholly-
laws and regulations
owned subsidiaries
Shareholdings of Directors and Senior Management in the Employee Stock Ownership Plan during the Reporting
Period
Number of Shares Held
Number of Shares Held at Percentage of the
at the End of the
Name Position the Beginning of the Listed Company’s
Reporting Period
Reporting Period (Shares) Total Share Capital
(Shares)
Full text of 2026 Semi-Annual Report
Xiang Jiongjiong, Directors and
Zhou Xianhe and Senior 0 0 0.00%
Wang Yafang Management
Changes in asset management institutions during the Reporting Period
□ Applicable R Not applicable
Changes in equity arising from holders’ disposal of plan units and other circumstances during the Reporting Period
□ Applicable R Not applicable
Exercise of shareholder rights during the Reporting Period
According to the 2026 Employee Stock Ownership Plan (Draft) of Rongsheng Petrochemical Co., Ltd.,
participants in the Employee Stock Ownership Plan voluntarily waive the voting rights attached to the Company
shares indirectly held through their participation in the Employee Stock Ownership Plan. They are entitled to other
shareholder rights except for voting rights at the General Meeting of Shareholders of the listed company, including
rights to dividends, rights to subscribe for shares in rights offerings, rights to shares converted from capital reserves
and other rights to asset returns.
Other circumstances and explanations relating to the Employee Stock Ownership Plan during the Reporting Period
□ Applicable R Not applicable
Changes in members of the Management Committee of the Employee Stock Ownership Plan
□ Applicable R Not applicable
Financial impact of the Employee Stock Ownership Plan on the listed company during the Reporting Period and
the relevant accounting treatment
RApplicable □ Not applicable
The underlying shares of the Employee Stock Ownership Plan are sourced from shares repurchased by the
Company. The Company will perform the relevant accounting treatment in accordance with the Accounting
Standards for Business Enterprises No. 11—Share-based Payments and the Company’s accounting policies.
Termination of the Employee Stock Ownership Plan during the Reporting Period
□ Applicable R Not applicable
Other explanations:
None.
□ Applicable R Not applicable
IV. Environmental Information Disclosure
Whether the listed company and its major subsidiaries are included in the list of enterprises legally required to
disclose environmental information
RYes □ No
Full text of 2026 Semi-Annual Report
Number of companies included in the list of ente
rprises legally
required to disclose environmental information
(number)
Index for searching environmental information disclosure reports in ac
S/N Name of the company
cordance with the law
Rongsheng Petrochemical Co., Ltd. https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-more?code=913300002556
ch=true
Zhejiang Petroleum & Chemical Co., Ltd. https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-more?code=913309003440
h=true
Zhejiang Petroleum & Chemical Co., Ltd. https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-more?code=913309003440
h=true
ZPC Zheyou Technology Co., Ltd. https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-more?code=91330900MA2
earch=true
Ningbo Zhongjin Petrochemical Co., Ltd. https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-more?code=913302117645
h=true
Ningbo Niluoshan New Energy Co., Ltd. https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-more?code=91330211MA2
earch=true
Yisheng Dahua Petrochemical Co., Ltd. https://qyxxpl.ywzh.lnsthj.cn:8802/home/companiesreport?enterId=682078
Zhejiang Shengyuan Chemical Fiber Co., L https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
e=2025&type=true&isSearch=true
Zhejiang Yongsheng Technology Co., Ltd. https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-
te=2025&type=true&isSearch=true
The Company must comply with the disclosure requirements for the chemical industry as outlined in the Shenzhen
Stock Exchange Guidelines for Self-Regulatory Supervision of Listed Companies No. 3 – Industry Information
Disclosure.
Information on Environmental Accidents Involving the Listed Company
None
Full text of 2026 Semi-Annual Report
V. Social responsibility information
Rongsheng Petrochemical upholds a people-oriented development philosophy featuring win-win cooperation
and deeply integrates social responsibility management into its business strategy. During the Reporting Period, the
Company continued to focus its efforts on key areas including customer service, supply chain management and
public welfare. Through concrete actions, the Company fulfilled its responsibilities as a corporate citizen and
demonstrated its strong sense of responsibility and commitment.
In terms of customer service, the Company has established multilevel and multidimensional customer service
and communication channels, including communications with business representatives, on-site visits, seminars,
online questionnaires, telephone calls, WeChat and email, ensuring a customer complaint resolution rate of 100%.
The Company has established an e-commerce platform for material procurement and product sales that supports
round-the-clock operation through multiple types of terminals. In 2025, approximately 4.8346 million tonnes of
products were transacted through the platform. The Company strictly protects customer privacy and information
security. No information security incidents or customer privacy breaches occurred in 2025.
In terms of supply chain management, the Company is committed to building a responsible supply chain
ecosystem and ensuring compliance throughout the entire process, including tendering, procurement, acceptance
and payment. The Company regards environmental protection requirements as a baseline criterion for supplier
selection, conducts supplier evaluations at least once a year, and implements tiered supplier management. The
Company actively supports the development of local suppliers, prioritizes the procurement of local tea, ceramics
and silk products, and promotes local agricultural products and agricultural products from poverty-stricken areas.
The Company treats small and medium-sized enterprises equally, ensures that all amounts payable are settled on
time, and has no overdue payments to small and medium-sized enterprises.
In terms of public welfare, guided by the philosophy of “Remaining Loyal to the Party and Serving the People
through Prosperous Development,” the Company is enthusiastic about public welfare undertakings, actively makes
charitable donations and shares the benefits of its development with society. The Company is committed to carrying
out school-enterprise cooperation, providing assistance to students and teachers, offering mutual medical assistance,
supporting procurement-based assistance programs, conducting poverty alleviation and assistance for people in need,
and caring for special groups. It also encourages employees to participate in voluntary services such as blood
donation and visits to people in need.
The Company will, as always, fulfill its corporate social responsibilities, share the benefits of development
with society, actively promote civilized and harmonious social values, and achieve mutual growth with society.
Full text of 2026 Semi-Annual Report
Section V Important Matters
I. Commitments Fulfilled during the Reporting Period and Commitments Overdue and
Unfulfilled as at the End of the Reporting Period by the Company’s Actual Controller,
Shareholders, Related Parties, Acquirers, the Company and Other Commitment-Making
Parties
RApplicable □ Not applicable
Term of
Cause of Commitment Commitment Time of Fulfillme
Content of Commitment Commit
Commitment Party Type Commitment nt
ment
Share reform
N/A N/A N/A N/A N/A
commitment
Commitments
stated in the
Report of
Acquisition or N/A N/A N/A N/A N/A
Equity
Change
Report
Commitments
made in assets N/A N/A N/A N/A N/A
reorganization
Directors Li Shuirong and Li
Yongqing and Supervisor Li
Guoqing undertake that, during
their respective terms of office,
the number of shares of the
issuer transferred by each of
them annually, including shares
Directors and Shareholding held directly and indirectly, shall Commitm
November 2, Long
supervisors of reduction not exceed 25% of the total ents
the Company commitment number of shares of the issuer honored
held by such person, including
Commitment
shares held directly and
made during
indirectly; and that, within six
IPO or re-
months after leaving office, they
financing
shall not transfer any shares of
the issuer held directly or
indirectly by them.
Within 36 months from the date
of listing of the Company’s
shares, the pre-IPO shareholders
shall neither transfer nor entrust Commitm
Pre-IPO Share lock-up November 2, Long
any other person to manage the ents
Shareholders commitment 2010 term
shares of the issuer directly or honored
indirectly held by them,
including shares derived
therefrom, such as bonus shares
Full text of 2026 Semi-Annual Report
and shares converted from
capital reserves, nor require the
issuer to repurchase such shares.
Equity
incentive N/A N/A N/A N/A N/A
commitment
Rongsheng Holdings, the
controlling shareholder of the
Company, signed the Non-
competition Agreement with the
Company and promised not to
compete with the Company in
Commitments
the same industry. Li Shuirong,
Other regarding
the de facto controller and the
commitments competition
largest natural person
made to with peers, Commitm
Pre-IPO shareholder of the Company, November 2, Long
minority related-party ents
Shareholders and other shareholders, 2010 term
shareholders transactions, honored
including Li Yongqing, Li
of the and
Guoqing, Ni Xincai, Xu
Company occupation of
Yuejuan and Zhao Guanlong,
funds
respectively issued the Letter of
Commitment on Avoiding
Horizontal Competition and
promised not to compete with
the company in the same
industry.
Rongsheng Holdings promises During
Being
not to voluntarily reduce its the share
Zhejiang duly
holdings of Rongsheng increase
Rongsheng Shareholding performed
Petrochemical shares during the January 19, period
Holding increase , no breach
period of shareholding increase 2024 and
Group Co., commitment of
and within the statutory period, statutory
Ltd. commitme
and to strictly abide by relevant time
nt
regulations. limit
Rongsheng Holdings promises During
Being
not to voluntarily reduce its the share
Zhejiang duly
holdings of Rongsheng increase
Other Rongsheng Shareholding performed
Petrochemical shares during the period
commitments Holding increase August 21, 2024 , no breach
period of shareholding increase and
Group Co., commitment of
and within the statutory period, statutory
Ltd. commitme
and to strictly abide by relevant time
nt
regulations. limit
Rongsheng Holdings promises During
Being
not to voluntarily reduce its the share
Zhejiang duly
holdings of Rongsheng increase
Rongsheng Shareholding performed
Petrochemical shares during the period
Holding increase April 7, 2025 , no breach
period of shareholding increase and
Group Co., commitment of
and within the statutory period, statutory
Ltd. commitme
and to strictly abide by relevant time
nt
regulations. limit
Whether the
commitments
Yes
are performed
on time
Full text of 2026 Semi-Annual Report
If the
commitments
have not been
fulfilled after
the deadline,
the specific
reasons for the
failure to
N/A
complete the
performance
and the work
plan for the
next step
should be
explained in
details
II. Non-operating Occupation of Funds of the Listed Company by the Controlling Shareholder
and Other Related Parties
□ Applicable R Not applicable
There were no non-operating fund misappropriations of the listed company by its controlling shareholder or other
related parties during the reporting period.
III. Non-compliant External Guarantees
□ Applicable R Not applicable
There were no non-compliant external guarantees during the Reporting Period.
IV. Appointment and Dismissal of Accounting Firms
Whether the semi-annual financial report has been audited
□ Yes R No
The Company’s semi-annual financial report has not been audited.
V. Explanation of the Board of Directors on the Accounting Firm’s “Non-standard Audit
Report” for the Reporting Period
□ Applicable R Not applicable
VI. Explanation of the Board of Directors regarding Matters Relating to the “Non-standard
Audit Report” for the Previous Year
□ Applicable R Not applicable
Full text of 2026 Semi-Annual Report
VII. Matters Relating to Bankruptcy and Reorganization
□ Applicable R Not applicable
There were no matters relating to bankruptcy or reorganization during the Reporting Period.
VIII. Litigation Matters
Major litigation and arbitration matters
□ Applicable R Not applicable
The Company had no major litigation or arbitration matters during the Reporting Period.
Other litigation matters
□ Applicable R Not applicable
IX. Punishments and Rectifications
□ Applicable R Not applicable
There were no punishments or rectifications involving the Company during the Reporting Period.
X. Integrity conditions of the Company, its controlling shareholders and actual controllers
□ Applicable R Not applicable
Full text of 2026 Semi-Annual Report
XI. Major Related Transactions
RApplicable □ Not applicable
Content Pricing Amount of
Price of Trading Available
Type of s of principles related Proportion Above the Settlement
related limit market
Related related related of related party to similar approved of related Disclosure
Relationship party approved price for Disclosure index
party party party party transaction transaction limit or party Date
transactio (RMB similar
transaction transact transactio (RMB amount not transaction
n 10,000) transaction
ion n 10,000)
https://www.cninfo.com.c
n/new/disclosure/detail?pl
Bank
Coal and ate=szse&orgId=9900015
Rongsheng Controlling Purchase of Market Market acceptance Market April 28,
other 273,114.12 44.57% 600,000 No 502&stockCode=002493
Holdings shareholder goods price price bills, cash, price 2026
materials &announcementId=12252
etc.
me=2026-04-28
https://www.cninfo.com.c
Crude n/new/disclosure/detail?pl
Shareholder
oil, fuel Letter of ate=szse&orgId=9900015
Saudi holding more Purchase of Market Market 2,380,456.1 15,000,00 Market April 28,
oil, 29.44% No credit, cash, 502&stockCode=002493
Aramco than 5% of goods price price 2 0 price 2026
ethylene etc. &announcementId=12252
total shares
glycol 15344&announcementTi
me=2026-04-28
https://www.cninfo.com.c
PTA, n/new/disclosure/detail?pl
Bank
PX, ate=szse&orgId=9900015
Zhejiang Sales of Market Market acceptance Market April 28,
Associate meta- 436,198.4 11.51% 3,000,000 No 502&stockCode=002493
Yisheng goods price price bills, cash, price 2026
xylene, &announcementId=12252
etc.
etc. 15344&announcementTi
me=2026-04-28
Total -- -- -- -- -- -- -- --
Details of return of large sales N/A
Actual performance during the reporting period where the total amount of daily related party transactions to occur in During the reporting period, all related-party transactions actually conducted by the Company that
the current period is estimated by category (if any) were subject to decision-making procedures under the applicable rules were submitted in advance to
and approved by the Board of Directors and the General Meeting of Shareholders, respectively. The
Full text of 2026 Semi-Annual Report
actual amounts of the related-party transactions did not exceed the estimated limits, and the pricing
of such transactions was fair.
Reason for substantial differences between the transaction price and market reference price (if applicable) N/A
Full text of 2026 Semi-Annual Report
□ Applicable R Not applicable
The Company had no related party transactions related to the acquisition or sales of assets or equity during the
reporting period.
□ Applicable R Not applicable
The Company had no related party transactions related to joint outward investment during the reporting period.
□ Applicable R Not applicable
The Company had no related party transactions on credit and debt during the reporting period.
□ Applicable RNot applicable
There are no deposits, loans, credits or other financial operations between the Company and the related finance
companies, and the related party.
□ Applicable R Not applicable
There are no deposits, loans, credits or other financial operations between the finance companies controlled by the
Company and the related party.
□ Applicable R Not applicable
There were no other major related party transactions during the reporting period.
XII. Material Contracts and Their Performance
(1) Entrustment
□ Applicable R Not applicable
The Company had no entrustment during the reporting period.
(2) Contracting
□ Applicable R Not applicable
The Company had no contracting during the reporting period.
Full text of 2026 Semi-Annual Report
(3) Leasing
□ Applicable R Not applicable
The Company had no leasing during the reporting period.
Full text of 2026 Semi-Annual Report
RApplicable □ Not applicable
Unit: RMB10,000
External Guarantees Provided by the Company and Its Subsidiaries (Excluding Guarantees Provided to Subsidiaries)
Disclosure Date
of the Counter- Whether the Whether the
Name of Actual
Announcement Guarante Date of Actual Type of Collateral guarantee Guarantee Guarantee Guarantee Is
Guaranteed Guarante
on the e Limit Occurrence Guarantee , if any Arrangement Term Has Been Provided to a
Party e Amount
Guarantee s, if any Fulfilled Related Party
Limit
Guarantees Provided by the Company to Its Subsidiaries
Disclosure Date
of the Counter- Whether the Whether the
Name of Actual
Announcement Guarante Date of Actual Type of Collateral guarantee Guarantee Guarantee Guarantee Is
Guaranteed Guarante
on the e Limit Occurrence Guarantee , if any Arrangement Term Has Been Provided to a
Party e Amount
Guarantee s, if any Fulfilled Related Party
Limit
Shengyuan
December 9, September 28, Joint and several
Chemical 5,030,600 675 2026.9.28 No Yes
Fiber
Shengyuan
December 9, September 28, Joint and several
Chemical 5,030,600 12,150 2026.10.28 No Yes
Fiber
Shengyuan
December 9, Joint and several
Chemical 5,030,600 January 4, 2026 1,200 2026.7.4 No Yes
Fiber
Shengyuan
December 9, Joint and several
Chemical 5,030,600 January 4, 2026 1,200 2027.1.4 No Yes
Fiber
Full text of 2026 Semi-Annual Report
Shengyuan
December 9, Joint and several
Chemical 5,030,600 January 4, 2026 1,200 2027.7.4 No Yes
Fiber
Shengyuan
December 9, Joint and several
Chemical 5,030,600 January 4, 2026 1,200 2028.1.4 No Yes
Fiber
Shengyuan
December 9, Joint and several
Chemical 5,030,600 January 4, 2026 1,200 2028.7.4 No Yes
Fiber
Shengyuan
December 9, Joint and several
Chemical 5,030,600 January 4, 2026 24,000 2029.1.4 No Yes
Fiber
Shengyuan
December 9, Joint and several
Chemical 5,030,600 July 30, 2025 360 2026.7.30 No Yes
Fiber
Shengyuan
December 9, Joint and several
Chemical 5,030,600 March 2, 2026 1,700 2026.9.2 No Yes
Fiber
Shengyuan
December 9, Joint and several
Chemical 5,030,600 March 10, 2026 1,300 2026.9.2 No Yes
Fiber
Shengyuan
December 9, September 9, Joint and several
Chemical 5,030,600 695 2026.9.9 No Yes
Fiber
Shengyuan
December 9, Joint and several
Chemical 5,030,600 July 30, 2025 360 2027.1.30 No Yes
Fiber
Shengyuan
December 9, Joint and several
Chemical 5,030,600 March 2, 2026 1,700 2027.3.2 No Yes
Fiber
Shengyuan
December 9, Joint and several
Chemical 5,030,600 March 10, 2026 1,300 2027.3.2 No Yes
Fiber
Full text of 2026 Semi-Annual Report
Shengyuan
December 9, September 9, Joint and several
Chemical 5,030,600 695 2027.3.9 No Yes
Fiber
Shengyuan
December 9, Joint and several
Chemical 5,030,600 July 30, 2025 2,520 2027.7.30 No Yes
Fiber
Shengyuan
December 9, Joint and several
Chemical 5,030,600 March 2, 2026 1,700 2027.9.2 No Yes
Fiber
Shengyuan
December 9, Joint and several
Chemical 5,030,600 March 10, 2026 1,300 2027.9.2 No Yes
Fiber
Shengyuan
December 9, September 9, Joint and several
Chemical 5,030,600 4,865 2027.9.9 No Yes
Fiber
Shengyuan
December 9, Joint and several
Chemical 5,030,600 March 2, 2026 11,900 2028.3.2 No Yes
Fiber
Shengyuan
December 9, Joint and several
Chemical 5,030,600 March 10, 2026 9,100 2028.3.2 No Yes
Fiber
Shengyuan
December 9, Joint and several
Chemical 5,030,600 January 1, 2026 10,000 2026.12.15 No Yes
Fiber
Shengyuan
December 9, Joint and several
Chemical 5,030,600 April 21, 2026 10,000 2027.4.20 No Yes
Fiber
Shengyuan
December 9, Joint and several
Chemical 5,030,600 June 17, 2026 20,000 2027.6.16 No Yes
Fiber
Shengyuan
December 9, November 25, Joint and several
Chemical 5,030,600 7,500 2026.11.24 No Yes
Fiber
Full text of 2026 Semi-Annual Report
Shengyuan
December 9, November 25, Joint and several
Chemical 5,030,600 2,500 2026.11.24 No Yes
Fiber
Shengyuan
December 9, December 3, Joint and several
Chemical 5,030,600 5,000 2026.12.2 No Yes
Fiber
Shengyuan
December 9, December 3, Joint and several
Chemical 5,030,600 15,000 2026.12.2 No Yes
Fiber
Ningbo December 9, Joint and several
ZJPC 2025 liability guarantee
Ningbo December 9, Joint and several
ZJPC 2025 liability guarantee
Ningbo December 9, January 26, Joint and several
ZJPC 2025 2025 liability guarantee
Ningbo December 9, January 26, Joint and several
ZJPC 2025 2025 liability guarantee
Ningbo December 9, February 5, Joint and several
ZJPC 2025 2025 liability guarantee
Ningbo December 9, February 5, Joint and several
ZJPC 2025 2025 liability guarantee
Ningbo December 9, Joint and several
ZJPC 2025 liability guarantee
Ningbo December 9, Joint and several
ZJPC 2025 liability guarantee
Ningbo December 9, Joint and several
ZJPC 2025 liability guarantee
Ningbo December 9, Joint and several
ZJPC 2025 liability guarantee
Ningbo December 9, Joint and several
ZJPC 2025 liability guarantee
Full text of 2026 Semi-Annual Report
Ningbo December 9, November 11, Joint and several
ZJPC 2025 2025 liability guarantee
Ningbo December 9, December 4, Joint and several
ZJPC 2025 2025 liability guarantee
Ningbo December 9, January 16, Joint and several
ZJPC 2025 2026 liability guarantee
Ningbo December 9, January 20, Joint and several
ZJPC 2025 2026 liability guarantee
Ningbo December 9, January 21, Joint and several
ZJPC 2025 2026 liability guarantee
Ningbo December 9, January 26, Joint and several
ZJPC 2025 2026 liability guarantee
Ningbo December 9, January 26, Joint and several
ZJPC 2025 2026 liability guarantee
Ningbo December 9, December 12, Joint and several
ZJPC 2025 2025 liability guarantee
Ningbo December 9, December 12, Joint and several
ZJPC 2025 2025 liability guarantee
Ningbo December 9, Joint and several
ZJPC 2025 liability guarantee
Ningbo December 9, Joint and several
ZJPC 2025 liability guarantee
Ningbo December 9, Joint and several
ZJPC 2025 liability guarantee
Ningbo December 9, December 16, Joint and several
ZJPC 2025 2025 liability guarantee
Ningbo December 9, January 19, Joint and several
ZJPC 2025 2026 liability guarantee
Ningbo December 9, January 27, Joint and several
ZJPC 2025 2026 liability guarantee
Full text of 2026 Semi-Annual Report
Ningbo December 9, Joint and several
ZJPC 2025 liability guarantee
Ningbo December 9, Joint and several
ZJPC 2025 liability guarantee
Ningbo December 9, Joint and several
ZJPC 2025 liability guarantee
Ningbo December 9, Joint and several
ZJPC 2025 liability guarantee
Ningbo December 9, February 9, Joint and several
ZJPC 2025 2026 liability guarantee
Ningbo December 9, November 24, Joint and several
ZJPC 2025 2025 liability guarantee
Ningbo December 9, November 24, Joint and several
ZJPC 2025 2025 liability guarantee
Ningbo December 9, December 26, Joint and several
ZJPC 2025 2025 liability guarantee
Ningbo December 9, December 26, Joint and several
ZJPC 2025 2025 liability guarantee
Ningbo December 9, December 26, Joint and several
ZJPC 2025 2025 liability guarantee
Ningbo December 9, December 26, Joint and several
ZJPC 2025 2025 liability guarantee
Ningbo December 9, Joint and several
ZJPC 2025 liability guarantee
Ningbo December 9, Joint and several
ZJPC 2025 liability guarantee
Ningbo December 9, Joint and several
ZJPC 2025 liability guarantee
Ningbo December 9, Joint and several
ZJPC 2025 liability guarantee
Full text of 2026 Semi-Annual Report
Ningbo December 9, Joint and several
ZJPC 2025 liability guarantee
Ningbo December 9, November 14, Joint and several
ZJPC 2025 2025 liability guarantee
Ningbo December 9, Joint and several
ZJPC 2025 liability guarantee
Ningbo December 9, Joint and several
ZJPC 2025 liability guarantee
Ningbo December 9, Joint and several
ZJPC 2025 liability guarantee
Ningbo December 9, Joint and several
ZJPC 2025 liability guarantee
Ningbo December 9, Joint and several
ZJPC 2025 liability guarantee
Ningbo December 9, Joint and several
ZJPC 2025 liability guarantee
Ningbo December 9, September 25, Joint and several
ZJPC 2025 2025 liability guarantee
Ningbo December 9, September 25, Joint and several
ZJPC 2025 2025 liability guarantee
Ningbo December 9, September 25, Joint and several
ZJPC 2025 2025 liability guarantee
Ningbo December 9, September 25, Joint and several
ZJPC 2025 2025 liability guarantee
Ningbo December 9, September 25, Joint and several
ZJPC 2025 2025 liability guarantee
Ningbo December 9, September 25, Joint and several
ZJPC 2025 2025 liability guarantee
Ningbo December 9, January 22, Joint and several
ZJPC 2025 2026 liability guarantee
Full text of 2026 Semi-Annual Report
Ningbo December 9, February 10, Joint and several
ZJPC 2025 2026 liability guarantee
Ningbo December 9, Joint and several
ZJPC 2025 liability guarantee
Ningbo December 9, September 16, Joint and several
ZJPC 2025 2025 liability guarantee
Ningbo December 9, Joint and several
ZJPC 2025 liability guarantee
Ningbo December 9, Joint and several
ZJPC 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Full text of 2026 Semi-Annual Report
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, January 13, Joint and several
Dahua 2025 2026 liability guarantee
Yisheng December 9, January 14, Joint and several
Dahua 2025 2026 liability guarantee
Yisheng December 9, January 22, Joint and several
Dahua 2025 2026 liability guarantee
Yisheng December 9, February 6, Joint and several
Dahua 2025 2026 liability guarantee
Yisheng December 9, February 13, Joint and several
Dahua 2025 2026 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Full text of 2026 Semi-Annual Report
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, August 27, Joint and several
Dahua 2025 2025 liability guarantee
Yisheng December 9, August 27, Joint and several
Dahua 2025 2025 liability guarantee
Yisheng December 9, August 27, Joint and several
Dahua 2025 2025 liability guarantee
Yisheng December 9, August 27, Joint and several
Dahua 2025 2025 liability guarantee
Yisheng December 9, August 27, Joint and several
Dahua 2025 2025 liability guarantee
Yisheng December 9, August 27, Joint and several
Dahua 2025 2025 liability guarantee
Yisheng December 9, August 27, Joint and several
Dahua 2025 2025 liability guarantee
Yisheng December 9, August 27, Joint and several
Dahua 2025 2025 liability guarantee
Yisheng December 9, September 10, Joint and several
Dahua 2025 2025 liability guarantee
Yisheng December 9, September 10, Joint and several
Dahua 2025 2025 liability guarantee
Yisheng December 9, September 26, Joint and several
Dahua 2025 2025 liability guarantee
Yisheng December 9, September 26, Joint and several
Dahua 2025 2025 liability guarantee
Yisheng December 9, October 23, Joint and several
Dahua 2025 2025 liability guarantee
Yisheng December 9, October 23, Joint and several
Dahua 2025 2025 liability guarantee
Full text of 2026 Semi-Annual Report
Yisheng December 9, October 30, Joint and several
Dahua 2025 2025 liability guarantee
Yisheng December 9, October 30, Joint and several
Dahua 2025 2025 liability guarantee
Yisheng December 9, November 20, Joint and several
Dahua 2025 2025 liability guarantee
Yisheng December 9, November 20, Joint and several
Dahua 2025 2025 liability guarantee
Yisheng December 9, November 27, Joint and several
Dahua 2025 2025 liability guarantee
Yisheng December 9, November 27, Joint and several
Dahua 2025 2025 liability guarantee
Yisheng December 9, December 19, Joint and several
Dahua 2025 2025 liability guarantee
Yisheng December 9, December 19, Joint and several
Dahua 2025 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, January 21, Joint and several
Dahua 2025 2026 liability guarantee
Yisheng December 9, January 21, Joint and several
Dahua 2025 2026 liability guarantee
Yisheng December 9, February 5, Joint and several
Dahua 2025 2026 liability guarantee
Yisheng December 9, February 5, Joint and several
Dahua 2025 2026 liability guarantee
Yisheng December 9, February 13, Joint and several
Dahua 2025 2026 liability guarantee
Full text of 2026 Semi-Annual Report
Yisheng December 9, February 13, Joint and several
Dahua 2025 2026 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yongsheng December 9, Joint and several
Technology 2025 liability guarantee
Yongsheng December 9, October 14, Joint and several
Technology 2025 2022 liability guarantee
Full text of 2026 Semi-Annual Report
Yongsheng December 9, September 26, Joint and several
Technology 2025 2023 liability guarantee
Yongsheng December 9, October 12, Joint and several
Technology 2025 2022 liability guarantee
Yongsheng December 9, October 12, Joint and several
Technology 2025 2022 liability guarantee
Yongsheng December 9, October 12, Joint and several
Technology 2025 2022 liability guarantee
Yongsheng December 9, October 24, Joint and several
Technology 2025 2022 liability guarantee
Yongsheng December 9, October 24, Joint and several
Technology 2025 2022 liability guarantee
Yongsheng December 9, October 24, Joint and several
Technology 2025 2022 liability guarantee
Yongsheng December 9, October 24, Joint and several
Technology 2025 2022 liability guarantee
Yongsheng December 9, October 24, Joint and several
Technology 2025 2022 liability guarantee
Yongsheng December 9, November 9, Joint and several
Technology 2025 2022 liability guarantee
Yongsheng December 9, November 9, Joint and several
Technology 2025 2022 liability guarantee
Yongsheng December 9, November 28, Joint and several
Technology 2025 2022 liability guarantee
Yongsheng December 9, November 28, Joint and several
Technology 2025 2022 liability guarantee
Yongsheng December 9, December 14, Joint and several
Technology 2025 2022 liability guarantee
Yongsheng December 9, December 14, Joint and several
Technology 2025 2022 liability guarantee
Full text of 2026 Semi-Annual Report
Yongsheng December 9, January 19, Joint and several
Technology 2025 2023 liability guarantee
Yongsheng December 9, January 19, Joint and several
Technology 2025 2023 liability guarantee
Yongsheng December 9, January 19, Joint and several
Technology 2025 2023 liability guarantee
Yongsheng December 9, February 14, Joint and several
Technology 2025 2023 liability guarantee
Yongsheng December 9, February 14, Joint and several
Technology 2025 2023 liability guarantee
Yongsheng December 9, Joint and several
Technology 2025 liability guarantee
Yongsheng December 9, Joint and several
Technology 2025 liability guarantee
Yongsheng December 9, Joint and several
Technology 2025 liability guarantee
Yongsheng December 9, October 31, Joint and several
Technology 2025 2023 liability guarantee
Yongsheng December 9, Joint and several
Technology 2025 liability guarantee
Yongsheng December 9, Joint and several
Technology 2025 liability guarantee
December 9, Joint and several
ZPC 6,260,000 July 31, 2018 165,762.75 2030.7.30 No Yes
December 9, August 10, Joint and several
ZPC 6,260,000 32,309.52 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 March 18, 2019 57,375 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 August 3, 2018 6,702.93 2030.7.30 No Yes
Full text of 2026 Semi-Annual Report
December 9, Joint and several
ZPC 6,260,000 August 9, 2018 11,008.35 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 August 9, 2018 16,510.23 2030.7.30 No Yes
December 9, August 10, Joint and several
ZPC 6,260,000 2,864.21 2030.7.30 No Yes
December 9, August 10, Joint and several
ZPC 6,260,000 5,503.17 2030.7.30 No Yes
December 9, August 13, Joint and several
ZPC 6,260,000 2,038.98 2030.7.30 No Yes
December 9, August 16, Joint and several
ZPC 6,260,000 19,370.82 2030.7.30 No Yes
December 9, August 15, Joint and several
ZPC 6,260,000 4,080 2030.7.30 No Yes
December 9, August 31, Joint and several
ZPC 6,260,000 25,500 2030.7.30 No Yes
December 9, October 23, Joint and several
ZPC 6,260,000 33,614.61 2030.7.30 No Yes
December 9, October 26, Joint and several
ZPC 6,260,000 6,110.82 2030.7.30 No Yes
December 9, October 30, Joint and several
ZPC 6,260,000 2,854.57 2030.7.30 No Yes
December 9, October 31, Joint and several
ZPC 6,260,000 12,235.41 2030.7.30 No Yes
December 9, November 7, Joint and several
ZPC 6,260,000 3,887.14 2030.7.30 No Yes
December 9, November 8, Joint and several
ZPC 6,260,000 7,949.02 2030.7.30 No Yes
December 9, November 8, Joint and several
ZPC 6,260,000 5,913.96 2030.7.30 No Yes
Full text of 2026 Semi-Annual Report
December 9, Joint and several
ZPC 6,260,000 August 3, 2018 2,875.89 2030.7.30 No Yes
December 9, November 9, Joint and several
ZPC 6,260,000 9,701.22 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 January 1, 2019 14,863.95 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 January 3, 2019 10,188.27 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 January 4, 2019 1,631.18 2030.7.30 No Yes
December 9, November 9, Joint and several
ZPC 6,260,000 4,162.62 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 January 4, 2019 7,132.86 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 January 8, 2019 3,872.94 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 January 9, 2019 10,174.5 2030.7.30 No Yes
December 9, January 10, Joint and several
ZPC 6,260,000 5,095.53 2030.7.30 No Yes
December 9, January 14, Joint and several
ZPC 6,260,000 2,455.04 2030.7.30 No Yes
December 9, January 15, Joint and several
ZPC 6,260,000 7,346.04 2030.7.30 No Yes
December 9, January 31, Joint and several
ZPC 6,260,000 8,160 2030.7.30 No Yes
December 9, January 30, Joint and several
ZPC 6,260,000 1,223.39 2030.7.30 No Yes
December 9, February 1, Joint and several
ZPC 6,260,000 6,714.15 2030.7.30 No Yes
Full text of 2026 Semi-Annual Report
December 9, Joint and several
ZPC 6,260,000 January 4, 2019 1,631.49 2030.7.30 No Yes
December 9, February 1, Joint and several
ZPC 6,260,000 4,282.47 2030.7.30 No Yes
December 9, February 1, Joint and several
ZPC 6,260,000 3,464.96 2030.7.30 No Yes
December 9, February 3, Joint and several
ZPC 6,260,000 14,276.43 2030.7.30 No Yes
December 9, February 11, Joint and several
ZPC 6,260,000 1,841.28 2030.7.30 No Yes
December 9, February 12, Joint and several
ZPC 6,260,000 2,648.43 2030.7.30 No Yes
December 9, February 11, Joint and several
ZPC 6,260,000 10,907.88 2030.7.30 No Yes
December 9, February 27, Joint and several
ZPC 6,260,000 41,999.11 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 March 1, 2019 4,679.25 2030.7.30 No Yes
December 9, February 1, Joint and several
ZPC 6,260,000 1,828.35 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 March 7, 2019 2,852.94 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 March 7, 2019 7,132.86 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 March 8, 2019 815.59 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 March 8, 2019 2,445.85 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 March 12, 2019 1,836.51 2030.7.30 No Yes
Full text of 2026 Semi-Annual Report
December 9, Joint and several
ZPC 6,260,000 March 13, 2019 1,227.52 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 March 15, 2019 9,996.51 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 March 29, 2019 18,360 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 April 8, 2019 2,034.9 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 April 10, 2019 407.8 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 April 11, 2019 815.54 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 March 7, 2019 1,218.9 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 April 11, 2019 1,429.53 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 April 12, 2019 3,470.55 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 April 12, 2019 409.17 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 April 12, 2019 2,852.94 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 April 15, 2019 1,019.11 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 May 1, 2019 4,476.78 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 April 11, 2019 609.45 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 May 7, 2019 2,281.23 2030.7.30 No Yes
Full text of 2026 Semi-Annual Report
December 9, Joint and several
ZPC 6,260,000 May 7, 2019 17,340 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 May 7, 2019 4,484.94 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 May 9, 2019 1,834.39 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 May 10, 2019 611.69 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 May 13, 2019 1,022.93 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 May 13, 2019 1,426.62 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 May 16, 2019 6,525.96 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 June 1, 2019 2,445.96 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 June 4, 2019 7,133.74 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 May 7, 2019 976.65 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 June 5, 2019 4,080 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 June 5, 2019 5,095 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 June 6, 2019 2,446.78 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 June 6, 2019 35,700 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 June 6, 2019 2,045.87 2030.7.30 No Yes
Full text of 2026 Semi-Annual Report
December 9, Joint and several
ZPC 6,260,000 June 12, 2019 12,235.41 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 June 20, 2019 204.51 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 July 1, 2019 51,000 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 July 5, 2019 2,242.03 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 July 8, 2019 815.59 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 July 8, 2019 17,850 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 July 10, 2019 8,160 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 July 10, 2019 2,659.62 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 July 10, 2019 1,836.51 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 June 5, 2019 1,016.43 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 July 10, 2019 1,429.53 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 July 11, 2019 609.45 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 July 16, 2019 2,034.9 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 July 16, 2019 3,667.92 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 July 31, 2019 22,426.23 2030.7.30 No Yes
Full text of 2026 Semi-Annual Report
December 9, Joint and several
ZPC 6,260,000 August 2, 2019 4,076.42 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 August 7, 2019 2,045.87 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 August 7, 2019 4,996.98 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 August 7, 2019 3,055.41 2030.7.30 No Yes
December 9, September 23, Joint and several
ZPC 6,260,000 2,037.45 2030.7.30 No Yes
December 9, September 23, Joint and several
ZPC 6,260,000 1,636.08 2030.7.30 No Yes
December 9, September 29, Joint and several
ZPC 6,260,000 44,370 2030.7.30 No Yes
December 9, September 30, Joint and several
ZPC 6,260,000 6,118.98 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 August 7, 2019 2,144.04 2030.7.30 No Yes
December 9, October 9, Joint and several
ZPC 6,260,000 2,135.88 2030.7.30 No Yes
December 9, October 21, Joint and several
ZPC 6,260,000 5,913.96 2030.7.30 No Yes
December 9, October 21, Joint and several
ZPC 6,260,000 3,865.29 2030.7.30 No Yes
December 9, October 29, Joint and several
ZPC 6,260,000 26,520 2030.7.30 No Yes
December 9, November 15, Joint and several
ZPC 6,260,000 5,104.59 2030.7.30 No Yes
December 9, October 9, Joint and several
ZPC 6,260,000 916.98 2030.7.30 No Yes
Full text of 2026 Semi-Annual Report
December 9, November 18, Joint and several
ZPC 6,260,000 1,714.11 2030.7.30 No Yes
December 9, November 19, Joint and several
ZPC 6,260,000 731.85 2030.7.30 No Yes
December 9, November 21, Joint and several
ZPC 6,260,000 74,970 2030.7.30 No Yes
December 9, December 18, Joint and several
ZPC 6,260,000 1,714.11 2030.7.30 No Yes
December 9, December 19, Joint and several
ZPC 6,260,000 2,852.94 2030.7.30 No Yes
December 9, December 24, Joint and several
ZPC 6,260,000 3,063.57 2030.7.30 No Yes
December 9, January 16, Joint and several
ZPC 6,260,000 3,872.94 2030.7.30 No Yes
December 9, January 16, Joint and several
ZPC 6,260,000 2,243.49 2030.7.30 No Yes
December 9, January 16, Joint and several
ZPC 6,260,000 1,204.11 2030.7.30 No Yes
December 9, January 16, Joint and several
ZPC 6,260,000 5,913.96 2030.7.30 No Yes
December 9, January 16, Joint and several
ZPC 6,260,000 1,241.85 2030.7.30 No Yes
December 9, February 14, Joint and several
ZPC 6,260,000 1,420.66 2030.7.30 No Yes
December 9, February 18, Joint and several
ZPC 6,260,000 415.14 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 March 16, 2020 2,648.43 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 March 19, 2020 4,077.45 2030.7.30 No Yes
Full text of 2026 Semi-Annual Report
December 9, Joint and several
ZPC 6,260,000 March 31, 2020 10,200 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 April 1, 2020 16,575 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 April 17, 2020 1,016.43 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 April 17, 2020 1,429.53 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 May 13, 2020 2,040 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 June 3, 2020 2,445.96 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 June 5, 2020 2,445.96 2030.7.30 No Yes
December 9, Joint and several
ZPC 6,260,000 July 4, 2023 5,321.11 2027.3.15 No Yes
December 9, January 20, Joint and several
ZPC 6,260,000 67,230 2032.11.15 No Yes
December 9, January 20, Joint and several
ZPC 6,260,000 19,671 2032.11.15 No Yes
December 9, January 20, Joint and several
ZPC 6,260,000 74,700 2032.11.15 No Yes
December 9, January 20, Joint and several
ZPC 6,260,000 249,000 2032.11.15 No Yes
December 9, January 20, Joint and several
ZPC 6,260,000 109,062 2032.11.15 No Yes
December 9, January 20, Joint and several
ZPC 6,260,000 21,613.2 2032.11.15 No Yes
December 9, January 20, Joint and several
ZPC 6,260,000 7,470 2032.11.15 No Yes
Full text of 2026 Semi-Annual Report
December 9, January 21, Joint and several
ZPC 6,260,000 28,386 2032.11.15 No Yes
December 9, January 21, Joint and several
ZPC 6,260,000 49,800 2032.11.15 No Yes
December 9, January 21, Joint and several
ZPC 6,260,000 49,800 2032.11.15 No Yes
December 9, January 21, Joint and several
ZPC 6,260,000 9,960 2032.11.15 No Yes
December 9, January 22, Joint and several
ZPC 6,260,000 28,386 2032.11.15 No Yes
December 9, February 4, Joint and several
ZPC 6,260,000 47,310 2032.11.15 No Yes
December 9, February 5, Joint and several
ZPC 6,260,000 37,350 2032.11.15 No Yes
December 9, February 5, Joint and several
ZPC 6,260,000 34,860 2032.11.15 No Yes
December 9, February 5, Joint and several
ZPC 6,260,000 14,940 2032.11.15 No Yes
December 9, February 5, Joint and several
ZPC 6,260,000 49,800 2032.11.15 No Yes
December 9, February 5, Joint and several
ZPC 6,260,000 92,130 2032.11.15 No Yes
December 9, February 5, Joint and several
ZPC 6,260,000 56,772 2032.11.15 No Yes
December 9, February 7, Joint and several
ZPC 6,260,000 28,386 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 March 18, 2021 10,458 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 March 18, 2021 17,748.72 2032.11.15 No Yes
Full text of 2026 Semi-Annual Report
December 9, Joint and several
ZPC 6,260,000 March 19, 2021 24,900 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 March 19, 2021 29,880 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 March 22, 2021 49,800 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 March 22, 2021 49,800 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 March 25, 2021 24,900 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 March 26, 2021 124,500 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 March 26, 2021 39,840 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 April 28, 2021 14,940 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 April 28, 2021 64,740 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 April 28, 2021 30,876 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 April 28, 2021 24,900 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 April 28, 2021 15,438 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 April 29, 2021 39,840 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 April 30, 2021 2,490 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 April 30, 2021 2,490 2032.11.15 No Yes
Full text of 2026 Semi-Annual Report
December 9, Joint and several
ZPC 6,260,000 June 29, 2021 49,800 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 July 5, 2021 164,340 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 July 5, 2021 24,900 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 July 6, 2021 19,920 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 July 6, 2021 34,860 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 July 6, 2021 72,210 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 July 6, 2021 72,210 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 July 6, 2021 74,700 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 July 6, 2021 149,400 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 July 6, 2021 19,920 2032.11.15 No Yes
December 9, September 15, Joint and several
ZPC 6,260,000 50,278.08 2032.11.15 No Yes
December 9, September 17, Joint and several
ZPC 6,260,000 19,920 2032.11.15 No Yes
December 9, September 17, Joint and several
ZPC 6,260,000 19,422 2032.11.15 No Yes
December 9, September 17, Joint and several
ZPC 6,260,000 39,840 2032.11.15 No Yes
December 9, September 17, Joint and several
ZPC 6,260,000 102,090 2032.11.15 No Yes
Full text of 2026 Semi-Annual Report
December 9, September 22, Joint and several
ZPC 6,260,000 16,434 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 June 13, 2022 7,968 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 July 11, 2022 169.32 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 August 2, 2022 109.56 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 August 4, 2022 189.24 2032.11.15 No Yes
December 9, Joint and several
ZPC 6,260,000 August 9, 2022 59.76 2032.11.15 No Yes
December 9, August 10, Joint and several
ZPC 6,260,000 7.47 2032.11.15 No Yes
December 9, September 5, Joint and several
ZPC 6,260,000 256.47 2032.11.15 No Yes
December 9, October 10, Joint and several
ZPC 6,260,000 204.18 2032.11.15 No Yes
December 9, November 1, Joint and several
ZPC 6,260,000 219.12 2032.11.15 No Yes
December 9, December 16, Joint and several
ZPC 6,260,000 34.86 2032.11.15 No Yes
December 9, December 27, Joint and several
ZPC 6,260,000 3,984 2032.11.15 No Yes
December 9, November 2, Joint and several
ZPC 6,260,000 8.77 2026.7.1 No Yes
December 9, November 18, Joint and several
ZPC 6,260,000 0.4 2026.7.1 No Yes
Full text of 2026 Semi-Annual Report
Total Outstanding Balance of
Total Guarantee Limit Approved
Guarantees Provided to
for Subsidiaries as at the End of 11,290,600 5,140,521.29
Subsidiaries as at the End of the
the Reporting Period (B3)
Reporting Period (B4)
Guarantees Provided by Subsidiaries to Their Subsidiaries
Disclosure Date
of the Counter- Whether the Whether the
Name of Actual
Announcement Guarante Date of Actual Type of Collateral guarantee Guarantee Guarantee Guarantee Is
Guaranteed Guarante
on the e Limit Occurrence Guarantee , if any Arrangement Term Has Been Provided to a
Party e Amount
Guarantee s, if any Fulfilled Related Party
Limit
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, Joint and several
Dahua 2025 liability guarantee
Yisheng December 9, January 21, Joint and several
Dahua 2025 2026 liability guarantee
Full text of 2026 Semi-Annual Report
Total Guarantee Limit Approved Total Outstanding Balance of
for Guarantees Provided by Guarantees Provided by
Subsidiaries to Their Subsidiaries 89,000 Subsidiaries to Their 37,490.06
as at the End of the Reporting Subsidiaries as at the End of the
Period (C3) Reporting Period (C4)
Total Guarantees of the Company (i.e. the Aggregate of the Above Three Categories)
Total Guarantee Limit Approved Total Outstanding Guarantee
as at the End of the Reporting 11,379,600 Balance as at the End of the 5,178,011.35
Period (A3+B3+C3) Reporting Period (A4+B4+C4)
Percentage of the Total Outstanding Guarantee Balance (i.e.
A4+B4+C4) to the Company’s Net Assets
Full text of 2026 Semi-Annual Report
R Applicable □ Not applicable
Overview of Entrusted Wealth Management During the Reporting Period
Unit: RMB 10,000
Balance of Entrusted
Wealth Management Amount Overdue and
Product Category Risk Profile
Products During the Unrecovered
Reporting Period
Bank wealth management
Low risk 0.00 0.00
products
Note: As of the end of the reporting period, all entrusted wealth management products had been redeemed.
Specific circumstances where the Company, as the sole principal, entrusts financial institutions to conduct asset
management, or invests in high-risk entrusted wealth management products with relatively low security and poor
liquidity
□ Applicable R Not applicable
□ Applicable R Not applicable
No other major contracts of the Company during the reporting period.
XIII. Registration Form of Reception, Research, Communication and Interviews during the
Reporting Period
R Applicable □ Not applicable
Type of Index to Basic
Reception Reception Reception Reception Main Topics Discussed
Reception Information on the
Date Venue Method Target and Materials Provided
Target Research
For details, please refer to:
Panorama
Network’s Online http://www.cninfo.com.cn/new/disclosure/detail?plat
April 30, “Investor communication e=szse&orgId=9900015502&stockCode=002493&a
Individual Investors nnouncementId=1225272639&announcementTime=
Interactive platform 2026-04-30%2017:44
Platform”
XIV. Explanation of other major matters
□ Applicable R Not applicable
No other important events to be described during the reporting period.
XV. Major Events of Subsidiaries
□ Applicable RNot applicable
Full text of 2026 Semi-Annual Report
Section VI Changes in Shares and Shareholders
I. Changes in shares
Unit: shares
Before the change Increase or decrease (+, -) After this change
Conversion of
Issuance of
Number Ratio Bonus shares capital reserves Others Subtotal Number Ratio
new shares
into shares
I. Restricted shares 651,375,000 6.52% -24,131,250 -24,131,250 627,243,750 6.28%
owned legal persons
domestic capital
Including: Shares
held by domestic legal
persons
Shares held by
domestic natural persons
foreign investors
Including: Shares
held by foreign legal
persons
Shares held by
foreign natural persons
II. Shares not subject to
sales restrictions
Full text of 2026 Semi-Annual Report
foreign shares
foreign shares
III. Total shares 9,989,442,254 100.00% 0 0 9,989,442,254 100.00%
Causes for change in shares
R Applicable □ Not applicable
Following the abolition of the Board of Supervisors and pursuant to the Shenzhen Stock Exchange Guidelines for Self-Regulatory Supervision of Listed Companies
No. 18—Reduction of Shareholdings by Shareholders, Directors and Senior Management (2025 Revision), the number of restricted shares held by the departing
Supervisor was adjusted accordingly. Accordingly, senior-management lock-up shares decreased by 24,131,250 shares during the Reporting Period.
Approval of changes in shares
□ Applicable R Not applicable
Transfer of changes in shares
□ Applicable R Not applicable
Implementation progress of share repurchases
□ Applicable R Not applicable
Implementation progress of the disposal of repurchased shares through centralized competitive bidding
□ Applicable R Not applicable
Impact of changes in shares on financial indicators such as basic earnings per share and diluted earnings per share for the most recent year and the most recent period,
and net assets per share attributable to the Company’s ordinary shareholders
□ Applicable R Not applicable
Other information that the Company considers necessary or that the securities regulatory authorities require to be disclosed
□ Applicable R Not applicable
Full text of 2026 Semi-Annual Report
R Applicable □ Not applicable
Unit: shares
Number of
Number of Number of
Shares Increase in
Restricted Restricted
Shareholder Released from Restricted
Shares at the Shares at the Reason for Restriction Date of Release from Restriction
Name Restriction Shares during
Beginning of End of the
during the the Period
the Period Period
Period
During the term of office determined at the time of
appointment of a departing Supervisor and within
six months following the expiry of such term, the
number of Company shares transferred by the
Li Guoqing 96,525,000 24,131,250 0 72,393,750 departing Supervisor each year through centralized May 20, 2026
competitive bidding, block trading, transfer by
agreement or other means shall not exceed 25% of
the total number of Company shares held by such
person.
Total 96,525,000 24,131,250 0 72,393,750 -- --
II. Securities issuance and listing
□ Applicable R Not applicable
III. Number of Shareholders and Shareholdings
Unit: shares
Full text of 2026 Semi-Annual Report
Total number of
common
Total Number of Preferred Shareholders with Restored Voting Rights at the
shareholders at the 71,963 0
End of the Reporting Period, if any (see Note 8)
end of the reporting
period
Shareholdings of shareholders holding over 5% of shares or the top 10 shareholders (excluding shares lent through refinancing)
Number of Pledge, marking or freezing
Number of Increase or
shares held Number of non-
Name of Nature of Shareholding shares held at decrease during
with limited restricted
shareholders shareholders ratio the end of the the reporting Share status Number
sales shares held
report period period
conditions
Zhejiang Rongsheng Domestic non-
Holding Group Co., state-owned legal 55.05% 5,499,301,781 0 0 5,499,301,781.00 Not applicable 0
Ltd. person
Aramco Overseas Overseas legal
Company B.V. person
Domestic natural
Li Shuirong 6.44% 643,275,000 0 482,456,250 160,818,750 Not applicable 0
person
Hong Kong Securities
Overseas legal
Clearing Company 2.21% 221,237,800 4,911,253 0 221,237,800 Not applicable 0
person
Limited
Domestic natural
Li Guoqing 0.97% 96,525,000 0 72,393,750 24,131,250 Not applicable 0
person
Domestic natural
Xu Yuejuan 0.97% 96,525,000 0 0 96,525,000 Not applicable 0
person
Domestic natural
Li Yongqing 0.97% 96,525,000 0 72,393,750 24,131,250 Not applicable 0
person
Horizon Asset -
Huaneng
Trust · Jiayue No. 7
Single Fund Trust - Other 0.55% 55,148,287 0 0 55,148,287 Not applicable 0
Horizon Asset Huixin
No. 43 Single Asset
Management Plan
Full text of 2026 Semi-Annual Report
Huaneng Guicheng
Trust Co., Ltd. -
Huaneng
Other 0.50% 50,078,500 0 0 50,078,500 Not applicable 0
Trust · Rongyue
Weicheng collective
funds trust plan
China Life Insurance
Company Limited –
Traditional – General Other 0.49% 48,592,950 37,479,400 0 48,592,950 Not applicable 0
Insurance Product –
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 Yongqing and
Explanation of the relationship or concerted Li Guoqing are nephews of Li Shuirong, Chairman of Zhejiang Rongsheng Holding Group Co., Ltd., and Xu Yuejuan is the sister-in-law of Li
action among the above shareholders Shuirong. They therefore constitute related parties. Except for the foregoing relationships, the Company has no knowledge of whether any other
shareholders are related to one another or are persons acting in concert.
Explanation of the above shareholders on
Not applicable
delegating/receiving/waiving voting rights
Special explanation on the existence of
Among the top 10 shareholders, the special securities account for share repurchases of Rongsheng Petrochemical Co., Ltd. held 417,150,112
repurchase accounts among the top 10
shares, representing 4.18% of the Company’s total share capital.
shareholders (if any) (see Note 11)
Shareholding of top 10 shareholders not subject to sales restrictions (excluding shares lent through refinancing and executive lock-in shares)
Number of shares not subject to sales restrictions held Class of shares
Name of shareholders
at the end of the reporting period Class of shares Number
Zhejiang Rongsheng Holding Group Co., Ltd. 5,499,301,781 RMB ordinary shares 5,499,301,781
Aramco Overseas Company B.V. 1,012,552,501 RMB ordinary shares 1,012,552,501
Hong Kong Securities Clearing Company Limited 221,237,800 RMB ordinary shares 221,237,800
Li Shuirong 160,818,750 RMB ordinary shares 160,818,750
Xu Yuejuan 96,525,000 RMB ordinary shares 96,525,000
Full text of 2026 Semi-Annual Report
Horizon Asset - Huaneng Trust · Jiayue No. 7 Single Fund Trust
- Horizon Asset Huixin No. 43 Single Asset Management Plan
Huaneng Guicheng Trust Co., Ltd. - Huaneng Trust · Rongyue
Weicheng collective funds trust plan
China Life Insurance Company Limited – Traditional – General
Insurance Product – 005L – CT001 SH
Ni Xincai 47,925,000 RMB ordinary shares 47,925,000
Dai Deming 40,300,000 RMB ordinary shares 40,300,000
Among the top 10 shareholders, Zhejiang Rongsheng Holding Group Co., Ltd. is the controlling shareholder of the
Explanation of the relationship or concerted action among the top
Company. Xu Yuejuan is the sister-in-law of Li Shuirong, Chairman of Zhejiang Rongsheng Holding Group Co., Ltd., and
Ni Xincai is the brother-in-law of Li Shuirong. They therefore constitute related parties. Except for the foregoing
restrictions and among the top 10 shareholders of outstanding
relationships, the Company has no knowledge of whether any other shareholders are related to one another or are persons
shares not subject to sales restrictions and the top 10 shareholders
acting in concert.
Zhejiang Rongsheng Holding Group Co., Ltd. holds 5,459,301,781 shares through an ordinary securities account and
Explanation of the top 10 shareholders' participation in securities
margin trading (if any) (see Note 4)
and 39,000,000 shares through a margin account.
Full text of 2026 Semi-Annual Report
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 R 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 R Not applicable
Whether any of the top 10 shareholders of ordinary share and the top 10 shareholders of ordinary share not subject
to sales restrictions of the Company have any agreed repurchase trading during the reporting period?
□ Yes R No
The top 10 shareholders of ordinary share and the top 10 shareholders of ordinary share not subject to sales
restrictions did not conduct the agreed repurchase transaction during the reporting period
IV. Changes in Shareholdings of Directors and Senior Management
□ Applicable R Not applicable
There were no changes in the shareholdings of the Company’s Directors or Senior Management during the
Reporting Period. For details, please refer to the 2025 Annual Report.
V. Changes in the Controlling Shareholder or Actual Controller
Where the Company has previously disclosed that its actual controller was planning a change in control that has not
yet been completed, the Company shall explain the progress of such change in control.
□ Applicable R Not applicable
Change in the controlling shareholder during the Reporting Period
□ Applicable R Not applicable
There was no change in the Company’s controlling shareholder during the Reporting Period.
Change in the actual controller during the Reporting Period
□ Applicable R Not applicable
There was no change in the Company’s actual controller during the Reporting Period.
VI. Preferred Shares
□ Applicable R Not applicable
The Company had no preferred shares during the Reporting Period.
Full text of 2026 Semi-Annual Report
Section VII Bonds
□ Applicable R Not applicable
Full text of 2026 Semi-Annual Report
Section VIII Financial Reports
I. Audit Report
Whether the semi-annual report has been audited
□ Yes R No
The Company’s semi-annual financial report has not been audited.
II. Financial Statements
The amounts in the financial statement notes are presented in RMB.
Prepared by: Rongsheng Petrochemical Co., Ltd.
June 30, 2026
Unit: RMB
Item Ending balance Beginning balance
Current assets:
Cash and bank balances 23,734,636,453.49 13,499,669,478.84
Settlement reserve
Placements with banks and other financial institutions
Trading financial assets
Derivative financial assets 192,305,512.54 278,828,802.69
Notes receivable
Accounts receivable 2,260,963,661.76 3,169,305,362.31
Accounts receivable financing 214,924,599.25 83,421,123.96
Prepayments 3,305,102,984.78 2,140,598,833.96
Premium receivables
Reinsurance receivables
Reinsurance contract reserves receivables
Other receivables 4,369,761,244.01 4,925,104,317.10
Including: Interest receivables
Dividends receivable 900,000,000.00
Financial assets purchased under resale agreements
Inventories 32,009,662,550.09 33,576,127,180.92
Including: data resources
Contract assets
Held-for-sale assets
Non-current assets due within one year
Other current assets 8,493,494,401.73 7,280,589,936.07
Full text of 2026 Semi-Annual Report
Total current assets 74,580,851,407.65 64,953,645,035.85
Non-current assets:
Loans and advances
Debt investments
Other debt investments
Long-term receivables
Long-term equity investment 9,446,006,115.38 9,764,207,212.23
Investment in other equity instruments
Other non-current financial assets
Investment property 9,716,959.60 9,852,682.60
Fixed assets 249,424,094,904.07 259,757,528,525.39
Construction in progress 54,979,464,670.50 37,854,167,659.20
Productive biological assets
Oil & gas assets
Right-of-use assets 60,122,571.18 27,062,072.00
Intangible assets 8,991,256,856.68 9,085,688,449.26
Including: data resources
Development expenses
Including: data resources
Goodwill
Long-term deferred expenses 966,422.60
Deferred income tax assets 1,599,264,279.84 1,702,308,467.27
Other non-current assets 3,730,795,532.12 3,478,664,190.30
Total non-current assets 328,241,688,311.97 321,679,479,258.25
Total assets 402,822,539,719.62 386,633,124,294.10
Current liabilities:
Short-term borrowings 53,190,105,943.25 50,196,656,887.59
Borrowings from the central bank
Placements from banks and other financial institutions
Trading financial liabilities
Derivative financial liabilities 242,510,513.90 254,957,356.99
Notes payable 1,633,752,998.56 1,823,730,094.93
Accounts payable 55,022,314,319.88 58,958,528,675.95
Advances received
Contract liabilities 2,755,473,814.03 4,083,450,306.60
Financial assets sold for repurchase
Deposits received and interbank deposits
Deposits for securities trading agency
Deposits for securities underwriting agency
Employee benefits payable 741,131,380.44 1,125,814,964.88
Taxes payable 1,002,658,024.79 2,645,167,588.84
Full text of 2026 Semi-Annual Report
Other payables 11,733,185,071.34 8,699,387,532.24
Including: Interest payable
Dividends payable 754,030,000.00
Handling charges and commissions payable
Reinsurance payable
Held-for-sale liabilities
Non-current liabilities due within one year 37,100,487,475.75 35,466,338,269.58
Other current liabilities 3,326,536,702.13 1,867,329,013.92
Total current liabilities 166,748,156,244.07 165,121,360,691.52
Non-current liabilities:
Insurance contract reserves
Long-term borrowings 129,528,625,520.90 122,459,201,307.70
Bonds payable
Including: Preferred share
Perpetual bond
Lease liabilities 42,251,995.26
Long-term payables
Long-term employee benefits payable
Provisions 44,542,210.85 43,782,604.66
Deferred income 453,353,280.62 392,706,559.60
Deferred income tax liabilities 1,539,145,003.79 1,624,234,093.37
Other non-current liabilities
Total non-current liabilities 131,607,918,011.42 124,519,924,565.33
Total liabilities 298,356,074,255.49 289,641,285,256.85
Owners’ equity:
Share capital 9,989,442,254.00 9,989,442,254.00
Other equity instruments
Including: Preferred share
Perpetual bond
Capital reserve 8,958,250,210.36 8,958,186,957.39
Less: treasury stock 4,988,804,885.93 4,988,804,885.93
Other comprehensive income -44,215,118.89 86,668,890.53
Special reserves 93,202,480.16 55,804,605.92
Surplus reserves 1,270,743,066.03 1,270,743,066.03
General risk reserve
Retained earnings 32,374,905,404.74 28,221,482,065.98
Total equity attributable to the parent company 47,653,523,410.47 43,593,522,953.92
Minority equity 56,812,942,053.66 53,398,316,083.33
Total equity 104,466,465,464.13 96,991,839,037.25
Full text of 2026 Semi-Annual Report
Total liabilities and owners’ equity 402,822,539,719.62 386,633,124,294.10
Unit: RMB
Item Ending balance Beginning balance
Current assets:
Cash and bank balances 2,222,050,224.76 354,353,684.29
Trading financial assets
Derivative financial assets
Notes receivable
Accounts receivable 3,430,155.65 2,437,530.86
Accounts receivable financing 30,099,108.99 17,919,013.37
Prepayments 83,107,244.82 60,256,292.32
Other receivables 5,214,966,090.11 2,897,360,297.44
Including: Interest receivables
Dividends receivable 2,432,100,000.00 550,000,000.00
Inventories 291,298,441.51 242,437,960.44
Including: data resources
Contract assets
Held-for-sale assets
Non-current assets due within one year
Other current assets 203,083.50 26,047,627.84
Total current assets 7,845,154,349.34 3,600,812,406.56
Non-current assets:
Debt investments
Other debt investments
Long-term receivables
Long-term equity investment 55,403,226,077.72 55,647,973,695.59
Investment in other equity instruments
Other non-current financial assets
Investment property 9,716,959.60 9,852,682.60
Fixed assets 317,497,765.49 318,871,916.84
Construction in progress 1,037,735.85
Productive biological assets
Oil & gas assets
Right-of-use assets
Intangible assets 10,890,967.97 11,853,718.31
Including: data resources
Development expenses
Including: data resources
Full text of 2026 Semi-Annual Report
Goodwill
Long-term deferred expenses
Deferred income tax assets
Other non-current assets
Total non-current assets 55,742,369,506.63 55,988,552,013.34
Total assets 63,587,523,855.97 59,589,364,419.90
Current liabilities:
Short-term borrowings 6,304,838,612.34 6,285,794,109.03
Trading financial liabilities
Derivative financial liabilities
Notes payable 52,916,550.00
Accounts payable 5,395,932,531.22 4,861,762,156.96
Advances received
Contract liabilities 2,486,220,583.76 2,646,739,931.85
Employee benefits payable 36,249,464.99 80,917,996.59
Taxes payable 4,104,331.59 6,581,447.16
Other payables 12,293,796,522.26 10,133,729,308.36
Including: Interest payable
Dividends payable
Held-for-sale liabilities
Non-current liabilities due within one year 7,390,024,135.00 5,964,831,869.33
Other current liabilities 323,208,675.88 344,076,191.14
Total current liabilities 34,234,374,857.04 30,377,349,560.42
Non-current liabilities:
Long-term borrowings 11,736,899,454.44 11,919,757,273.07
Bonds payable
Including: Preferred share
Perpetual bond
Lease liabilities
Long-term payables
Long-term employee benefits payable
Provisions
Deferred income 5,797,478.48 6,301,607.06
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities 11,742,696,932.92 11,926,058,880.13
Total liabilities 45,977,071,789.96 42,303,408,440.55
Owners’ equity:
Share capital 9,989,442,254.00 9,989,442,254.00
Other equity instruments
Full text of 2026 Semi-Annual Report
Including: Preferred share
Perpetual bond
Capital reserve 9,381,253,530.14 9,381,253,530.14
Less: treasury shares 4,988,804,885.93 4,988,804,885.93
Other comprehensive income 121,769,757.80 104,810,451.40
Special reserves
Surplus reserves 1,270,743,066.03 1,270,743,066.03
Retained earnings 1,836,048,343.97 1,528,511,563.71
Total equity 17,610,452,066.01 17,285,955,979.35
Total liabilities and owners’ equity 63,587,523,855.97 59,589,364,419.90
Unit: RMB
Item First Half of 2026 First Half of 2025
I. Gross operating revenue 129,406,713,606.78 148,629,350,935.50
Including: operating revenue 129,406,713,606.78 148,629,350,935.50
Interest income
Earned premium
Handling charge and commission income
II. Gross operating costs 119,440,750,915.54 147,757,254,574.45
Including: operating costs 109,671,529,657.63 128,878,959,937.59
Interest expense
Handling charge and commission expenses
Surrender value
Net payments for insurance claims
Net provision for insurance contract liabilities
Policy dividend payment
Reinsurance costs
Taxes and surcharges 3,918,394,840.31 12,748,131,455.62
Selling expenses 86,672,912.63 84,293,344.16
Administrative expenses 489,898,914.69 466,821,877.01
R&D expenses 2,242,542,374.59 2,369,091,695.16
Financial expenses 3,031,712,215.69 3,209,956,264.91
Including: interest expenses 3,190,639,179.06 3,280,153,933.32
Interest income 135,999,098.06 222,591,881.35
Add: Other income 800,815,540.06 1,064,837,456.41
Investment income (losses expressed with "-") 362,514,525.42 284,046,651.75
Including: Return on investment in associates and 446,204,831.98
joint ventures
Full text of 2026 Semi-Annual Report
Gains on derecognition of financial assets
measured at amortized cost
Exchange gains (losses expressed with “-”)
Net exposure hedging gains (losses expressed with “-”)
Gains on changes in fair value (losses expressed with "-") -292,395,250.55 -299,721,409.22
Credit impairment loss (losses expressed with "-") 18,584,617.97 87,104,774.79
Asset impairment loss (losses marked with “-”) -1,070,657.02 -152,150,594.56
Gains on disposal of assets (losses expressed with “-”) 7,357,324.96 -64,124.27
III. Operating profit (losses expressed with "-") 10,861,768,792.08 1,856,149,115.95
Add: Non-operating income 4,459,855.55 3,898,849.00
Less: Non-operating expenses 6,496,192.84 15,476,643.56
IV. Total profit (total losses expressed with "-") 10,859,732,454.79 1,844,571,321.39
Less: Income tax expenses 1,599,910,333.55 178,317,788.37
V. Net profit (net losses expressed with "-") 9,259,822,121.24 1,666,253,533.02
(I) By business continuity
“-”)
expressed with “-”)
(II) By ownership
company
VI. Other comprehensive income, net of tax -148,091,369.68 -67,422,232.10
Other comprehensive income attributable to owners of the
-130,884,009.42 -63,618,787.95
parent, net of tax
(I) Other comprehensive income which may not be
reclassified to profit or loss
transferred to profit or loss under the equity method
instruments
Company’s own credit risk
(II) Other comprehensive income which may be reclassified
-130,884,009.42 -63,618,787.95
to profit or loss
-2,818,582.89 -50,041,026.62
to profit or loss under the equity method
Full text of 2026 Semi-Annual Report
comprehensive income
investments
-128,065,426.53 -13,577,761.33
statements
Other comprehensive income attributable to minority
-17,207,360.26 -3,803,444.15
shareholders, net of tax
VII. Total comprehensive income 9,111,730,751.56 1,598,831,300.92
Total comprehensive income attributable to owners of the 4,979,768,543.54
parent company
Total comprehensive income attributable to minority
shareholders
VIII. Earnings per share
(I) Basic earnings per share 0.53 0.06
(II) Diluted earnings per share 0.53 0.06
Unit: RMB
Item First Half of 2026 First Half of 2025
I.Operating revenue 1,658,635,943.40 874,759,022.69
Less: Operating costs 1,416,499,121.05 783,915,236.41
Taxes and surcharges 4,015,977.87 3,803,080.38
Selling expenses 23,530,693.32 16,171,150.67
Administrative expenses 56,431,181.76 53,041,620.29
R&D expenses 89,909,438.96 51,520,823.00
Financial expenses 452,655,791.25 390,501,070.87
Including: interest expenses 437,529,655.83 389,284,382.25
Interest income 3,930,697.50 6,362,975.74
Add: Other income 2,027,136.04 347,023,654.77
Investment income (losses expressed with "-") 1,653,195,627.15 169,273,572.94
Including: Return on investment in associates and joint
ventures
Gains on derecognition of financial assets
measured at amortized cost (loss expressed with "-")
Net exposure hedging gains (losses expressed with “-”)
Gains on changes in fair value (losses expressed with "-")
Credit impairment loss (losses expressed with "-") -984,220.51 -462,148.98
Asset impairment loss (losses marked with “-”)
Gains on disposal of assets (losses expressed with “-”) 5,881.82 0.18
Full text of 2026 Semi-Annual Report
II. Operating profit (losses expressed with “-”) 1,269,838,163.69 91,641,119.98
Add: Non-operating income 13,610.45 2.15
Less: Non-operating expenses 5,085,779.68 5,757,786.29
III. Total profit (total losses expressed with “-”) 1,264,765,994.46 85,883,335.84
Less: Income tax expenses
IV. Net profit (net losses expressed with "-") 1,264,765,994.46 85,883,335.84
(1) Net profit from going concern (net losses expressed with
“-”)
(2) Net profit from discontinued operations (net losses
expressed with “-”)
V. Other comprehensive income, net of tax 16,959,306.40 -45,627,581.75
(I) Other comprehensive income which may not be
reclassified to profit or loss
transferred to profit or loss under the equity method
instruments
Company’s own credit risk
(II) Other comprehensive income which may be reclassified
to profit or loss
to profit or loss under the equity method
comprehensive income
investments
statements
VI. Total comprehensive income 1,281,725,300.86 40,255,754.09
VII. Earnings per share
(I) Basic earnings per share
(II) Diluted earnings per share
Unit: RMB
Full text of 2026 Semi-Annual Report
Item First Half of 2026 First Half of 2025
I. Cash flow from operating activities:
Cash received from sales of goods or rendering of services 144,616,318,030.36 166,127,081,795.62
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 4,024,659,987.74 2,764,625,616.17
Cash received relating to other operating activities 3,221,369,865.89 2,915,095,527.88
Subtotal of cash inflow from operating activities 151,862,347,883.99 171,806,802,939.67
Cash paid for goods purchased and services received 119,672,137,045.21 145,101,204,904.23
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 2,039,891,290.45 2,179,536,574.50
Cash paid for taxes and levies 6,169,842,548.94 15,388,171,037.48
Cash paid relating to other operating activities 2,726,399,445.75 1,551,265,169.78
Subtotal of cash outflow from operating activities 130,608,270,330.35 164,220,177,685.99
Net cash flow from operating activities 21,254,077,553.64 7,586,625,253.68
II. Cash flows from investing activities:
Cash received from investment recovery 1,423,699,610.58 1,659,568,485.19
Cash received from the return on investment 43,797,524.36 48,654,510.65
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 35,418,235.70 33,463,822.77
Subtotal of cash inflow from investing activities 1,514,139,803.40 1,745,338,358.54
Full text of 2026 Semi-Annual Report
Cash paid for purchase and construction of fixed assets,
intangible assets and other long-term assets
Cash paid for investments 1,531,280,311.91 2,191,197,289.79
Net increase in pledge loans
Net cash paid for acquisition of subsidiaries and other business
units
Cash paid relating to other investing activities 14,590,050.00 37,285,472.76
Subtotal of cash outflow from investing activities 21,879,984,031.34 17,805,709,465.41
Net cash flow from investing activities -20,365,844,227.94 -16,060,371,106.87
III. Cash flow from financing activities:
Cash received from capital contributions
Including: Cash received by subsidiaries from capital
contributions by non-controlling shareholders
Cash received from borrowings 81,828,730,827.33 64,601,920,548.88
Cash received relating to other financing activities 5,811,413,542.99 12,429,276,412.04
Subtotal of cash inflow from financing activities 87,640,144,370.32 77,031,196,960.92
Cash paid for repayment of debts 70,620,316,255.36 61,676,972,719.77
Cash paid for distribution of dividends and profit or payment
of interests
Including: Dividends or profit paid by subsidiaries to minority
shareholders
Cash paid relating to other financing activities 3,209,961,145.34 1,092,449,633.16
Subtotal of cash outflow from financing activities 78,325,279,809.29 67,486,012,444.81
Net cash flow from financing activities 9,314,864,561.03 9,545,184,516.11
IV. Effect of change in exchange rate on cash and cash
equivalents
V. Net increase in cash and cash equivalents 10,297,237,265.23 1,078,135,756.74
Add: Opening balance of cash and cash equivalents 12,868,997,873.44 12,943,832,335.45
VI. Ending balance of cash and cash equivalents 23,166,235,138.67 14,021,968,092.19
Unit: RMB
Item First Half of 2026 First Half of 2025
I. Cash flow from operating activities:
Cash received from sales of goods or rendering of services 4,811,930,464.98 8,368,331,142.55
Refunds of taxes and levies 3,365,262.59 1,975,629.38
Cash received relating to other operating activities 2,529,156,303.00 670,727,289.01
Subtotal of cash inflow from operating activities 7,344,452,030.57 9,041,034,060.94
Cash paid for goods purchased and services received 4,153,231,997.03 6,715,246,018.52
Full text of 2026 Semi-Annual Report
Cash paid to and on behalf of employees 188,592,917.78 130,826,793.13
Cash paid for taxes and levies 5,818,871.99 88,121,460.17
Cash paid relating to other operating activities 2,586,963,039.15 84,132,591.60
Subtotal of cash outflow from operating activities 6,934,606,825.95 7,018,326,863.42
Net cash flow from operating activities 409,845,204.62 2,022,707,197.52
II. Cash flows from investing activities:
Cash received from investment recovery
Cash received from the return on investment 43,654,510.65 43,654,510.65
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 700,000,000.00 463,029,809.36
Subtotal of cash inflow from investing activities 743,682,581.45 510,304,551.12
Cash paid for purchase and construction of fixed assets,
intangible assets and other long-term assets
Cash paid for investments 20,000,000.00 1,559,000,000.00
Net cash paid for acquisition of subsidiaries and other business
units
Cash paid relating to other investing activities 1,114,950,000.00 1,860,300,000.00
Subtotal of cash outflow from investing activities 1,143,041,781.84 3,493,573,902.46
Net cash flow from investing activities -399,359,200.39 -2,983,269,351.34
III. Cash flow from financing activities:
Cash received from capital contributions
Cash received from borrowings 10,323,500,000.00 9,959,500,000.00
Cash received relating to other financing activities 6,073,040,000.00 4,500,000,000.00
Subtotal of cash inflow from financing activities 16,396,540,000.00 14,459,500,000.00
Cash paid for repayment of debts 9,152,600,000.00 8,903,650,000.00
Cash paid for distribution of dividends and profit or payment
of interests
Cash paid relating to other financing activities 4,084,411,168.57 2,368,601,946.63
Subtotal of cash outflow from financing activities 14,538,554,754.97 12,494,705,031.28
Net cash flow from financing activities 1,857,985,245.03 1,964,794,968.72
IV. Effect of change in exchange rate on cash and cash
-759,708.79 -2,373,115.00
equivalents
V. Net increase in cash and cash equivalents 1,867,711,540.47 1,001,859,699.90
Add: Opening balance of cash and cash equivalents 354,338,684.29 682,038,492.96
VI. Ending balance of cash and cash equivalents 2,222,050,224.76 1,683,898,192.86
Full text of 2026 Semi-Annual Report
Current period
Unit: RMB
First Half of 2026
Owners’ equity attributable to the parent company
Other equity
Item instruments Other Surpl Retaine Minorit Total
Less: General
Share Capital compre Special us d Subtota y equity equity
Prefer Perpe treasur risk Other
capital Oth reserve hensive reserves reserv earning l
red tual y stock reserve
er income es s
shares bond
I. Ending balance of 9,989,442, 8,958,186, 4,988,80 86,668,8 55,804,6
the previous year 254.00 957.39 4,885.93 90.53 05.92
Add: Changes
in accounting
policies
Correctio
n of errors in the
previous period
Other
II. Opening balance 9,989,442, 8,958,186, 4,988,80 86,668,8 55,804,6
of the year 254.00 957.39 4,885.93 90.53 05.92
III.
Increases/decreases -
in the current period 63,252.97 130,884,
(decrease expressed 009.42
with "-")
(I) Total -
comprehensive 130,884,
income 009.42
(II) Capital
contributed and
reduced by owners
Full text of 2026 Semi-Annual Report
contributed by
owners
contributed by
holders of other
equity instruments
based payment
recognized in
owners’ equity
- - - -
(III) Profit
distribution 214.20 214.20 000.00 9,214.20
surplus reserve
General risk reserve
owners (or 957,229, 957,229, 754,030, 1,711,25
shareholders) 214.20 214.20 000.00 9,214.20
(IV) Internal carry-
forward of owners’
equity
transferred into
capital (or share
capital)
transferred into
capital (or share
capital)
Full text of 2026 Semi-Annual Report
for making up loss
defined benefit
plans carried
forward to retained
earnings
comprehensive
income carried
forward to retained
earnings
(V) Special reserve
appropriated in the
current period
period 866.37 866.37 088.70 955.07
(VI) Others 63,252.97
- 1,270, 32,374,9 47,653,5 56,812,9 104,466,
IV. Ending balance 9,989,442, 8,958,250, 4,988,80 93,202,4
of the current period 254.00 210.36 4,885.93 80.16
Prior-year Corresponding Period
Unit: RMB
First Half of 2025
Owners’ equity attributable to the parent company
Other equity
Item instruments Gen
Other Minority Total
Less: eral
Share Prefe Capital compreh Special Surplus Retained Ot equity equity
Perpe treasury risk Subtotal
capital rred Ot reserve ensive reserves reserves earnings her
tual stock rese
share her income
bond rve
s
Full text of 2026 Semi-Annual Report
I. Ending
balance of
the
,000.00 ,635.04 ,823.24 216.98 87.43 ,066.03 ,005.41 ,287.65 ,012.02 ,299.67
previous
year
Add:
Changes in
accounting
policies
Correction
of errors in
the
previous
period
Other
II. Opening
balance of
,000.00 ,635.04 ,823.24 216.98 87.43 ,066.03 ,005.41 ,287.65 ,012.02 ,299.67
the year
III.
Increases/d
ecreases in
- - -
the current 33,130,3 1,093,432, 708,437,93
period 63.30 858.20 7.72
(decrease
expressed
with "-")
(I) Total
comprehen 602,084,10 538,465,31 1,060,365, 1,598,831,
sive 4.39 6.44 984.48 300.92
income
(II) Capital
contributed
and
reduced by
owners
shares
contributed
by owners
Full text of 2026 Semi-Annual Report
contributed
by holders
of other
equity
instruments
of share-
based
payment
recognized
in owners’
equity
- - -
(III) Profit
distribution
Withdrawal
of surplus
reserve
Withdrawal
of General
risk reserve
Distributio
- - -
n to owners
(or
shareholder
s)
(IV)
Internal
carry-
forward of
owners’
equity
Full text of 2026 Semi-Annual Report
reserve
transferred
into capital
(or share
capital)
reserve
transferred
into capital
(or share
capital)
reserves for
making up
loss
in defined
benefit
plans
carried
forward to
retained
earnings
comprehen
sive
income
carried
forward to
retained
earnings
(V) Special 33,130,3 33,130,363 32,453,303 65,583,666
reserve 63.30 .30 .43 .73
appropriate
d in the
current
period
Full text of 2026 Semi-Annual Report
the current
period
(VI) Others 638,613.98 638,613.98 613,570.29
IV. Ending
balance of 10,125,525 10,820,205 6,987,008 217,273, 52,187,5 1,270,743 27,975,251 43,474,177 52,058,390 95,532,568
the current ,000.00 ,249.02 ,823.24 429.03 50.73 ,066.03 ,895.60 ,367.17 ,870.22 ,237.39
period
Current amount
Unit: RMB
First Half of 2026
Other equity instruments Specia
Item Less: Other
Preferr Capital l Surplus Retained
Share capital Perpetu Othe treasury comprehens Other Total equity
ed reserve reserv reserves earnings
al bond r stock ive income
shares es
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.
Increases/decre 307,536,780 324,496,086.6
ases in the .26 6
current period
Full text of 2026 Semi-Annual Report
(decrease
expressed with
"-")
(I) Total
comprehensive 16,959,306.4
income 0
(II) Capital
contributed and
reduced by
owners
shares
contributed by
owners
contributed by
holders of other
equity
instruments
share-based
payment
recognized in
owners’ equity
- -
(III) Profit
distribution
.20 0
of surplus
reserve
to owners (or 957,229,214 957,229,214.2
shareholders) .20 0
(IV) Internal
carry-forward
Full text of 2026 Semi-Annual Report
of owners’
equity
reserve
transferred into
capital (or share
capital)
reserve
transferred into
capital (or share
capital)
reserves for
making up loss
defined benefit
plans carried
forward to
retained
earnings
comprehensive
income carried
forward to
retained
earnings
(V) Special
reserve
appropriated in
the current
period
current period
(VI) Others
Full text of 2026 Semi-Annual Report
IV. Ending
balance of the
current period
Amount of prior period
Unit: RMB
First Half of 2025
Other equity instruments Specia
Item Less: Other
Preferr Perpet Capital l Surplus Retained Oth
Share capital treasury comprehens Total equity
ed ual Other reserve reserv reserves earnings er
stock ive income
shares bond es
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.
Increases/decrea
ses in the - -
current period 45,627,581. 871,345,878.3
(decrease 75 6
expressed with
"-")
(I) Total -
comprehensive 45,627,581. 85,883,335.84 40,255,754.09
income 75
(II) Capital
contributed and
reduced by
owners
Full text of 2026 Semi-Annual Report
shares
contributed by
owners
contributed by
holders of other
equity
instruments
share-based
payment
recognized in
owners’ equity
(III) Profit -
distribution 957,229,214.20
of surplus
reserve
to owners (or 957,229,214.2
shareholders) 0
(IV) Internal
carry-forward of
owners’ equity
reserve
transferred into
capital (or share
capital)
reserve
transferred into
capital (or share
capital)
Full text of 2026 Semi-Annual Report
reserves for
making up loss
defined benefit
plans carried
forward to
retained
earnings
comprehensive
income carried
forward to
retained
earnings
(V) Special
reserve
appropriated in
the current
period
current period
(VI) Others
IV. Ending
balance of the
current period
Full text of 2026 Semi-Annual Report
III. Company Profile
Rongsheng Petrochemical Co., Ltd. (hereinafter referred to as the Company) 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. The Company now holds the Business License (Unified Social Credit Code:
RMB 9,989,442,254.00 and a total of 9,989,442,254 shares (par value: RMB 1 per share), including outstanding
shares subject to sales restrictions: 627,243,750 A shares, and outstanding shares not subject to sales restrictions:
The Company operates in the petroleum and chemical fiber industry and is principally engaged in the
production and sale of refined oil products, chemicals, PTA, polyester chips, polyester filaments and films.
These financial statements were approved for issuance at the eighth meeting of the seventh session of the Board
of Directors of the Company on August 24, 2026.
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 note: 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, operating results,
cash flow and other relevant information.
The accounting year is the calendar year from January 1 to December 31.
Full text of 2026 Semi-Annual Report
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 functional currency, while overseas subsidiaries
such as Hong Kong Shenghui 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 functional currency.
RApplicable □ Not applicable
Item Materiality
Important Prepayments with the aging more than 1 year Single amount exceeding 0.5% of total assets
Important dividends receivable aged over 1 year Single amount exceeding 0.5% of total assets
Important construction in progress Single amount exceeding 0.5% of total assets
Important accounts payable with the aging more than 1 year Single amount exceeding 0.5% of total assets
Important other payable with the aging more than 1 year Single amount exceeding 0.5% of total assets
Important Contract liabilities with the aging more than 1 year Single amount exceeding 0.5% of total assets
Important overseas operating entity 15% of total revenue
Important cash flows from investing activities Single amount exceeding 0.5% of total assets
Important non-wholly owned subsidiary The individual asset total exceeds 3% of the Group's total assets
The book value of individual investment exceeds 0.5% of the
Important associates
Group's total assets
The contingent matters of individual amount exceeding 3% of
Important contingencies total assets or other matters significantly influencing investor
decisions
Post-balance-sheet-date profit distribution and other matters
Important post-balance sheet events
significantly influencing investor decisions
Assets and liabilities acquired by the Company in a business combination are measured at their carrying
amounts in the consolidated financial statements of the ultimate controlling party at the combination date. The
difference between the Company's share of the carrying amount of the combined party's owners’ equity in the
consolidated financial statements of the ultimate controlling party and the carrying amount of the consideration paid
for the combination (or the total par value of the shares issued) is adjusted against the capital reserve. If the capital
reserve is insufficient to absorb the difference, any excess is adjusted against retained earnings.
At the acquisition date, the Company recognizes the excess of the combination cost over its share of the fair
value of the identifiable net assets of the acquiree acquired in the combination as goodwill. If the combination cost
is less than the Company's share of the fair value of the identifiable net assets of the acquiree acquired in the
combination, the Company first reassesses the measurement of the fair values of the acquiree's identifiable assets,
Full text of 2026 Semi-Annual Report
liabilities, and contingent liabilities acquired, as well as the combination cost. If, after the reassessment, the
combination cost remains less than the Company's share of the fair value of the identifiable net assets of the acquiree
acquired in the combination, the difference is recognized in profit or loss for the current period.
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.
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 the output of the joint operation;
(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.
Foreign currency transactions are initially translated into RMB at the spot exchange rate prevailing on the
transaction date. At the balance sheet date, monetary items denominated in foreign currencies are translated at the
spot exchange rate prevailing on that date. The resulting exchange differences, except for those arising from the
principal and interest of specific foreign currency borrowings used for the acquisition or construction of qualifying
assets, are recognized in profit or loss for the current period.
Non-monetary items denominated in foreign currencies and measured at historical cost continue to be
translated at the spot exchange rate prevailing on the transaction date, with their RMB amounts remaining
unchanged. Non-monetary items denominated in foreign currencies and measured at fair value are translated at the
Full text of 2026 Semi-Annual Report
spot exchange rate prevailing on the date when the fair value is determined, and the resulting differences are
recognized in profit or loss for the current period or in other comprehensive income.
Assets and liabilities in the balance sheet are translated at the spot exchange rate prevailing at the balance sheet
date. Items of owners’ equity, except for “retained earnings”, are translated at the spot exchange rates prevailing on
the dates when the transactions occurred. Income and expense items in the income statement are translated at
exchange rates that approximate the spot exchange rates prevailing on the transaction dates. Translation differences
arising from the above translation of foreign currency financial statements are recognized 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 profit or loss.
At initial recognition, financial liabilities are classified into four categories: (1) financial liabilities at fair value
through profit or loss; (2) financial liabilities arising from transfers of financial assets that do not qualify for
derecognition or from continuing involvement in transferred financial assets; (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.
liabilities
(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 profit or loss, the transaction costs thereof shall be
directly recorded in current profit or loss. For other categories of financial assets or financial liabilities, the related
transaction costs 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
They are subsequently measured at amortized cost by adopting the 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 profit or 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 profit or loss, and other gains or losses are
included in other comprehensive income. Upon derecognition, the accumulated gain or loss previously included in
other comprehensive income is transferred from other comprehensive income and included in the current profit or
loss.
Full text of 2026 Semi-Annual Report
They are subsequently measured at fair value. Dividends obtained (except those falling under the recovery of
investment costs) are included in current profit or loss, and other gains or losses are included in other comprehensive
income. Upon derecognition, the accumulated gain or loss previously included in other comprehensive income is
reclassified from other comprehensive income to retained earnings.
They are subsequently measured at fair value, and the resulting gains or losses (including interest and dividend
income) are included in current profit or loss, unless the financial asset is part of the hedging relationship.
(3) Subsequent measurement method for financial liabilities
Such financial liabilities comprise trading financial liabilities (including derivative financial liabilities) and
those specified as financial liabilities at fair value through profit or 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
profit or 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 profit or 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 profit or loss, unless the financial liabilities are part of the hedging relationship. Upon
derecognition, the accumulated gain or loss previously included in other comprehensive income is reclassified from
other comprehensive income to 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.
the above 1) and to lend at a rate lower than the market interest rate
A subsequent measurement shall be made after they are initially recognized according to the higher one of the
following: ① the amount of loss allowance 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 profit or loss
when derecognized and amortized under the effective interest method.
(4) Derecognition of financial assets and financial liabilities
① The contractual rights to the cash flows from the financial asset expire;
② The 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
Full text of 2026 Semi-Annual Report
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 substantially all the risks and rewards 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 shall 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 profit or 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 profit or 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) Level 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) Level 2 input value refers to them directly or indirectly observable input value of relevant assets or liabilities
apart from Level 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) Level 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 other than those
classified as financial liabilities at fair value through profit or loss, financial guarantee contracts that do not belong
to financial liabilities at fair value through profit or 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 impaired and loss allowance shall be recognized.
Full text of 2026 Semi-Annual Report
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, i.e., the present value of all cash shortfalls. 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 allowance
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 allowance 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 allowance 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 allowance 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 allowance is included in the current profit or 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 can not 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
pay 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.
Assets
Full text of 2026 Semi-Annual Report
Basis for determining
Portfolio category Method for measuring expected credit loss
portfolios
With reference to historical credit loss
Bank acceptance bills receivable experience and in combination with the
current situation and the forecast of future
Type of notes economic conditions, the expected credit loss
is calculated through default risk exposure and
Commercial acceptance bill receivables 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 future
Accounts receivable - aging portfolio Aging 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
With reference to historical credit loss
Accounts receivable - trade accounts portfolio of experience and in combination with the
Nature of account
overseas subsidiaries current situation and the forecast of future
economic conditions, the expected credit loss
Related parties within is calculated through default risk exposure and
Accounts receivable - Related party dealings portfolio
the scope of the expected credit loss rate in the whole
within the scope of consolidation
consolidation [note] duration
Related parties within
Other receivables - Related party dealings portfolio
the scope of
within the scope of consolidation
consolidation [note]
Other receivables - security deposits for borrowings
portfolio
Other receivables - government receivables portfolio With reference to historical credit loss
experience and in combination with the
Other receivables - futures margin portfolio current situation and the forecast of future
economic conditions, the expected credit loss
Other receivables - Paper trading settlement is calculated through default risk exposure and
Nature of account the expected credit loss rate in the next 12
receivables portfolio
months or the whole duration.
Other receivables - deposit and margin receivables
portfolio
Other receivables - reserve fund receivables portfolio
Other receivables - current account portfolio
[Note]: This refers to related parties within the scope of the Company’s consolidated financial statements.
Aging Expected credit loss rate of accounts receivable (%)
Within 1 year (included, the same below) 5
Above 3 years 100
The aging of accounts receivable shall be calculated from the date of initial recognition.
For accounts receivable with credit risk significantly different from the portfolio credit risk, the Company
makes provisions for expected credit losses by a single basis.
Full text of 2026 Semi-Annual Report
The Company presents contract assets or contract liabilities in the balance sheet based on the relationship
between the performance of obligations and customer payments. The Company presents contract assets and contract
liabilities under the same contract on a net basis after offsetting them against each other.
The Company presents the right to consideration from a customer that is unconditional (i.e., requiring only the
passage of time before payment is due) as a receivable, and presents the right to consideration in exchange for goods
transferred to a customer (where the right is conditioned on something other than the passage of time) as a contract
asset.
Inventory includes finished products or commodities held for sale in ordinary course of business, products in
the process of production, materials and supplies consumed in the process of production or providing labor services.
Inventories issued 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) Packaging materials
Packaging materials 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 requiring processing,
net realizable value is determined in the ordinary course of business as the estimated selling price of the finished
goods less the estimated costs to completion, estimated selling expenses and relevant taxes and surcharges.
Joint control refers to the shared control over a certain arrangement according to the relevant agreement, and
decisions about the relevant activities of the arrangement require the unanimous consent of the parties sharing
control. 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
owners’ equity of the combined party acquired in the book value of total owners’ 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.
Full text of 2026 Semi-Annual Report
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 combination 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 consideration transferred at
the acquisition 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
separate financial statements and consolidated financial statements:
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 associates and joint ventures is accounted for under the equity method.
(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":
Full text of 2026 Semi-Annual Report
transactions.
(2) Accounting treatment for non-"package deals"
For disposal of equity, the difference between the carrying amount of the equity interest disposed of and the
actual disposal proceeds shall be recorded into current profit or 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
consideration 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 reclassified to investment income 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 consideration 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 separate financial statements, and when the control is lost, transferred together into profit or 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 consideration 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 profit or loss for
the period during which the control is lost.
Measurement model of investment properties
Measurement by the cost method
Depreciation or amortization methods
Full text of 2026 Semi-Annual Report
appreciation and subsequent transfer, 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 life Residual value rate Annual depreciation
Category Depreciation method
(years) (%) rate (%)
Straight-line
Housing and buildings 5-30 5 or 10 19.00-3.00
depreciation method
Machinery and Straight-line
equipment depreciation method
Transportation Straight-line
facilities depreciation method
Straight-line
Other equipment 3-10 5 or 10 31.67-9.00
depreciation method
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
Housing and buildings met the predetermined design requirements, and has been accepted by the survey, design,
construction, supervision and other units.
After installation and commissioning, it meets the design requirements or the standards specified in
Machinery and equipment
the contract
Full text of 2026 Semi-Annual Report
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 profit or 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) When the assets acquired, constructed or produced qualified for capitalization conditions are ready for
intended use or sales, the capitalization of the borrowing costs shall be ceased.
In case of special borrowing for the acquisition & construction or production of assets eligible for capitalization
conditions, the amount of interest eligible for capitalization 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 discount 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 Straight-line method
certificate
Know-how 6-10 years, expected income period Straight-line method
Management software 5-10 years, expected income period Straight-line method
Emission rights 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
Full text of 2026 Semi-Annual Report
(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 by the R&D personnel in different
positions between R&D expenses and production and operating expenses based on reasonable methods such as the
proportion of actual working hours, based on the working hour records of the R&D personnel in different positions.
(2) Direct input costs
Direct input costs 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 in use 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 in use,
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
production and quality control procedures, or formulating new methods and standards.
Full text of 2026 Semi-Annual Report
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 in addition to the above expenses,
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 expenditure in the research stage of internal research and development projects is included in the current
profit or loss. The expenditures incurred during the development of an internal R&D project shall be recognized as
intangible assets if they simultaneously meet the following conditions: (1) It is technically feasible to complete the
intangible assets so that they can be used or sold; (2) it is intended to finish and use or sell the intangible assets; (3)
the ways for intangible assets to generate economic benefits shall be proven useful, including the way to prove that
there is a potential market for the products manufactured with the intangible assets or there is a potential market for
the intangible assets or the intangible assets will be used internally; (4) enough technical and financial resources
and other resources are available to support the development of such intangible assets, and the Company is able to
use or sell such intangible assets; (5) the expenses incurred from developing the intangible asset can be reliably
measured.
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. If a long-term deferred
expense can no longer generate benefits in future accounting periods, its remaining unamortized balance is
recognized in profit or loss for the current period in full.
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.
Full text of 2026 Semi-Annual Report
The Company presents the obligation to transfer goods to the customer for considerations received or
receivable from the customer as a contract liability.
Employee benefits include short-term employee benefits, post-employment benefits, termination benefits and
other long-term employee benefits.
(1) Accounting treatment of short-term employee benefits
During the accounting period in which employees provide services to the Company, the short-term employee
benefits actually incurred are recognized as liabilities and included in current profit or loss or the cost of related
assets.
(2) Accounting treatment of post-employment benefits
Post-employment benefits are classified into defined contribution plans and defined benefit plans.
(1) During the accounting period in which employees provide services to the Company, the contributions
payable under defined contribution plans are recognized as liabilities and included in current profit or loss or the
cost of relevant assets.
(2) The accounting treatment for a defined benefit plan generally includes the following steps:
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.
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);
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 liabilities
or net assets of the defined benefit plan are recorded in the current profit or 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 income and is not allowed to be carried back to gains or losses during the subsequent accounting
period, but the amounts recognized in other comprehensive income 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 profit or 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.
Full text of 2026 Semi-Annual Report
(4) Accounting treatment method for other long-term employee benefits
Where other long-term employee benefits provided by the Company meet the conditions of a defined
contribution plan, they are accounted for in accordance with the relevant provisions applicable to defined
contribution plans. Other long-term employee benefits are accounted for in accordance with the relevant provisions
applicable to defined benefit plans. 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 profit or loss or relevant asset cost.
assurance, and loss-making contracts constitute present 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 provisions.
fulfill relevant current obligations and reviews the book value of the provisions on the balance sheet date.
The Company assesses the contract from the commencement date of the contract and identifies each distinct
performance obligation contained in 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 risks and rewards of ownership of the goods to the
customer, namely, the customer has already obtained the significant risks and rewards of ownership of the goods;
Full text of 2026 Semi-Annual Report
(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 is included in the transaction price only to the extent that it is highly probable that a significant reversal
in the amount of cumulative revenue recognized will not occur when the relevant uncertainty is subsequently
resolved.
(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 filaments
and film, and so forth, fulfilling its performance obligation at a certain time point. Revenue 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. Revenue 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 profit or 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:
manufacturing overhead (or similar costs), costs explicitly chargeable to the customer, and other costs incurred
solely as a result of the contract;
Full text of 2026 Semi-Annual Report
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 profit or 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 subsidies shall be measured at the amount received or receivable. 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 or subsidies 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 profit or 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 profit or 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 profit or 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 asset-related and income-related components and for which it is difficult
to distinguish between the two, the entire grant is classified as an income-related government grant. 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 profit or 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 profit or loss or offset against relevant
costs.
income or written down related costs and expenses according to the economic and business nature. Government
grants not related to the ordinary course of business of the Company are recorded in non-operating income and
expenses.
(1) Where the government finance department 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
Full text of 2026 Semi-Annual Report
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 government finance department 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.
amount is reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow
the benefits of the deferred tax assets to be utilized. Any such reduction is reversed when it becomes probable that
sufficient taxable profits will be available.
income in the current gains or losses, excluding income taxes arising from: (1) business combination; (2)
transactions or events recognized directly in owners’ equity.
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 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 profit or 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
Full text of 2026 Semi-Annual Report
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 profit or loss. The variable lease payments not included in the measurement of lease liabilities shall be
included in current profit or 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 in-substance fixed lease payments, changes in amounts expected to be payable under residual value
guarantees, 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 profit or 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. Except for the financing lease, others
are treated as the operating lease.
(1) Operating lease
Full text of 2026 Semi-Annual Report
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 profit or 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 profit or loss when actually incurred.
(2) Financing lease
At the commencement date of the lease, the Company recognizes a finance lease receivable 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
lease investment are included in the current profit or 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 acquires its own shares for purposes such as reducing its registered capital or rewarding
employees, the amount actually paid shall be recognized as treasury shares, with a corresponding memorandum
record maintained. If the repurchased shares are cancelled, the difference between the aggregate par value of the
cancelled shares, calculated based on the par value and number of shares cancelled, and the amount actually paid
for the repurchase shall be deducted from capital reserve. Where the capital reserve is insufficient, the remaining
amount shall be deducted from retained earnings. If the repurchased shares awarded to employees constitute equity-
settled share-based payments, upon employees exercising their rights to purchase the Company’s shares and paying
the consideration, the cost of the treasury shares delivered to employees and the cumulative amount recognized in
capital reserve (other capital reserve) during the vesting period shall be derecognized, and the difference shall be
adjusted against capital reserve (share premium).
(1) Significant accounting policy changes
R Applicable □ Not applicable
Enterprises Interpretation No. 19 issued by the Ministry of Finance concerning “the accounting treatment of
Full text of 2026 Semi-Annual Report
indemnification assets in business combinations not under common control.” This change in accounting policy had
no impact on the Company’s financial statements.
Enterprises Interpretation No. 19 issued by the Ministry of Finance concerning “the accounting treatment of the
relevant capital reserve upon disposal of a subsidiary originally acquired through a business combination under
common control.” This change in accounting policy had no impact on the Company’s financial statements.
Enterprises Interpretation No. 19 issued by the Ministry of Finance concerning “the derecognition of financial
liabilities settled using an electronic payment system.” This change in accounting policy had no impact on the
Company’s financial statements.
Enterprises Interpretation No. 19 issued by the Ministry of Finance concerning “the assessment of the contractual
cash flow characteristics of financial assets and related disclosures.” This change in accounting policy had no impact
on the Company’s financial statements.
Enterprises Interpretation No. 19 issued by the Ministry of Finance concerning “disclosures relating to equity
instruments designated as measured at fair value through other comprehensive income.” This change in accounting
policy had no impact on the Company’s financial statements.
(2) Changes in significant accounting estimate
□ Applicable R Not applicable
(3) Adjustments to Relevant Items of the Opening Financial Statements upon the Initial Application of New
Accounting Standards in 2026
□ Applicable R Not applicable
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 profit
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 work safety project is ready for its intended use. 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.
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:
(1) It engages in business activities from which it may earn revenues and incur expenses;
Full text of 2026 Semi-Annual Report
(2) The management can evaluate the operating results of such components on a regular basis, so as to decide
to allocate resources to them and evaluate their performance;
(3) It has access to accounting information of the component, such as its financial condition, operation result
and cash flow.
VI. Taxes
Tax category Basis of taxation Tax rate
Output VAT is calculated based on
revenue from the sale of goods and the
provision of taxable services in
Value-added tax accordance with tax laws. VAT payable 13%, 9%, 6% [Note 1]
is the excess of output VAT over
creditable input VAT for the current
period.
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 the property in
Property tax 1.2%, 12%
one go for ad valorem collection; the
rental income for rent based collection.
Education surcharge Actual payment of turnover tax 3%
Local education surcharge Actual payment of turnover tax 2%
[Note 1] Sales of goods are subject to VAT at a rate of 13%. Rental income and sales of liquefied petroleum gas
and steam are subject to VAT at a rate of 9%. Revenue from carbon emission allowances, warehousing services and
other businesses, and interest income are subject to VAT at a rate of 6%. The “exemption, credit and refund” policy
applies to exported goods, with an export tax refund rate of 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] Enterprise income tax rates applicable to taxpayers subject to different tax rates are set out in the table
above.
Name of taxpayer Income tax rate
Subsidiaries Zhejiang Shengyuan Chemical Fiber Co., Ltd.,
Ningbo Zhongjin Petrochemical Co., Ltd., Yisheng Dahua
Petrochemical Co., Ltd., Zhejiang Petroleum & Chemical Co.,
Ltd., Zhejiang Yongsheng Technology Co., Ltd.
Subsidiaries Hong Kong Shenghui Co., Ltd., Hong Kong
Yisheng Dahua Petrochemical Co., Ltd., Yisheng New Materials
Trading Co., Ltd., Rongsheng Petrochemical (Hong Kong) Co., The tax shall be calculated and paid according to the relevant tax
Ltd., Rongsheng Petrochemical (Singapore) Private Co., Ltd., rates of the country and region where the business is located.
Rongtong Logistics (Singapore) Private Co., Ltd., and Zhejiang
Petroleum & Chemical (Singapore) Private Co., Ltd.
Subsidiaries Rongxiang Chemical Fiber Co., Ltd., Rongsheng 20%
International Trade (Hainan) Co., Ltd., Dalian Yisheng New
Full text of 2026 Semi-Annual Report
Materials Co., Ltd. and Zhejiang Rongyi Trading 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). Under these regulations, enterprises that use naphtha and fuel oil to
produce ethylene and aromatics are entitled to a refund, based on actual consumption, of the consumption tax
included in naphtha and fuel oil purchased and actually used in the production of ethylene and aromatic chemical
products. Ningbo Zhongjin Petrochemical Co., Ltd. and Zhejiang Petroleum & Chemical Co., Ltd., subsidiaries of
the Company, are entitled to the preferential policy for refunding consumption tax paid at the procurement stage.
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.
Customs), the Announcement on Further Strengthening the Implementation of the Policy for Refunding Excess
Input Value-added Tax Credits (Announcement No. 14 of 2022 of the Ministry of Finance and the State Taxation
Administration), and the Announcement on Improving the Policy for Refunding Excess Input Value-added Tax
Credits (Announcement No. 7 of 2025 of the Ministry of Finance and the State Taxation Administration), the pilot
system for refunding excess input VAT credits at the end of a period has been implemented since April 1, 2019,
under which manufacturing enterprises may apply to the competent tax authorities for refunds of their excess input
VAT credits. The Company and certain subsidiaries met the relevant conditions and received refunds of excess
input VAT credits totaling RMB 51.2186 million during the current period.
Accreditation Institutions in 2025 issued by the Office of the National High-tech Enterprise Accreditation
Management Leading Group, subsidiaries Zhejiang Shengyuan Chemical Fiber Co., Ltd. and Zhejiang Petroleum
& Chemical Co., Ltd. have passed the high-tech enterprise accreditation and obtained the High-tech Enterprise
Certificate numbered GR202533008268 and GR202533003871 respectively. The validity period of the recognition
is 2025-2027, and the enterprise income tax is calculated and paid at a reduced rate of 15% in the current 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
Full text of 2026 Semi-Annual Report
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 Filing the First Batch of High-tech Enterprises Recognized by Ningbo City
Authority in 2025 issued by the Office of the National High-tech Enterprise Recognition Management Leading
Group, Ningbo Zhongjin Petrochemical Co., Ltd., a subsidiary, has passed the high-tech enterprise accreditation
and obtained the High-tech Enterprise Certificate with the number of GR202533101851, with the validity period of
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 Trading 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 applicable rates for small low-profit enterprises. Subsidiaries Dalian
Yisheng New Materials Co., Ltd. and Zhejiang Rongyi Chemical Fiber Co., Ltd. met the relevant requirements
during the current 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 31,
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 adding and deducting.
Surcharge and Local Education Surcharge in Connection with Refunds of Excess Input Value-added Tax Credits
(Cai Shui [2018] No. 80), taxpayers receiving refunds of excess input VAT credits are permitted to deduct the
refunded VAT amount from the tax or levy bases for urban maintenance and construction tax, education surcharge
and local education surcharge. During the current period, subsidiaries Zhejiang Shengyuan Chemical Fiber Co.,
Ltd., Yisheng Dahua Petrochemical Co., Ltd., Dalian Rongxincheng Trading Co., Ltd. and Ningbo Zhongjin
Petrochemical Co., Ltd. were entitled to this tax incentive.
Incentives for Special-purpose Equipment for Environmental Protection, Energy and Water Conservation, and
Work Safety (Cai Shui [2008] No. 48), 10% of the investment in eligible special-purpose equipment purchased by
an enterprise for environmental protection, energy and water conservation, and work safety may be credited against
its enterprise income tax payable for the current year. Any unused credit may be carried forward to subsequent years
for a period not exceeding five tax years. Subsidiaries Yisheng Dahua Petrochemical Co., Ltd. and Zhejiang
Full text of 2026 Semi-Annual Report
Petroleum & Chemical Co., Ltd. purchased eligible special-purpose equipment and were entitled to the tax credit
equal to 10% of the relevant investment.
VII. Notes to Items in the Consolidated Financial Statements
Unit: RMB
Item Ending balance Beginning balance
Cash on hand 1,413,280.19 1,356,245.56
Bank deposit 22,141,340,239.80 12,158,835,849.89
Other monetary funds 1,591,882,933.50 1,339,477,383.39
Total 23,734,636,453.49 13,499,669,478.84
Including: Total amount of overseas deposits 6,428,922,904.11 2,275,567,146.98
Unit: RMB
Item Ending balance Beginning balance
Paper futures contract 46,337,328.78 36,638,553.50
Foreign exchange derivatives 145,968,183.76 242,190,249.19
Total 192,305,512.54 278,828,802.69
(1) Disclosure by aging
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (inclusive of 1 year) 2,337,256,735.63 3,217,852,678.84
Above 3 years 12,807.34 12,160.09
Total 2,343,918,793.53 3,224,054,163.30
(2) Classified disclosure by bad debt accrual method
Unit: RMB
Ending balance Beginning balance
Book Book
Book balance Bad-debt provision Book balance Bad-debt provision
value value
Category Percent Percent
Proporti age of Proporti Amoun age of
Amount Amount Amount
on provisio on t provisio
n n
Full text of 2026 Semi-Annual Report
Accounts
receivable
with
provision 2,260,
for bad debt 100.00% 3.54% 963,66 100.00% 1.70%
reserves 1.76
based on
aging
portfolio
Total 100.00% 3.54% 963,66 100.00% 1.70%
Provision for bad debt by combination:
Unit: RMB
Ending balance
Name
Book balance Bad-debt provision Percentage of provision
Portfolio of trade receivables
from overseas subsidiaries
Aging portfolio 1,652,166,609.84 82,955,131.77 5.02%
Total 2,343,918,793.53 82,955,131.77 3.54%
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 1,645,504,551.94 82,275,227.60 5.00%
Above 3 years 12,807.34 12,807.34 100.00%
Subtotal 1,652,166,609.84 82,955,131.77 5.02%
If the provision for bad debts of accounts receivable is accrued according to the general model of expected credit
loss:
□ Applicable R 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 or
balance Provision Write-off Other balance
reversed
Bad-debt 54,748,800.99 28,206,330.78 82,955,131.77
provision made
Full text of 2026 Semi-Annual Report
on a portfolio
basis
Total 54,748,800.99 28,206,330.78 82,955,131.77
(4) Accounts receivables with top 5 ending balances by debtor
The total amount of the top 5 accounts receivable at the end of the period was RMB 1,299,386,560.26,
accounting for 55.43% of the total ending balance of accounts receivable at the end of the period. The corresponding
provision for bad debts was RMB 42,063,525.34.
(1) Classified presentation of receivables financing
Unit: RMB
Item Ending balance Beginning balance
Bank acceptance bills 214,924,599.25 83,421,123.96
Total 214,924,599.25 83,421,123.96
(2) Receivables Financing Endorsed or Discounted by the Company at Period-end but Not Yet Matured as
of the Balance Sheet Date
Unit: RMB
Item Amount Derecognized at Period-end
Bank acceptance bills 3,083,708,210.78
Total 3,083,708,210.78
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
Dividends receivable 900,000,000.00
Other receivables 3,469,761,244.01 4,925,104,317.10
Total 4,369,761,244.01 4,925,104,317.10
(1) Dividends Receivable
Unit: RMB
Item (or Investee) Ending Balance Beginning Balance
Full text of 2026 Semi-Annual Report
Zhejiang Yisheng Petrochemical Co.,
Ltd.
Total 900,000,000.00
(2) Other receivables
Unit: RMB
Nature of account Ending book balance Beginning book balance
Government receivables 3,030,267,897.26 4,575,905,403.92
Futures margin 126,003,411.21 334,936,493.12
Security deposits 22,207,907.83 19,779,471.63
Paper trading settlement receivables 269,796,687.71 41,018,656.98
Petty cash advances and others 46,933,625.14 15,703,525.34
Security deposits for borrowings 10,000,000.00
Current accounts 10,800,000.00 10,800,000.00
Total book balance 3,506,009,529.15 5,008,143,550.99
Less: Provision for bad debts 36,248,285.14 83,039,233.89
Total carrying amount 3,469,761,244.01 4,925,104,317.10
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (inclusive of 1 year) 3,363,949,421.99 4,300,023,016.04
Above 3 years 57,601,315.79 626,776,098.07
Total book balance 3,506,009,529.15 5,008,143,550.99
Less: Provision for bad debts 36,248,285.14 83,039,233.89
Total carrying amount 3,469,761,244.01 4,925,104,317.10
RApplicable □ Not applicable
Unit: RMB
Ending balance Beginning balance
Book balance Bad-debt provision Book balance Bad-debt provision
Category Percent Book Percent Book
Propor age of value Proporti age of value
Amount Amount Amount Amount
tion provisio on provisio
n n
Full text of 2026 Semi-Annual Report
Provision
made for
bad debt 3,506,00 100.00 36,248,2 3,469,76 5,008,14 83,039,2 4,925,10
reserves 9,529.15 % 85.14 1,244.01 3,550.99 33.89 4,317.10
based on
portfolio
Total 1.03% 100.00% 1.66%
Provision for bad debt by combination:
Unit: RMB
Ending balance
Name
Book balance Bad-debt provision Percentage of provision
Government receivables 3,030,267,897.26 5,630,321.96 0.19%
Futures margin 126,003,411.21
Security deposits 22,207,907.83 13,912,449.55 62.65%
Paper trading settlement
receivables
Petty cash advances and
others
Current accounts 10,800,000.00 6,600,000.00 61.11%
Total 3,506,009,529.15 36,248,285.14 1.03%
Unit: RMB
Stage I Stage II Stage III
Expected
Expected credit loss over
Bad-debt provision Expected credit loss for the entire Total
credit loss in the entire
duration (credit impairment has
the next 12 duration
occurred)
months (without credit
impairment)
The balance as of January 1,
The balance as of January 1,
--Transferred into Stage II -15,836.78 15,836.78
--Transferred into Stage III -1,350.00 1,350.00
Provision in current period 1,367,767.55 942,803.11 -49,101,519.41 -46,790,948.75
Balance as of June 30, 2026 1,612,874.67 2,180,852.04 32,454,558.43 36,248,285.14
Provision ratio for bad debts at
period-end
current period
□Applicable RNot applicable
Full text of 2026 Semi-Annual Report
Unit: RMB
Proportion in a
Ending balance of
total ending
Company name Nature of payment Ending balance Aging provision for bad
balance of other
debts
receivables
Tax refunds 2,587,451,481.2
Other receivables 1 Within 1 year 73.80%
receivable 6
Within 1 year, 1-
Other receivables 2 Subsidies receivable 409,020,000.00 11.67% 2,078,457.53
Paper trading
Other receivables 3 settlement 209,931,171.98 Within 1 year 5.99%
receivables
Paper trading
Other receivables 4 settlement 59,862,498.50 Within 1 year 1.71%
receivables
Other receivables 5 Subsidies receivable 33,796,416.00 Above 3 years 0.96% 3,551,864.43
Total 94.13% 5,630,321.96
(1) Prepayments presented by aging
Unit: RMB
Ending balance Beginning balance
Aging
Amount Proportion Amount Proportion
Within 1 year 3,209,139,075.25 97.10% 2,120,580,033.00 99.07%
Above 3 years 3,808,659.77 0.11% 3,649,429.09 0.17%
Total 3,305,102,984.78 100.00% 2,140,598,833.96 100.00%
Explanation of the reasons why the prepayment with an age of more than one year and an important amount has not
been settled in time:
There were no significant prepayments aged over 1 year at the end of the period.
(2) Top five recipients by ending balance of prepayments
The total amount of the top 5 prepayments at the end of the period was RMB 2,575,334,282.35, accounting for
Whether the Company is subject to the disclosure requirements of the real estate industry
□Yes RNo
Full text of 2026 Semi-Annual Report
(1) Classification of inventories
Unit: RMB
Ending balance Beginning balance
Inventory
Inventory
write-down
write-down
provision
provision or
Item or
impairment
Book balance impairment Book value Book balance Book value
provision for
provision
contract
for contract
fulfillment
fulfillment
costs
costs
Raw 15,684,536,395.4 15,684,536,395.4 19,405,535,119.5 19,404,050,699.5
material 5 5 1 2
Products in 43,772,343.7
process 6
Commodity 3,449,003.6 34,319,017.0
inventory 2 8
Goods
Shipped
Low-value
consumable 165,701,782.53 165,701,782.53 159,032,291.33 159,032,291.33
s
Total
(2) Inventory write-down provision and contract performance cost impairment provisions
Unit: RMB
Increase in the current period Decrease in the current period
Beginning Ending
Item Reversal or
balance Provision Other Other balance
write-off
Raw material 1,484,419.99 1,484,419.99
Products in
process
Finished Goods 34,319,017.08 1,070,657.02 31,940,670.48 3,449,003.62
Total 79,575,780.83 1,070,657.02 77,197,434.23 3,449,003.62
Specific basis for determining net realizable value, and reasons for Inventory write-down provision of reversal or
write-off in the current period:
Reasons for reversal of Reasons for write-off of
Specific basis for determining net
Item Inventory write-down Inventory write-down
realizable value
provision provision
The net realizable value is determined The net realizable value of
Raw materials, by the estimated selling price of the inventories for which write- The inventory with Inventory
Products in related finished goods minus estimated down provisions had been made write-down provision was
process costs to completion, estimated selling in prior periods increased consumed/sold in this period
expenses and relevant taxes during the current period.
Finished goods The net realizable value of
inventory, The net realizable value is determined Inventory with recognized
inventories for which write-
by the estimated selling price of related Inventory write-down
Goods Shipped down provisions had been made
Full text of 2026 Semi-Annual Report
finished products minus the estimated in prior periods increased provision was sold during this
selling expenses and related taxes during the current period. period
Unit: RMB
Item Ending balance Beginning balance
VAT input tax to be deducted 5,072,426,804.15 5,165,468,990.03
Prepaid enterprise income tax 26,640,599.71 647,911,993.28
Consumption tax, urban construction tax
and surcharges
Leased silver 2,992,731,306.15 1,338,220,113.02
Total 8,493,494,401.73 7,280,589,936.07
Full text of 2026 Semi-Annual Report
Unit: RMB
Increase and decrease in the current period Ending
Beginnin Opening Investment Declared Ending balance of
g balance balance of Other Provision balance provision
Investee gains or losses Other distribution
(book impairment Additional Reduced comprehensive for (book for
recognized equity of cash Other
value) provision investment investment income impairme value) impairme
under the changes dividends
adjustments nt nt
equity method or profit
I. Joint Venture
II. Associates
Zhejiang
Yisheng
Petrochem 24,021,023.10 -2,107,424.85
ical Co.,
Ltd.
Ningbo
Hengyi 12,151,24 53,788,17
Trading 9.51 3.66
Co., Ltd.
Zhejiang
Xiaoshan
Rural 2,823,663, 43,654,510. 2,987,640,
Commerci 830.01 65 903.86
al Bank
Co., Ltd.
Hainan
Yisheng
Petrochem 172,756,944.53 -26,856,202.42
ical Co.,
Ltd.
ZPC-ENN
(Zhoushan 21,473,85 22,951,67
) Gas Co., 3.18 6.10
Ltd.
Zhejiang
Dingshen
g 75,202,49 75,826,47
Petrochem 9.29 2.28
ical
Engineeri
Full text of 2026 Semi-Annual Report
ng Co.,
Ltd.
Zhejiang
Derong 332,483,1 100,000,000 435,805,9
Chemicals 22.11 .00 61.81
Co., Ltd.
Zhoushan
ZPC
Zhougang 3,412,653.81 160,699.64
Tugboat
Co., Ltd.
Zhejiang
Dongjiang
Green
Petrochem
ical 101,736,0 110,786,6
Technolog 13.19 56.84
y
Innovatio
n Center
Co., Ltd.
Ningbo
Coastal
Public 11,289,31 90,000,000. 100,935,8
-353,508.81
Pipe 4.54 00 05.73
Gallery
Co., Ltd.
Zhejiang
Zhenshi
Port 675,440.89
Service
Co., Ltd.
Subtotal 446,204,831.98 -10,875,443.62 124,025.44
Total 446,204,831.98 -10,875,443.62 124,025.44
Full text of 2026 Semi-Annual Report
Recoverable amount determined based on fair value less costs of disposal
□ Applicable R Not applicable
Recoverable amount determined based on the present value of estimated future cash flows
□ Applicable R Not applicable
(1) Investment properties under the cost measurement mode
RApplicable □ Not applicable
Unit: RMB
Item Houses and buildings Total
I. Original book value
(1) Purchases
(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) Depreciation 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 based on fair value less costs of disposal
Full text of 2026 Semi-Annual Report
□ Applicable R Not applicable
The recoverable amount is determined based on the present value of estimated future cash flows
□ Applicable R Not applicable
(2) Investment properties under the fair value method
□ Applicable R Not applicable
Unit: RMB
Item Ending balance Beginning balance
Fixed assets 249,424,094,904.07 259,757,528,525.39
Total 249,424,094,904.07 259,757,528,525.39
(1) Fixed assets
Unit: RMB
Housing and Machinery and Transportation Other
Item Total
buildings equipment facilities equipment
I. Original book
value:
current period
(1) Acquisition 8,708,351.78 42,608,504.91 1,864,426.53 371,253,514.15 424,434,797.37
(2) Transfer-in
from construction 741,592.93 741,592.93
in progress
(3) Increase from
Business
Combinations
current period
(1) Disposal or
scrapping
II. Accumulated
depreciation
current period
(1) Accrual 1,616,212,933.23 9,095,809,566.55 8,907,755.22 33,344,104.59 10,754,274,359.59
current period
(1) Disposal or
scrapping
Full text of 2026 Semi-Annual Report
III. Provision for
impairment
current period
(1) Accrual
current period
(1) Disposal or
scrapping
IV. Book value
value
value
(2) Fixed asset with incomplete property right certificate
Unit: RMB
Item Book value Reasons for incomplete certificates of title
Houses and buildings - Shengyuan Chemical Fiber
Polymer Building, etc.
Houses and buildings - tank farm, supporting buildings
and others of ZPC
Houses and buildings - ZPC dormitories 536,323,240.83 Still being processed
Houses and buildings - office buildings and others of
Yisheng Dahua Petrochemical Co., Ltd.
Houses and buildings -film warehouse and others of
Zhejiang Yongsheng Technology Co., Ltd.
(3) Impairment testing of fixed assets
□ Applicable R Not applicable
Unit: RMB
Item Ending balance Beginning balance
Construction in progress 52,560,962,759.09 36,209,167,814.50
Engineering materials 2,418,501,911.41 1,644,999,844.70
Total 54,979,464,670.50 37,854,167,659.20
(1) Construction in progress
Full text of 2026 Semi-Annual Report
Unit: RMB
Ending balance Beginning balance
Item Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
High performance resin project 11,499,447,359.99 11,499,447,359.99 10,192,664,303.89 10,192,664,303.89
High-end new material project 10,113,722,063.38 10,113,722,063.38 8,287,858,489.43 8,287,858,489.43
Jintang New Material Project 15,568,869,886.26 15,568,869,886.26 10,812,301,008.98 10,812,301,008.98
Utilities and supporting facilities 7,075,681,989.66 7,075,681,989.66 2,141,303,341.61 2,141,303,341.61
Sporadic projects 8,303,241,459.80 8,303,241,459.80 4,775,040,670.59 4,775,040,670.59
Total 52,560,962,759.09 52,560,962,759.09 36,209,167,814.50 36,209,167,814.50
Full text of 2026 Semi-Annual Report
(2) Changes in major construction in progress in the current period
Unit: RMB
Amount Including
of fixed Proportio : Interest
Other Accumula
Budget Increase assets n of total Capitalize capitaliza
decreases ted
(RMB Beginning in the carried Ending project Project d amount tion rate Source of
Project in the capitalize
current d amount
million) period the the in the current
period of interest
current budget current period
period period
Bank loans,
High performance 10,192,66 1,306,783, 11,499,44 733,212,6 128,225,9
resin project 4,303.89 056.10 7,359.99 33.44 38.22
sources
Bank loans,
High-end new 8,287,858, 1,825,863, 10,113,72 57,043,86 24,981,95
material project 489.43 573.95 2,063.38 6.25 5.73
sources
Bank loans,
Jintang New Material 10,812,30 4,756,568, 15,568,86 503,744,1 205,000,2
Project 1,008.98 877.28 9,886.26 37.80 33.58
sources
Utilities and 2,141,303, 4,934,378, 7,075,681, 357,342,0 Other
supporting facilities 341.61 648.05 989.66 10.28 sources
Total
(3) Impairment test of construction in progress
□ Applicable R Not applicable
Full text of 2026 Semi-Annual Report
(4) Engineering materials
Unit: RMB
Ending balance Beginning balance
Item Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Special 2,401,002,816. 2,401,002,816. 1,639,663,143. 1,639,663,143.
materials 42 42 93 93
Special
equipment
Total
(1) Situation of right-of-use assets
Unit: RMB
Item Housing and buildings Total
I. Original book value
(1) Additions from new leases 49,907,837.05 49,907,837.05
(1) Contract termination and transfer 49,003,967.60 49,003,967.60
II. Accumulated depreciation
(1) Accrual 14,588,970.37 14,588,970.37
(1) Disposal
(2) Termination of contract and transfer 46,745,600.10 46,745,600.10
III. Provision for impairment
(1) Accrual
(1) Disposal
IV. Book value
Full text of 2026 Semi-Annual Report
(2) Impairment test of right-of-use assets
□ Applicable R Not applicable
Full text of 2026 Semi-Annual Report
(1) Intangible assets
Unit: RMB
Item Land-use right Proprietary Technology Management software Emission rights Sea area use right Total
I. Original book value
current period
(1) Acquisition 432.62 6,747,797.47 4,696,061.00 9,005,517.08 20,449,808.17
(2) Internal R&D
(3) Increase due to
business merger
current period
(1) Disposal
II. Accumulated
amortization
current period
(1) Accrual 104,355,491.20 94,339.62 3,002,461.35 2,616,052.98 4,813,055.60 114,881,400.75
current period
(1) Disposal
III. Provision for
impairment
Full text of 2026 Semi-Annual Report
current period
(1) Accrual
current period
(1) Disposal
IV. Book value
value
Full text of 2026 Semi-Annual Report
(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 512,016,294.04 Still being processed
Subtotal 512,016,294.04
(3) Impairment test of intangible assets
□ Applicable R Not applicable
Unit: RMB
Beginning Current-period Current-period Other
Item Ending Balance
Balance Additions Amortization Reductions
Improvement Expenditures on
Leased Fixed Assets
Total 1,010,597.58 44,174.98 966,422.60
(1) Deferred income tax assets before offset
Unit: RMB
Ending balance Beginning balance
Item Deductible temporary Deferred income tax Deductible temporary Deferred income tax
difference assets difference assets
Provisions for asset
impairment
Unrealized profit from
internal transactions
Deductible tax losses
carried forward
Changes in fair value
of trading financial
instruments and 15,237,380.66 2,285,607.10 49,347,430.82 10,013,897.63
derivative financial
instruments
Deferred income 447,555,802.14 67,877,814.75 386,404,952.54 58,738,520.64
Lease liabilities 18,953,973.37 2,843,096.01 37,729,036.17 5,659,355.43
Provisions 44,542,210.85 6,681,331.63 43,782,604.66 6,567,390.70
Total 10,139,267,551.27 1,829,699,360.80 10,743,613,063.19 1,923,035,807.78
Full text of 2026 Semi-Annual Report
(2) Deferred income tax liabilities before offset
Unit: RMB
Ending balance Beginning balance
Item Taxable temporary Deferred income tax Taxable temporary Deferred income tax
difference liabilities difference liabilities
One-time pre-tax
deduction of long-term 8,779,807,630.19 1,316,971,144.52 9,209,739,455.74 1,381,460,918.36
assets
Borrowing costs
capitalized in the
construction of long-
term assets by
subsidiaries using
borrowings contributed 1,970,328,832.04 317,372,690.09 1,962,158,305.99 309,663,627.22
by the parent company
as paid-in capital, as
reflected in the
consolidated financial
statements
Changes in fair value
of trading financial
instruments and 165,701,857.90 26,828,646.10 273,896,236.86 43,092,081.30
derivative financial
instruments
Right-of-use assets 12,401,852.24 1,860,277.84 24,803,704.50 3,720,555.68
Government subsidies 409,020,000.00 102,255,000.00 409,020,000.00 102,255,000.00
Asset retirement costs
for fixed assets
Total 11,365,875,680.34 1,769,580,084.75 11,911,412,711.88 1,844,961,433.88
(3) Deferred income tax assets or liabilities presented as net amount after offset
Unit: RMB
Ending offset amount Ending balance of Beginning offset Beginning balance of
of deferred income deferred income tax amount of deferred deferred income tax
Item
tax assets and assets and liabilities income tax assets and assets and liabilities
liabilities after offset liabilities after offset
Deferred income tax
assets
Deferred income tax
liabilities
(4) Details of unrecognized deferred income tax assets
Unit: RMB
Item Ending balance Beginning balance
Tax losses available for deduction 2,359,504,468.94 2,522,179,464.04
Changes in fair value of trading financial
instruments and derivative financial 227,273,133.24 205,609,926.17
instruments
Full text of 2026 Semi-Annual Report
Deferred income 5,797,478.48 6,301,607.06
Provisions for asset impairment 12,833,282.46 2,236,985.97
Lease liabilities 48,034,264.51 2,623,049.76
Total 2,653,442,627.63 2,738,951,033.00
(5) The tax losses available for deduction of unrecognized deferred income tax assets will expire in the
following year
Unit: RMB
Year Ending amount Beginning amount Note
Total 2,359,504,468.94 2,522,179,464.04
Unit: RMB
Ending balance Beginning balance
Item Provision Provision
Book balance for Book value Book balance for Book value
impairment impairment
Prepayment
for purchase
of long-term
assets
Total 3,730,795,532.12 3,730,795,532.12 3,478,664,190.30 3,478,664,190.30
Unit: RMB
Period end Period beginning
Item Book Book Restriction Restriction Book Book Restriction Restriction
balance value type situation balance value type situation
Deposits
Deposits for letters
for letters of credit,
of credit, bank
bank acceptance
acceptance bills,
Monetary 568,401,31 568,401,31 630,671,60 630,671,60
Restricted bills, Restricted guarantees,
fund 4.82 4.82 5.40 5.40
guarantees borrowings
and and ETC
borrowings services,
, and cash and funds
in transit subject to
assisted
Full text of 2026 Semi-Annual Report
enforcemen
t
Collateral Collateral
Fixed 294,762,94 232,480,40
assets 5,671.06 5,403.84
and letters and letters
of credit of credit
Collateral Collateral
Intangible 6,136,663,0 5,436,131,0
assets 87.37 65.75
and letters and letters
of credit of credit
Collateral Collateral
Constructio for for
n in Mortgage borrowings Mortgage borrowings
progress and letters and letters
of credit of credit
Total
Unit: RMB
Item Ending balance Beginning balance
Mortgage borrowings 50,037,534.44
Guaranteed borrowings 51,162,169,841.60 47,763,339,280.37
Unsecured borrowings 1,977,898,567.21 2,433,317,607.22
Total 53,190,105,943.25 50,196,656,887.59
Unit: RMB
Item Ending balance Beginning balance
Paper Futures Contracts 242,510,513.90 244,350,092.55
Foreign Exchange Derivatives 10,607,264.44
Total 242,510,513.90 254,957,356.99
Unit: RMB
Category Ending balance Beginning balance
Bank acceptance bills 1,633,752,998.56 1,823,730,094.93
Total 1,633,752,998.56 1,823,730,094.93
Unit: RMB
Item Ending balance Beginning balance
Full text of 2026 Semi-Annual Report
Payable for material procurement and operation 49,484,965,772.11 50,890,431,082.24
Payable for purchase of long-term assets 5,537,348,547.77 8,068,097,593.71
Total 55,022,314,319.88 58,958,528,675.95
Unit: RMB
Item Ending balance Beginning balance
Dividends payable 754,030,000.00
Other payables 10,979,155,071.34 8,699,387,532.24
Total 11,733,185,071.34 8,699,387,532.24
(1) Dividends Payable
Unit: RMB
Item Ending balance Beginning balance
Dividends of ordinary shares 754,030,000.00
Total 754,030,000.00
(2) Other Payables
Unit: RMB
Item Ending balance Beginning balance
Current accounts 9,214,696,647.31 7,418,563,934.03
Deposit and security 1,023,308,991.43 995,066,265.07
Settled but unpaid operating expenses 240,079,502.39 267,785,214.09
Fund of Employee Stock Ownership Plan 413,040,000.00
Other 88,029,930.21 17,972,119.05
Total 10,979,155,071.34 8,699,387,532.24
There were no significant other payables with an aging of more than one year at the end of the period.
Unit: RMB
Item Ending balance Beginning balance
Payments for goods 2,755,473,814.03 4,083,450,306.60
Total 2,755,473,814.03 4,083,450,306.60
There were no significant contract liabilities aged over one year at the end of the period.
Full text of 2026 Semi-Annual Report
(1) Presentation of employee compensation
Unit: RMB
Increase in the Decrease in the
Item Beginning balance Ending balance
current period current period
I. Short-term
compensation
II. Post-employment
benefits - defined 86,276,341.91 107,185,373.36 98,296,567.40 95,165,147.87
contribution plan
III. Termination
benefits
Total 1,125,814,964.88 2,000,025,050.14 2,384,708,634.58 741,131,380.44
(2) Short-term remuneration
Unit: RMB
Increase in the Decrease in the
Item Beginning balance Ending balance
current period current period
allowance and subsidy
expenses
premium
Including: Medical
insurance premium
Work-related injury
insurance premium
Maternity insurance
premium
fund
personnel education 1,088,530.74 12,097,435.26 11,689,075.29 1,496,890.71
expenses
Total 1,039,538,622.97 1,892,080,338.23 2,285,652,728.63 645,966,232.57
(3) Presentation of defined contribution plan
Unit: RMB
Increase in the Decrease in the
Item Beginning balance Ending balance
current period current period
insurance
insurance premium
Full text of 2026 Semi-Annual Report
Total 86,276,341.91 107,185,373.36 98,296,567.40 95,165,147.87
Unit: RMB
Item Ending balance Beginning balance
Value-added tax 167,365,725.98 443,795,758.28
Consumption tax 105,001,948.79 1,573,882,352.93
Enterprise income tax 521,174,616.38 69,159,122.59
Individual income tax 7,238,573.16 14,067,513.97
Urban maintenance and construction tax 12,372,847.30 126,276,135.66
Land use tax 66,463,686.28 120,812,522.26
Renewable energy development fund 29,059,130.14 68,624,617.30
Stamp duty 41,892,643.94 54,838,753.97
Education surcharge 4,258,127.44 52,441,911.63
Property tax 23,342,506.35 37,468,119.44
Local education surcharge 2,840,051.61 34,962,574.35
Deed tax 12,196,548.00 30,862,764.00
Special fund for water conservancy
construction
Environmental protection tax 3,259,286.68 3,140,039.05
Resource tax 15,355.80 16,990.20
Total 1,002,658,024.79 2,645,167,588.84
Unit: RMB
Item Ending balance Beginning balance
Long-term borrowings due within one
year
Lease liabilities due within one year 24,736,242.62 40,352,085.93
Total 37,100,487,475.75 35,466,338,269.58
Unit: RMB
Item Ending balance Beginning balance
Output tax to be transferred 301,250,350.66 513,369,770.13
Silver leased in 3,025,286,351.47 1,353,959,243.79
Total 3,326,536,702.13 1,867,329,013.92
Full text of 2026 Semi-Annual Report
Unit: RMB
Item Ending balance Beginning balance
Guaranteed borrowings 44,595,728,293.82 32,766,114,434.02
Unsecured borrowings 1,923,985,086.79 1,085,305,275.56
Pledged and Guaranteed Loans 917,504,893.97 447,201,294.11
Mortgage and Guaranteed Loans 82,091,407,246.32 88,160,580,304.01
Total 129,528,625,520.90 122,459,201,307.70
[Note] The long-term borrowings of the Company and its subsidiaries include multiple bank borrowings with
financial covenants. As of June 30, 2026, the carrying amount of such borrowings was RMB 88,294,361,900. The
borrowing agreements require the Company and its subsidiaries to comply with certain covenants during the
borrowing period, including but not limited to the debt-to-asset ratio, current ratio, and interest coverage ratio. In
the event of non-compliance with such covenants, these borrowings will become repayable on demand by the
lending banks. The Company and its subsidiaries expect to be in compliance with the aforementioned covenants.
Unit: RMB
Item Ending balance Beginning balance
Lease payments 41,589,570.13
Unrecognized finance charges 662,425.13
Total 42,251,995.26
Unit: RMB
Item Beginning balance Increase in the current period Reason
Provision for fixed Estimated decommissioning costs
asset abandonment for hazardous waste landfills
Total 44,542,210.85 43,782,604.66
Unit: RMB
Beginning Increase in the Decrease in the Reasons for
Item Ending balance
balance current period current period incurrence
Government
subsidies
Total 392,706,559.60 78,785,800.00 18,139,078.98 453,353,280.62
Unit: RMB
Full text of 2026 Semi-Annual Report
Increase and decrease of this change (+, -)
Conversion
Beginning Issue of of Ending
balance New issue balance
bonus provident Other Subtotal
of shares
shares fund into
shares
Total number 9,989,442,25 9,989,442,2
of shares 4.00 54.00
Unit: RMB
Increase in the Decrease in the
Item Beginning balance Ending balance
current period current period
Capital premium (share
premium)
Other capital reserves 40,582,009.19 63,252.97 40,645,262.16
Total 8,958,186,957.39 63,252.97 8,958,250,210.36
Other notes, including notes to increase and decrease in the current period and its reasons:
Due to other changes in the owners’ equity of the associate other than net profit or loss, other comprehensive
income, and profit distribution, the Company's entitled share calculated based on its shareholding ratio, amounting
to RMB 63,252.97, was recognized in the capital reserve (other capital reserve).
Unit: RMB
Increase in the Decrease in the
Item Beginning balance Ending balance
current period current period
Repurchase of public shares 4,988,804,885.93 4,988,804,885.93
Total 4,988,804,885.93 4,988,804,885.93
Unit: RMB
The amount incurred in the current period
Less: Less:
amount Amount
included in included
Amount other in other
Beginni Attributab Attributab
incurred comprehens comprehe Ending
Item ng Less: le to the le to the
before ive income nsive balance
balance Income tax parent minority
current previously income
expenses company shareholde
income and then previously
after tax rs after tax
tax transferred and then
into current transferre
profit or d into
loss current
Full text of 2026 Semi-Annual Report
retained
earnings
I. Other
comprehensiv
e income that
cannot be
reclassified
into profit or
loss
II. Other
comprehensiv
- - - -
e income to be 86,668,8
reclassified 90.53
into profit or
loss
Including:
other
comprehensiv
- - -
e income 119,611, 116,792,98
convertible 570.98 8.09
into profit or
loss by the
equity method
Translation
difference of
- - - - -
financial
statements in
foreign
currency
Total other - - - -
comprehensiv 148,091,3 130,884,00 17,207,360. 44,215,118.
e income 69.68 9.42 26 89
Unit: RMB
Increase in the Decrease in the
Item Beginning balance Ending balance
current period current period
Work safety expenses 55,804,605.92 182,969,740.61 145,571,866.37 93,202,480.16
Total 55,804,605.92 182,969,740.61 145,571,866.37 93,202,480.16
Other notes, including notes to increase and decrease in the current period and its reasons:
The increase and decrease of special reserve in this period are the safety production expenses accrued and
used by subsidiaries Yisheng Dahua Petrochemical Co., Ltd., Ningbo Zhongjin Petrochemical Co., Ltd., Zhejiang
Yisheng New Material 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
Full text of 2026 Semi-Annual Report
Total 1,270,743,066.03 1,270,743,066.03
Unit: RMB
Item Current period Prior period
Adjusted beginning balance of retained
earnings
Add: Net profit attributable to the owner
of the parent company in the current 5,110,652,552.96 848,314,274.77
period
Common stock dividends payable 957,229,214.20 957,229,214.20
Retained earnings at the end of the
period
(1) Details
Unit: RMB
The amount incurred in the current period Amount incurred in the previous period
Item
Revenue Cost Revenue Cost
Primary business 128,971,604,750.20 109,339,330,683.29 148,009,181,013.17 128,437,128,123.01
Other businesses 435,108,856.58 332,198,974.34 620,169,922.33 441,831,814.58
Total 129,406,713,606.78 109,671,529,657.63 148,629,350,935.50 128,878,959,937.59
Of which: Revenue
from Contracts with 129,398,286,172.05 109,668,933,736.39 148,625,506,295.70 128,876,591,060.58
Customers
(2) Breakdown of revenues
Unit: RMB
Amount in the current period Amount in the previous period
Item
Revenue Cost Revenue Cost
Oil refining 20,803,255,178.70 13,544,397,362.99 52,406,252,637.61 40,569,244,124.05
Chemicals 71,267,307,481.23 60,670,381,107.02 60,742,136,938.65 53,407,151,495.43
PTA 14,011,379,216.13 13,962,271,439.42 15,754,125,991.87 15,707,088,918.89
Polyester products,
chemical fibers and 13,289,684,977.32 12,389,188,913.52 11,125,503,900.41 10,959,123,038.16
films
Trade and others 10,026,659,318.67 9,102,694,913.44 8,597,486,827.16 8,233,983,484.05
Subtotal 129,398,286,172.05 109,668,933,736.39 148,625,506,295.70 128,876,591,060.58
Full text of 2026 Semi-Annual Report
Unit: RMB
Item Amount in the current period Amount in the previous period
Revenue recognized at a certain point of time 129,398,286,172.05 148,625,506,295.70
Subtotal 129,398,286,172.05 148,625,506,295.70
Types of
Amounts
Timing of Nature of the goods warranties
Significant Whether expected to be
satisfying promised to be provided by the
Item payment acting as a refunded to
performance transferred by the Company and
terms principal customers by
obligations Company related
the Company
obligations
Advances
received; the
credit period
for accounts
Upon
Sale of receivable is Products meeting national Assurance-type
delivery of Yes None
goods standards warranty
goods generally 30 to
product
delivery.
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item
period period
Consumption tax 3,296,952,404.63 11,175,699,023.28
Urban maintenance and construction tax 231,221,627.39 782,709,884.37
Education surcharge 102,144,743.03 337,116,153.80
Property tax 25,275,622.30 23,445,599.03
Land use tax 62,590,348.09 58,116,054.62
Vehicle and vessel tax 43,503.22 43,838.21
Stamp duty 89,386,359.93 113,549,108.55
Local education surcharge 68,096,495.33 224,744,102.49
Environmental protection tax 7,447,629.31 6,381,089.55
Renewable energy development fund 29,059,130.14 21,651,334.53
Water conservancy construction fund 6,176,976.94 4,675,267.19
Total 3,918,394,840.31 12,748,131,455.62
Full text of 2026 Semi-Annual Report
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item
period period
Employee compensation 227,310,866.40 191,387,950.72
Office expenses 38,014,613.26 41,443,666.62
Depreciation and amortization expense 130,988,542.34 133,685,404.20
Insurance premium 58,600,225.66 56,591,532.93
Business entertainment expenses 5,655,336.16 9,292,968.52
Other 29,329,330.87 34,420,354.02
Total 489,898,914.69 466,821,877.01
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item
period period
Employee compensation 59,821,843.65 57,339,546.73
Sales business expenses 2,991,191.80 2,095,862.18
Other 23,859,877.18 24,857,935.25
Total 86,672,912.63 84,293,344.16
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item
period period
Direct expenditures 1,587,472,324.32 1,705,509,902.92
Depreciation and amortization 484,114,845.91 347,075,587.62
Employee compensation 166,139,146.45 275,138,926.71
Equipment commissioning fee 3,332,751.71 6,088,072.49
Others 1,483,306.20 35,279,205.42
Total 2,242,542,374.59 2,369,091,695.16
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item
period period
Interest expense 3,190,639,179.06 3,280,153,933.32
Interest income -135,999,098.06 -222,591,881.34
Exchange gain or loss -126,066,415.03 1,363,537.16
Full text of 2026 Semi-Annual Report
Other 103,138,549.72 151,030,675.77
Total 3,031,712,215.69 3,209,956,264.91
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Sources of other income
period period
Government grants related to assets 18,139,078.98 13,637,139.38
Government grants related to income 13,985,643.04 401,568,707.90
Return of fees for withheld individual
income tax
Additional VAT credits and exemptions 762,840,634.64 644,538,133.02
Other 1,402,325.20 938,426.37
Total 800,815,540.06 1,064,837,456.41
Unit: RMB
Sources of income from changes in fair The amount incurred in the current Amount incurred in the previous
value period period
Trading financial liabilities -243,925,361.38
Derivative financial assets -49,884,736.65 37,473,544.84
Derivative financial liabilities -242,510,513.90 -93,269,592.68
Total -292,395,250.55 -299,721,409.22
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item
period period
Long-term equity investment income
calculated by equity method
Financing discount loss of receivables -16,978,566.36 -3,056,076.31
Interest income from related party
lending
Investment income from disposal of -67,008,150.12
financial assets
Investment income from wealth 143,013.70
management products
Total 362,514,525.42 284,046,651.75
Unit: RMB
Full text of 2026 Semi-Annual Report
The amount incurred in the current Amount incurred in the previous
Item
period period
Bad debt losses 18,584,617.97 87,104,774.79
Total 18,584,617.97 87,104,774.79
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item
period period
Loss on inventory write-down -1,070,657.02 -152,150,594.56
Total -1,070,657.02 -152,150,594.56
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Sources of asset disposal income
period period
Income from disposal of fixed assets 7,357,324.96 -64,124.27
Unit: RMB
Amount included in non-
The amount incurred in the Amount incurred in the
Item recurring profit or loss of
current period previous period
the current period
Liquidated damages and
income from compensation
Others 221,559.31 666,376.43 221,559.31
Total 4,459,855.55 3,898,849.00 4,459,855.55
Unit: RMB
Amount included in non-
The amount incurred in the Amount incurred in the
Item recurring profit or loss of
current period previous period
the current period
External donations 4,500,000.00 4,000,000.00 4,500,000.00
Loss on damage and
scrapping of non-current 1,625,694.77 2,486,853.31 1,625,694.77
assets
Compensation payments,
fines and late-payment 334,938.70 8,747,499.44 334,938.70
surcharges
Other 35,559.37 242,290.81 35,559.37
Total 6,496,192.84 15,476,643.56 6,496,192.84
Full text of 2026 Semi-Annual Report
(1) Presentation of income tax expenses
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item
period period
Income tax expenses in the current period 1,581,955,235.70 142,723,502.07
Deferred income tax expenses 17,955,097.85 35,594,286.30
Total 1,599,910,333.55 178,317,788.37
(2) Adjustment of accounting profit and income tax expense
Unit: RMB
Item The amount incurred in the current period
Profit before tax 10,859,732,454.79
Income tax expense calculated at the statutory/applicable tax
rate
Impact of different tax rates applied on subsidiaries -993,823,659.48
Effect of adjustments to income tax in respect of prior periods 213,364.85
Influence of non-taxable income -45,715,406.32
Impact of non-deductible costs, expenses and losses 47,363,676.55
Impact of using tax losses available for deduction on deferred -912,665.94
income tax assets unrecognized in prior periods
Impact of temporary deductible difference or tax losses 39,183,470.33
available for deduction on deferred income tax assets
unrecognized in the current period
Impact of R&D cost plus deduction -161,331,560.14
Income tax expenses 1,599,910,333.55
Refer to Note in V (I) 36 for details.
(1) Cash related to operating activities
Other cash received related to operating activities
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item
period period
Recovery of deposits for bills, letters of
credit, etc.
Temporary borrowings received from
Zhejiang Rongsheng Holding Group Co., 1,699,842,249.70
Ltd.
Full text of 2026 Semi-Annual Report
Interest income received on bank
deposits
Recovery of operating deposits and
security deposits
Government grants received 583,604,269.26 1,168,356,849.18
Other 107,726,319.22 77,479,188.12
Total 3,221,369,865.89 2,915,095,527.88
Other cash paid related to operating activities
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item
period period
Payment of bills, letters of credit and
other deposits
Repayment of temporary borrowings to
Zhejiang Rongsheng Holding Group Co., 1,699,842,249.70
Ltd.
Cash disbursements from administrative
expenses, R&D expenses and sales 211,066,789.21 324,385,018.05
expenses
Payment of bank charges 101,694,937.93 140,468,419.35
Payment of operating deposit and
security deposit
Other 331,837,377.23 215,285,078.15
Total 2,726,399,445.75 1,551,265,169.78
(2) Cash related to investing activities
Other cash received related to investing activities
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item
period period
Recovery of bills, letters of credit and
other deposits
Deposits received for construction
projects and project bidding or auctions
Interest received on temporary loans to
ZPC-ENN (Zhoushan) Gas Co., Ltd.
Total 35,418,235.70 33,463,822.77
Other cash paid related to investing activities
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item
period period
Payment of deposits related to
construction and project bidding or 14,590,050.00 17,692,600.00
auctions
Full text of 2026 Semi-Annual Report
Payment of deposits for bills, letters of
credit, etc.
Total 14,590,050.00 37,285,472.76
(3) Cash related to financing activities
Other cash received related to financing activities
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item
period period
Temporary borrowings received from
Zhejiang Rongsheng Holding Group Co., 4,670,000,000.00 3,030,000,000.00
Ltd.
Recovery leased silver deposit 949,022,591.65
Recovery of borrowing deposit 142,500,000.00 132,500,000.00
Proceeds received from discounted but
not yet due letters of credit and bills
Funds received under the employee stock
ownership plan
Total 5,811,413,542.99 12,429,276,412.04
Other cash paid related to financing activities
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item
period period
Repayment of temporary borrowings to
Zhejiang Rongsheng Holding Group Co., 2,934,428,550.61 793,685,359.55
Ltd.
Payment of financing fees 987,029.85 6,495,620.57
Payments for right-of-use assets 24,545,564.88 15,826,686.80
Payment of borrowing deposits 250,000,000.00
Payment of silver lease deposits 276,441,966.24
Total 3,209,961,145.34 1,092,449,633.16
Changes in liabilities arising from financing activities
R Applicable □ Not applicable
Unit: RMB 10,000
Decrease –
Increase – Cash Increase – Non- Decrease – Closing
Item Opening Balance Non-cash
Changes cash Changes Cash Changes Balance
Changes
Bank
borrowings
Other
payables –
temporary
borrowings 741,856.39 467,000.00 6,056.13 293,442.86 921,469.66
from
Zhejiang
Rongsheng
Full text of 2026 Semi-Annual Report
Holding
Group Co.,
Ltd.
Other
payables –
dividends
payable
Lease
liabilities
(including
lease 4,035.21 5,118.17 2,454.56 6,698.82
liabilities
due within
one year)
Total 21,554,076.04 8,649,873.08 586,499.91 7,807,429.28 22,983,019.75
(1) Supplementary information of Cash Flow Statement
Unit: RMB
Supplementary information Current amount Amount of prior period
from operating activities:
Net profit 9,259,822,121.24 1,666,253,533.02
Add: Provisions for asset impairment 1,070,657.02 152,150,594.56
Credit impairment losses -18,584,617.97 -87,104,774.79
Depreciation of fixed assets and right-of-
use assets / depletion of oil and gas
assets, and depreciation of productive
biological assets
Amortization of intangible assets 90,683,840.09 98,211,783.04
Amortization of long-term deferred
expenses
Loss on disposal of fixed assets,
intangible assets and other long-term -7,357,324.96 64,124.27
assets (gains are indicated by “-”)
Loss on retirement of fixed assets (gains
are indicated by “-”)
Loss from changes in fair value (gains
are indicated by “-”)
Finance costs (gains are indicated by “-”) 3,065,644,080.75 3,200,618,546.85
Investment losses (gains are indicated by
-362,514,525.42 -284,046,651.75
“-”)
Decrease in deferred tax assets (increases
are indicated by “-”)
Increase in deferred tax liabilities
-85,089,089.58 139,073,435.03
(decreases are indicated by “-”)
Decrease in inventories (increases are
indicated by “-”)
Full text of 2026 Semi-Annual Report
Decrease in operating receivables
-399,086,624.68 -1,269,368,564.74
(increases are indicated by “-”)
Increase in operating payables (decreases
-3,007,338,236.68 -4,604,242,244.15
are indicated by “-”)
Other 74,030,864.08 65,583,666.73
Net cash flow from operating activities 21,254,077,553.64 7,586,625,253.68
activities not involving cash receipts and
payments:
Conversion of debt into capital
Convertible corporate bonds maturing
within one year
Fixed assets acquired under finance
leases
equivalents:
Ending balance of cash 23,166,235,138.67 14,021,968,092.19
Less: Beginning balance of cash 12,868,997,873.44 12,943,832,335.45
Add: Ending balance of cash equivalents
Less: Beginning balance of cash
equivalents
Net increase in cash and cash equivalents 10,297,237,265.23 1,078,135,756.74
(2) Composition of cash and cash equivalents
Unit: RMB
Item Ending balance Beginning balance
I. Cash 23,166,235,138.67 12,868,997,873.44
Including: cash on hand 1,413,280.19 1,356,245.56
Bank deposits available for payment at
any time
Other monetary funds available on
demand
II. Cash equivalents
III. Ending balance of cash and cash
equivalents
(3) Monetary funds that are not cash and cash equivalents
Unit: RMB
Amount at end of the Amount at beginning of Reasons for not cash and cash
Item
period the period equivalents
Bank acceptance bill deposit 79,929,216.35 273,168,500.57
These are all deposits for related
L/C deposit 189,001,785.76 214,053,200.39
businesses and are subject to
Security deposits for restrictions on use.
borrowings
Full text of 2026 Semi-Annual Report
Guarantee deposit 1,470,312.71 1,470,312.71
ETC deposit 15,000.00 ETC funds
Bank deposit 9,464,591.73 Funds subject to assisted enforcement
Bank deposit 48,000,000.00 Funds in transit
Total 568,401,314.82 630,671,605.40
(1) Monetary items in foreign currency
Unit: RMB
Ending balance in foreign
Item Conversion exchange rate Ending balance in RMB
currencies
Monetary fund 7,151,315,585.73
Including: USD 1,042,708,659.95 6.8109 7,101,784,412.05
EUR 4,738,092.62 7.7671 36,801,239.16
HKD 395,712.36 0.8686 343,695.97
SGD 2,354,569.76 5.2605 12,386,214.20
GBP 2.70 9.0145 24.34
Accounts receivable 696,645,773.98
Including: USD 102,283,952.78 6.8109 696,645,773.98
Long-term borrowings 298,220,980.00
Including: EUR 38,395,408.84 7.7671 298,220,980.00
Other receivables 353,847,681.78
Including: USD 51,576,630.58 6.8109 351,283,273.22
SGD 487,483.81 5.2605 2,564,408.56
Other payables 193,833,084.62
Including: USD 28,443,033.74 6.8109 193,722,658.48
SGD 20,991.57 5.2605 110,426.14
Accounts payable 4,726,795,746.37
Including: USD 686,592,833.30 6.8109 4,676,315,128.32
EUR 5,712,371.63 7.7671 44,368,561.69
GBP 678,025.00 9.0145 6,112,056.36
Non-current liabilities due
within one year
Including: SGD 675,671.32 5.2605 3,554,368.98
EUR 6,399,234.82 7.7671 49,703,496.77
(2) Description of the overseas operating entity, including important overseas operating entity, shall
disclose its main overseas business place, functional currency and the basis for selection, and shall also
disclose reasons in the case of changes in functional currency.
RApplicable □ Not applicable
Full text of 2026 Semi-Annual Report
Place of Functional
Company name Selection basis
registration currency
Hong Kong Shenghui Co., Ltd. Hong Kong, China
Hong Kong Yisheng Dahua Petrochemical Co., Ltd. Hong Kong, China
Yisheng New Materials Trading Co., Ltd. Hong Kong, China
General settlement currency
Rongsheng Petrochemical (Hong Kong) Co., Ltd. Hong Kong, China USD
for company operation
Rongsheng Petrochemical (Singapore) Pte. Ltd. Singapore
Zhejiang Petroleum & Chemical (Singapore) Pte. Ltd. Singapore
Rongtong Logistics (Singapore) Pte. Ltd. Singapore
(1) The Company as the lessee
RApplicable □ Not applicable
Variable lease payments not included in the measurement of lease liabilities
□ Applicable R Not applicable
Simplified treatment of short-term leases or rental expenses of low-value assets
RApplicable □ Not applicable
included in the current profit or loss are as follows:
Unit: RMB
Amount in the previous
Item Amount in the current period
period
Short-term lease expense 12,706,520.62 14,257,090.92
Total 12,706,520.62 14,257,090.92
Unit: RMB
Item Amount in the current period Amount in the previous period
Interest expense on lease liabilities 463,178.64 3,863,755.25
Total cash outflow related to leasing 34,376,692.16 15,936,527.01
Note XII. 1. (2) of these financial statements.
(2) The Company as the lessor
Operating lease as lessor
RApplicable □ Not applicable
Full text of 2026 Semi-Annual Report
Unit: RMB
Item Amount in the current period Amount in the previous period
Leasing revenue 9,030,760.39 3,844,639.80
Total 9,030,760.39 3,844,639.80
Unit: RMB
Item Amount at the end of the period Amount at the beginning of the period
Intangible Assets 38,280,713.01 38,962,413.71
Investment Properties 9,716,959.60 9,852,682.60
Subtotal 47,997,672.61 48,815,096.31
Financial lease as lessor
□ Applicable R Not applicable
Undiscounted lease receipts for each of the next five years
RApplicable □ 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 2,154,898.00 2,137,089.00
Year 5 2,208,325.00 2,172,707.00
Total amount of undiscounted lease
receipts after five years
(3) Recognition of the profit and loss of financial leasing sales as a manufacturer or distributor
□ Applicable R Not applicable
Supplier financing arrangements
(1) Terms and conditions of supplier financing arrangements
Unit: RMB
Bank Loan amount Borrowing date Payment due date Guarantor
Full text of 2026 Semi-Annual Report
China Construction Bank Zhejiang Rongsheng
Corporation, Xiaoshan Sub- 345,000,000.00 Holding Group Co.,
branch Ltd.
China Minsheng Bank Corp., Zhejiang Rongsheng
Ltd., Ningbo Haishu Sub- 1,192,268.88 2026.01.26 2027.01.21 Holding Group Co.,
branch Ltd.
Zhejiang Rongsheng
Bank of China Limited, 2026.03.18-
Zhejiang Branch 2026.03.19
Ltd.
Agricultural Bank of China Zhejiang Rongsheng
Limited, Ningbo Xiepu Sub- 150,000,000.00 2026.02.09 2027.02.02 Holding Group Co.,
branch Ltd.
(2) Liability details related to supplier financing arrangements
Unit: RMB
Amount by the end of Amount at the beginning
Item
the period of the period
Short-term borrowings 516,192,268.88 219,897,401.20
Including: Amounts already received by suppliers 516,192,268.88 219,897,401.20
Subtotal 516,192,268.88 219,897,401.20
Unit: RMB
Due date range of payment at Due date range of payment at the
Item
the end of the period beginning of the period
Liabilities classified under financing arrangements 2026.12.15-2027.03.16 2026.01.13-2026.06.03
Unit: RMB
Non-cash change type Amount in the current period Amount in the previous period
Reclassification from accounts payable to
short-term borrowings
VIII. R&D expenditure
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item
period period
Direct expenditures 1,587,472,324.32 1,705,509,902.92
Depreciation and amortization 484,114,845.91 347,075,587.62
Employee compensation 166,139,146.45 275,138,926.71
Equipment commissioning expenses 3,332,751.71 6,088,072.49
Others 1,483,306.20 35,279,205.42
Total 2,242,542,374.59 2,369,091,695.16
Full text of 2026 Semi-Annual Report
Including: expensed R&D expenditure 2,242,542,374.59 2,369,091,695.16
Full text of 2026 Semi-Annual Report
IX. Changes in the Scope of Consolidation
Decrease in consolidation scope
Profit from
Net assets on beginning of
Date of
Company name Method of equity disposal the disposal
disposal the period to
date
disposal date
Industrial and commercial
Ningbo Yisheng Chemicals Co., Ltd. Feb 5, 2026
deregistration
Full text of 2026 Semi-Annual Report
X. Interests in other entities
(1) Group composition
Unit: RMB10,000, unless otherwise stated
Principal place of Shareholding ratio Method of
Name of subsidiary Registered capital Place of registration Business nature
business Direct Indirect acquisition
Zhejiang Shengyuan Chemical
Fiber Co., Ltd.
Zhejiang Shenghui New Materials
Co., Ltd.
Business
combination
Hong Kong Shenghui Co., Ltd. USD 19,700,000.00 Hong Kong, China Hong Kong, China Commercial 100.00% under
common
control
Dalian Yisheng Investment Co.,
Ltd.
Yisheng Dahua Petrochemical Co.,
Ltd.
Hong Kong Yisheng Dahua
USD 100,000.00 Hong Kong, China Hong Kong, China Commercial 100.00% Establishment
Petrochemical Co., Ltd.
Dalian Rongxincheng Trading Co.,
Ltd.
Zhejiang Rongtong Chemical Fiber
New Material Co., Ltd.
Zhejiang Rongyi Chemical Fiber
Co., Ltd.
Dalian Yisheng New Materials Co.,
Ltd.
Ningbo Zhongjin Petrochemical Business
Co., Ltd.
under
Full text of 2026 Semi-Annual Report
common
control
Ningbo Niluoshan New Energy
Co., Ltd.
Business
combination
Zhejiang Yisheng New Materials
Co., Ltd.
common
control
Ningbo Rongxincheng Trading Co.,
Ltd.
Yisheng New Materials Trading
HKD 1,000,000.00 Hong Kong, China Hong Kong, China Commercial 100.00% Establishment
Co., Ltd.
Zhejiang Rongyi Trading Co., Ltd. 1,000.00 Ningbo, Zhejiang Ningbo, Zhejiang Commercial 100.00% Establishment
Rongsheng Petrochemical USD
Singapore Singapore Commercial 100.00% Establishment
(Singapore) Pte. Ltd. 101,000,000.00
Rongtong Logistics (Singapore)
USD 1.00 Singapore Singapore Commercial 100.00% Establishment
Pte. Ltd.
Rongsheng Petrochemical (Hong
USD 100,000.00 Hong Kong Hong Kong Commercial 100.00% Establishment
Kong) Co., Ltd.
Rongsheng Petrochemical Sales
Co., Ltd.
Business
combination
Zhejiang Petroleum & Chemical
Co., Ltd.
common
control
ZPC Zheyou Technology Co., Ltd. 41,220.00 Zhoushan, Zhejiang Zhoushan, Zhejiang Manufacturing 70.00% Establishment
Zhejiang Petroleum & Chemical
USD 100,000.00 Singapore Singapore Commercial 100.00% Establishment
(Singapore) Pte. Ltd.
ZPC Jintang Logistics Co., Ltd. 200,000.00 Zhoushan, Zhejiang Zhoushan, Zhejiang Commercial 100.00% Establishment
Zhejiang ZPC Sales Co., Ltd. 10,000.00 Xiaoshan, Zhejiang Xiaoshan, Zhejiang Commercial 100.00% Establishment
Zhoushan ZPC Sales Co., Ltd. 6,000.00 Zhoushan, Zhejiang Zhoushan, Zhejiang Commercial 100.00% Establishment
Zhoushan ZPC Trading Co., Ltd. 6,000.00 Zhoushan, Zhejiang Zhoushan, Zhejiang Commercial 100.00% Establishment
Ningbo ZPC Sales Co., Ltd. 1,000.00 Ningbo, Zhejiang Ningbo, Zhejiang Commercial 100.00% Establishment
Full text of 2026 Semi-Annual Report
Taizhou ZPC Sales Co., Ltd. 1,000.00 Taizhou, Zhejiang Taizhou, Zhejiang Commercial 100.00% Establishment
ZPC (Zhejiang Free Trade Zone)
Green Petrochemical Research 10,000.00 Zhoushan, Zhejiang Zhoushan, Zhejiang Commercial 100.00% Establishment
Institute Co., Ltd.
Zhejiang ZPC Power Generation
Co., Ltd.
Zhoushan ZPC Logistics Co., Ltd. 1,000.00 Zhoushan, Zhejiang Zhoushan, Zhejiang Road transportation 100.00% Establishment
ZPC New Materials (Zhoushan)
Co., Ltd.
Rongxiang Chemical Fiber Co.,
Ltd.
Business
combination
Zhejiang Yongsheng Technology
Co., Ltd.
common
control
Hainan Rongsheng International
Trade Co., Ltd.
Rongsheng Chemicals (Shanghai)
Co., Ltd.
Rongsheng New Materials
(Zhoushan) Co., Ltd.
Rongsheng New Materials
(Taizhou) Co., Ltd.
(2) Major non-wholly owned subsidiaries
Unit: RMB 10,000
Profit or loss attributable to Dividend announced to be
Shareholding ratio of Ending balance of
Name of subsidiary minority shareholders in the distributed to minority
minority shareholders minority equity
current period shareholders in the current period
Dalian Yisheng Investment Co., Ltd. 30.00% 10,406.42 60,000.00 144,921.58
Yisheng Dahua Petrochemical Co., Ltd. 15.40% 3,167.78 15,403.00 86,688.07
Zhejiang Yisheng New Materials Co., Ltd. 49.00% -7,411.60 63,313.42
Full text of 2026 Semi-Annual Report
Zhejiang Petroleum & Chemical Co., Ltd. 49.00% 408,713.57 5,355,344.42
Full text of 2026 Semi-Annual Report
(3) Main financial information of important partially-owned subsidiaries
Unit: RMB
Ending balance Beginning balance
Name of Non- Non- Non- Total
subsidiary Current Current Non-current Total Current Current
current Total assets current Total assets current liabilitie
assets liabilities liabilities liabilities assets liabilities
assets assets liabilities s
Dalian
Yisheng 8,489,932 10,244,647, 18,734,580, 11,097,495, 2,129,187,449 13,226,682,69 4,828,225,707 10,297,683, 15,125,909, 6,185,365,8 1,611,043,7 7,796,40
Investment ,774.72 768.43 543.15 247.70 .79 7.49 .65 849.21 556.86 69.57 57.86 9,627.43
Co., Ltd.
Yisheng
Dahua
Petrochem
ical Co.,
Ltd.
Zhejiang
Yisheng
New
,285.93 62.50 548.43 78.53 .74 .27 .49 62.92 210.41 13.86 94.40 5,608.26
Materials
Co., Ltd.
Zhejiang
Petroleum 194,121,
& 098,169.
Chemical 74
Co., Ltd.
Unit: RMB
The amount incurred in the current period Amount incurred in the previous period
Name of Total Cash flow from Total Cash flow from
subsidiary Operating income Net profit comprehensive operating Operating income Net profit comprehensive operating
income activities income activities
Dalian Yisheng
Investment Co., Ltd.
Yisheng Dahua
Petrochemical Co., 10,839,368,728.87 205,659,791.09 186,385,351.69 393,579,890.32 11,336,267,268.64 6,914,847.30 2,912,347.97 -713,283,182.32
Ltd.
Full text of 2026 Semi-Annual Report
Zhejiang Yisheng
New Materials Co., 13,968,459,165.41 -149,454,990.62 -152,110,908.99 539,254,158.04 13,829,765,424.89 30,312,959.89 29,760,762.98 279,302,052.37
Ltd.
Zhejiang Petroleum
& Chemical Co., 93,521,443,932.63 8,274,643,708.99 120,796,087,799.23 2,132,256,063.54 2,132,259,180.50
Ltd.
Full text of 2026 Semi-Annual Report
(1) Important joint ventures or associates
Shareholding ratio Accounting method for
Principal place of Place of
Name of the joint venture or associate Business nature investments in joint ventures
business registration Direct Indirect and associates
Zhejiang Yisheng Petrochemical Co., Ltd. Ningbo, Zhejiang Ningbo, Zhejiang Manufacturing 16.07% 13.93% Accounting by the equity method
Hainan Yisheng Petrochemical Co., Ltd. Yangpu, Hainan Yangpu, Hainan Manufacturing 50.00% Accounting by the equity method
Zhejiang Xiaoshan Rural Commercial Bank
Xiaoshan, Zhejiang Xiaoshan, Zhejiang Finance 9.712% Accounting by the equity method
Co., Ltd.
Basis for one having voting rights of below 20% and significant influences or one having voting rights of 20% or above but no significant influences:
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 associate
Unit: RMB
Ending balance/amount incurred in the current period Beginning balance/amount incurred in the prior period
Zhejiang Xiaoshan Zhejiang Xiaoshan
Zhejiang Yisheng Hainan Yisheng Zhejiang Yisheng Hainan Yisheng
Rural Commercial Bank Rural Commercial Bank
Petrochemical Co., Ltd. Petrochemical Co., Ltd. Petrochemical Co., Ltd. Petrochemical Co., Ltd.
Co., Ltd. Co., Ltd.
Current assets 19,452,900,619.42 11,917,524,003.99 286,455,123,667.08 17,792,530,387.01 9,484,789,190.11 282,557,537,423.38
Non-current
assets
Total assets 21,647,825,980.58 22,485,575,974.14 420,880,445,284.45 20,181,114,472.76 20,398,413,567.18 410,371,244,364.15
Current
liabilities
Non-current
liabilities
Total liabilities 15,376,438,557.40 15,364,345,778.48 389,921,629,290.28 10,982,772,377.06 13,568,984,855.73 381,110,583,390.18
Full text of 2026 Semi-Annual Report
Minority equity 238,697,259.22 228,973,456.82
Shareholders'
equity
attributable to 6,271,387,423.18 7,121,230,195.66 30,720,118,734.95 9,198,342,095.70 6,829,428,711.45 29,031,687,517.15
the parent
company
Share of net
assets
calculated by
the
shareholding
ratio
Adjustments
- Goodwill 102,420,730.97 4,040,414.35 102,420,730.97 4,040,414.35
- Unrealized
profit from
-5,318,299.76 -6,347,633.17
internal
transactions
- Others 11,273,596.92 -1,029,333.42 62,557.97 11,273,596.89 65,923.99
Book value of
equity
investment in
associate
Fair value of
equity
investment in
associate with
the public offer
Operating
income
Net profit 80,070,076.99 345,513,889.05 1,883,608,620.77 126,520,376.17 1,333,455.86 1,795,647,866.84
Net profit from
termination of
operation
Full text of 2026 Semi-Annual Report
Other
comprehensive -7,024,749.51 -53,712,404.84 269,209,048.64 177,810.84 -12,680,611.20 -450,524,766.61
income
Total
comprehensive 73,045,327.48 291,801,484.21 2,152,817,669.41 126,698,187.01 -11,347,155.34 1,345,123,100.23
income
Dividends
received from
associates in
the current year
Full text of 2026 Semi-Annual Report
(3) Summarized financial information of individually immaterial joint ventures and associates
Unit: RMB
Ending balance/amount incurred in Beginning balance/amount incurred in
the current period the prior period
Joint ventures:
Total of the following items calculated as
per the respective shareholding proportion
Associates
Total book value of investments 908,987,192.02 658,979,703.08
Total of the following items calculated as
per the respective shareholding proportion
- Net profit 67,940,324.23 -21,942,494.89
- Other comprehensive income -8,056,860.73 -1,902,091.68
- Total comprehensive income 59,883,463.50 -23,844,586.58
XI. Government grants
R Applicable □ Not applicable
The ending balance of receivables was RMB 442,816,416.00.
Reasons for failure to receive the estimated amount of government grants at the expected time
R Applicable □ Not applicable
As of the date on which these financial statements were authorized for issue, the Company had remaining
government grants receivable of RMB 442,816,416.00 pending payment by the relevant finance authorities.
RApplicable □ Not applicable
Unit: RMB
Amount
Amount of Amount carried Other
included in Related to
Accounting Beginning additional forward to other change in Ending
current non- assets/incom
subject balance subsidy in income in current balance
operating e
current period current period period
income
Deferred 392,706,559 453,353, Related to
income .60 280.62 assets
RApplicable □ Not applicable
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Accounting subject
period period
Full text of 2026 Semi-Annual Report
Amount of government subsidies
included in other income
XII. Risks Related to Financial Instruments
The objective of the Company’s risk management is to strike an appropriate balance between risks and returns,
minimize the adverse effects of risks on the Company’s operating results, and maximize the interests of shareholders
and other equity investors. Based on this objective, the Company’s basic risk management strategy is to identify
and analyze the various risks faced by the Company, establish appropriate risk tolerance thresholds, implement risk
management measures, and monitor various risks in a timely and reliable manner so as to keep them within defined
limits.
In its ordinary activities, the Company is exposed to various risks related to financial instruments, mainly
including credit risk, liquidity risk and market risk. Management has reviewed and approved the policies for
managing these risks, which are summarized below.
(I) Credit risk
Credit risk is the risk that one party to a financial instrument fails to perform its obligations, thereby causing a
financial loss to the other party.
(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 historical 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 over the expected life of the financial
instrument.
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:
Full text of 2026 Semi-Annual Report
concessions to the debtor that it would not otherwise consider.
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.
financial instruments, please see notes VII. 3 and VII. 5 of the financial statements for details.
The Company’s credit risk mainly arises from monetary funds and receivables. In order to control the above
related risks, the Company has taken the following measures respectively.
(1) Monetary funds
The Company deposits its bank deposits and other monetary funds with financial institutions that have high
credit ratings and is therefore exposed to relatively low credit risk.
(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 approved and creditworthy third parties, therefore, no
collateral is required. Credit risk concentration is managed by customer. As of June 30, 2026, the Company was
exposed to a certain degree of credit concentration risk, as 55.43% of the Company’s accounts receivable (December
any collateral or other credit enhancements against its accounts receivable balances.
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 classified by remaining contractual maturities
Unit: RMB
Ending balance
Item Undiscounted
Book value Within 1 year 1-3 years Above 3 years
contract price
Bank
loans
Full text of 2026 Semi-Annual Report
Derivative
financial 242,510,513.90 242,510,513.90 242,510,513.90
liability
Notes
payable
Accounts 55,022,314,319.88 55,022,314,319.88 55,022,314,319.88
payable
Other
payables
Lease
liabilities
Subtotal 288,493,233,838.84 304,840,989,942.85 174,377,815,972.55 63,313,834,358.06 67,149,339,612.24
(Cont.)
Amount at the beginning of the period
Item
Undiscounted
Book value Within 1 year 1-3 years Above 3 years
contract price
Bank
loans
Derivative
financial 254,957,356.99 254,957,356.99 254,957,356.99
liability
Notes
payable
Accounts
payable
Other
payables
Lease
liabilities
Subtotal 277,858,800,124.98 292,957,498,486.86 158,923,458,537.62 69,745,071,623.40 64,288,968,325.84
(III) Market risk
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, 2026, the Company’s floating-rate bank borrowings amounted to RMB 149,922.1099 million
and EUR 44.7946 million (December 31, 2025: RMB 152,924.5162 million and EUR 47.9943 million). Assuming
that all other variables remain unchanged, a change of 50 basis points in interest rates would not have a material
impact on the Company’s profit before tax or shareholders’ equity.
Full text of 2026 Semi-Annual Report
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 denominated in foreign currencies at the end of the period are
set out in Note VII.58(1) to these financial statements.
(1) Classification by transfer method
RApplicable □ Not applicable
Unit: RMB
Amount of
Nature of transferred Judgment basis for
Transfer method transferred financial Derecognition status
financial assets derecognition
assets
Substantially all risks
Accounts receivable
Bill discounting 3,014,246,356.19 Derecognized and rewards have been
financing
transferred
Substantially all risks
Accounts receivable
Bill endorsement 69,461,854.59 Derecognized and rewards have been
financing
transferred
Subtotal 3,083,708,210.78
(2) Financial assets derecognized due to transfer
RApplicable □ Not applicable
Unit: RMB
Method of financial asset Amount of derecognized Gains or losses related to
Item
transfer financial assets derecognition
Accounts receivable financing Discounting 3,014,246,356.19 16,427,244.14
Accounts receivable financing Endorsement 69,461,854.59
Subtotal 3,083,708,210.78 16,427,244.14
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. Recurring fair value
-- -- -- --
measurements
Full text of 2026 Semi-Annual Report
assets
financing
Total assets
continuously measured 46,337,328.78 145,968,183.76 214,924,599.25 407,230,111.79
at fair value
liabilities
Total liabilities
measured at fair value 242,510,513.90 242,510,513.90
on a recurring basis
II. Non-recurring fair
-- -- -- --
value measurements
measurements
The derivative financial assets and liabilities measured at Level 1 fair value held by the Company comprise
futures or paper commodity contracts outstanding at the end of the period. The related unrealized gains or losses
are determined based on their quoted market prices.
for recurring and non-recurring Level II 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.
for recurring and non-recurring Level III fair value measurement items
The receivables financing measured at Level 3 fair value held by the Company comprises bank acceptance
bills. Given their low credit risk and short remaining maturities, the Company determines their fair value based on
their face amounts.
XIV. Related parties and related-party transactions
Proportion of the
Proportion of the
Company's
Name of parent Place of Company's
Business nature Registered capital voting rights held
company registration shares held by the
by the parent
parent company
company
Zhejiang Xiaoshan, Industrial RMB 834.6640
Rongsheng Zhejiang investment million
Full text of 2026 Semi-Annual Report
Holding Group
Co., Ltd.
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 a 6.44% equity interest in the Company. Zhejiang Rongsheng Holding Group Co., Ltd.
holds a 55.05% equity interest in the Company, and Li Shuirong holds a 63.523% equity interest in Zhejiang Rongsheng
Holding Group Co., Ltd., thereby indirectly holding a 34.97% equity interest in the Company. Accordingly, Li Shuirong
holds an aggregate equity interest of 41.41% in the Company.
See Note X for details of the Company's subsidiaries.
See Note X for details of important associates or associates of the Company.
Other joint ventures and associates that form balances in related party transactions with the Company in the current
or previous period are as follows:
Name of joint venture or associate Relation with the Company
Ningbo Hengyi Trading Co., Ltd. Associate
ZPC-ENN (Zhoushan) Gas Co., Ltd. Associate
Zhejiang Dingsheng Petrochemical Engineering Co., Ltd. Associate
Ningbo Coastal Public Pipe Gallery Co., Ltd. Associate
Zhejiang Zhenshi Port Service Co., Ltd. Associate
Zhejiang Derong Chemicals Co., Ltd. Associate
Zhoushan ZPC Zhougang Tugboat Co., Ltd. Associate
Zhejiang Dongjiang Green Petrochemical Technology
Associate
Innovation Center Co., Ltd.
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 Sanyuan Textile Co., Ltd. Controlled by a family member close to the actual controller
Zhejiang Rongxiang Thermal Power Co., Ltd. Under common control with the Company
Zhejiang Rongtong Logistics Co., Ltd. Under common control with the Company
Ningbo Rongxiang Logistics Co., Ltd. Under common control with the Company
Thermal Power Co., Ltd. of Ningbo Economic and
Under common control with the Company
Technological Development Zone
Full text of 2026 Semi-Annual Report
Ningbo United Group Co., Ltd. Under common control with the Company
Qijiashan Hotel of Ningbo United Group Co., Ltd. Under common control with the Company
Ningbo United Group Import & Export Co., Ltd. Under common control with the Company
Suzhou Shenghui Equipment Co., Ltd. Under common control with the Company
Hangzhou Shengyuan Real Estate Development Co., Ltd. Under common control with the Company
Hangzhou Shengyuan Property Service Co., Ltd. Under common control with the Company
Ningbo Qingzhi Chemical Terminal Co., Ltd. Under common control with the Company
Ningbo Haineng Blend Oil Co., Ltd. Under common control with the Company
Hainan Shenggu Petrochemical Equipment Investment Co.,
Under common control with the Company
Ltd.
Hong Kong Xinhengrong Co., Ltd. Subsidiary of Hainan Yisheng Petrochemical Co., Ltd.
Associate of Hainan Shenggu Petrochemical Equipment
Shanghai Shenglanhui Technology Co., Ltd
Investment Co., Ltd.
Hong Kong Yisheng Petrochemical Investment Co., Ltd. Subsidiary of Zhejiang Yisheng Petrochemical Co., Ltd.
Subsidiary of Hong Kong Yisheng Petrochemical Investment
Ningbo Shengmao Trading Co., Ltd.
Co., Ltd.
Zhejiang Yixin Chemical Fiber Co., Ltd. Subsidiary of Zhejiang Yisheng Petrochemical Co., Ltd.
Dongzhan Shipping Co., Ltd. Associate of Zhejiang Rongtong Logistics Co., Ltd.
Aramco
Shareholder
Overseas Company B.V.
Saudi
Parent company of Aramco Overseas Company B.V.
Arabian Oil Company
Aramco Trading Singapore Pte.Ltd. Subsidiary of Saudi Arabian Oil Company
Saudi
Subsidiary of Saudi Arabian Oil Company
Basic Industries Corporation
Aramco
Subsidiary of Saudi Arabian Oil Company
Trading Company
Aramco Trading Fujairah Fze Subsidiary of Aramco Trading Company
SABIC (Shanghai) Trading Co., Ltd. Subsidiary of Saudi Arabian Oil Company
Saudi Basic Industries (China) Investment Co., Ltd. Subsidiary of Saudi Arabian Oil Company
Shanghai Huanqiu Engineering Co., Ltd. Company where the actual controller serves as the Director
China Township Enterprises Association Organization where the actual controller serves as a chairman
Zhuoran (Zhejiang) Integration Technology Co., Ltd. Associate of Zhejiang Rongsheng Holding Group Co., Ltd.
(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
Nature of Amount incurred
Approved Whether the Amount incurred
Related party related party in the current
transaction limit approved in the prior period
transaction period
Full text of 2026 Semi-Annual Report
limit was
exceeded
Saudi Arabian Oil
Crude oil 20,755,561,211.45 No 46,814,267,178.19
Company
Aramco Trading Fuel oil, gasoline,
Singapore Pte.Ltd. etc.
Aramco Trading
Fuel oil 516,973,940.23 No
Fujairah Fze 150,000,000,000.00
SABIC (Shanghai)
Ethylene glycol 313,901,937.97 No 245,616,299.31
Trading Co., Ltd.
Saudi Basic
Industries (China) Ethylene glycol 134,492,440.73 No
Investment Co., Ltd.
Ningbo Hengyi
Trading Co., PTA 3,028,506,077.36 7,000,000,000.00 No 227,721,681.41
Ltd.[Note]
Zhejiang Rongsheng
Coal and other
Holding Group Co., 2,731,141,225.11 6,000,000,000.00 No 5,363,583,841.91
materials
Ltd.
Zhejiang Dingsheng Plant operation
Petrochemical and maintenance
Engineering Co., services and
Ltd. repair services
Zhejiang Rongtong
Freight charges 352,319,384.83 1,000,000,000.00 No 269,187,462.04
Logistics Co., Ltd.
Zhejiang Rongxiang
Thermal Power Co., Steam, etc. 245,920,544.43 700,000,000.00 No 139,884,731.11
Ltd.
Auxiliary
Zhejiang Derong materials,
Chemicals Co., Ltd. processing
services, etc.
Zhejiang Yisheng
Isophthalic acid,
Petrochemical Co., 162,574,097.36 400,000,000.00 No 155,427,700.41
etc.
Ltd.
Equipment and
Suzhou Shenghui materials,
Equipment Co., Ltd. installation
services
Zhejiang Dongjiang
Green Petrochemical
R&D design
Technology 4,981,132.08 400,000,000.00 No 66,886,792.45
services, etc.
Innovation Center
Co., Ltd.
Shanghai
Equipment and
Shenglanhui 78,073,174.16 200,000,000.00 No 33,356,666.62
materials
Technology Co., Ltd.
Zhuoran (Zhejiang)
Equipment and
Integration 47,433,628.32 50,000,000.00 No 17,522,123.89
materials
Technology Co., Ltd.
Ningbo Qingzhi Lump-sum port
Chemicals Terminal operation fees, 20,700,767.75 100,000,000.00 No 32,566,684.62
Co., Ltd. storage fees
Ningbo Haineng Warehousing
Blend Oil Co., Ltd. services
Full text of 2026 Semi-Annual Report
Shanghai Huanqiu
Engineering
Engineering Co., 7,830,432.45 20,000,000.00 No 10,616,814.16
design services
Ltd.
Zhejiang Sanyuan Workwear and
Textile Co., Ltd. other materials
Thermal Power Co.,
Ltd. of Ningbo
Economic and Electricity 62,246.96 58,911.23
Technological
Development Zone
Qijiashan Hotel of
Ningbo United Hotel services 47,666.98 61,251.88
Group Co., Ltd.
Ningbo Rongxiang
Freight charges 10,000,000.00 No 25,462,670.38
Logistics Co., Ltd.
Sanyuan Holding
Group Hangzhou
Steam 4,000,000.00 No 1,608,839.45
Thermal Power Co.,
Ltd.
Total 31,443,709,336.92 58,133,101,472.61
Note: Of the above amount, purchases from this company of RMB 2,906.7331 million for the current period have
been presented on a net basis.
Table of sales of goods and provision of labor services
Unit: RMB
Nature of related party Amount incurred in the Amount incurred in the
Related party
transaction current period prior period
Zhejiang Yisheng Petrochemical
PTA, PX, etc. 4,361,983,974.39 4,125,443,141.84
Co., Ltd.[Note]
Ningbo Shengmao Trading Co.,
PX and PTA 1,643,015,652.87 84,896,025.76
Ltd.
Ningbo Hengyi Trading Co.,
PTA and PX 1,241,419,772.03 649,618,462.03
Ltd.[Note]
Aramco Trading Singapore Pte.
Diesel, crude oil, etc. 988,658,709.52 290,242,079.46
Ltd.
Zhejiang Derong Chemicals Co., Utilities, industrial pyrolysis
Ltd. C5, etc.
Saudi Basic Industries Corporation PTA 262,390,902.67 246,114,941.05
Zhejiang Yixin Chemical Fiber
PTA 143,113,938.05
Co., Ltd.
Hainan Yisheng Petrochemical
PTA, PX and ethylene glycol 345,639,253.45
Co., Ltd.
Rongsheng Energy (Zhoushan)
Equipment 91,428,504.60
Co., Ltd.
Zhoushan ZPC Zhougang Tugboat
Vehicle diesel 4,492,248.81 5,190,827.52
Co., Ltd.
Zhejiang Dingsheng
Petrochemical Engineering Co., Vehicle diesel 3,426,436.12 756,637.15
Ltd.
Full text of 2026 Semi-Annual Report
Zhejiang Rongtong Logistics Co., Vehicle diesel, hardware
Ltd. spare parts, PTA, etc.
Zhejiang Rongxiang Thermal
Coal, electricity and diesel 563,980.13 7,784,451.12
Power Co., Ltd.
Suzhou Shenghui Equipment Co.,
Vehicle diesel, etc. 47,455.72 10,619.47
Ltd.
Shanghai Huanqiu Engineering
Vehicle diesel 4,424.78
Co., Ltd.
Ningbo Rongxiang Logistics Co.,
Vehicle diesel 48,707.96
Ltd.
Ningbo Coastal Public Pipe
Service fees 368,415.00
Gallery Co., Ltd.
Ningbo Qingzhi Chemicals
Warehousing services 46,229.51
Terminal Co., Ltd.
Total 9,527,374,201.73 5,700,847,921.68
Note: Of the above amount, sales to these companies of RMB 2,906.7331 million for the current period have been
presented on a net basis.
(2) Related leases
The Company acts as the Lessor:
Unit: RMB
Type of leased Lease income recognized in Lease income recognized in
Name of lessee
asset the current period the previous period
Zhejiang Dingsheng
Petrochemical Engineering Co., House lease 20,453.16 25,729.89
Ltd.
The Company acts as the Lessee:
Unit: RMB
Rental expenses for short-term leases and leases of low-
Type of leased value assets on a simplified basis, if applicable
Name of lessor
asset Amount incurred in the Amount incurred in the
current period previous period
Hangzhou Shengyuan Property Service
Parking space 57,087.38 28,000.00
Co., Ltd.
Hangzhou Shengyuan Real Estate
House leasing 2,612,027.60 2,593,407.34
Development Co., Ltd.
Zhejiang Rongsheng Holding Group Co.,
House leasing 550,458.72 550,458.72
Ltd.
(3) Related guarantees
The Company and its subsidiaries as the guaranteed party
Unit: RMB 10,000, unless stated otherwise
Full text of 2026 Semi-Annual Report
Whether the
Guaranteed Commencement
Guarantor Expiry date guarantee has been
amount date
fully performed
December 28,
Sanyuan Holding Group Co., Ltd. 8,000.00 January 1, 2024 No
Zhejiang Rongsheng Holding Group Co.,
Ltd.
Zhejiang Rongsheng Holding Group Co.,
Ltd. and the Company
Zhejiang Rongsheng Holding Group Co., December 20,
Ltd. [Note 1] 2024
Zhejiang Rongsheng Holding Group Co.,
Ltd. [Note 2]
Zhejiang Rongsheng Holding Group Co.,
Ltd. [Note 3]
Zhejiang Rongsheng Holding Group Co.,
Ltd., the Company, Li Shuirong and Li 1,156,297.59 July 31, 2018 July 30, 2030 No
Jumei [Note 8]
Zhejiang Rongsheng Holding Group Co., November 15,
Ltd. and the Company [Note 7] 2032
Zhejiang Rongsheng Holding Group Co.,
Ltd. [Note 5]
Zhejiang Rongsheng Holding Group Co.,
Ltd. [Note 6]
Zhejiang Rongsheng Holding Group Co., November 14,
Ltd. [Note 4] 2022
Zhejiang Rongsheng Holding Group Co., November 25,
Ltd. 2026
Zhejiang Rongsheng Holding Group Co.,
Ltd.
Zhejiang Rongsheng Holding Group Co., EUR
January 31, 2024 May 31, 2027 No
Ltd. 18,054,000.00
Zhejiang Rongsheng Holding Group Co., USD
March 22, 2023 May 31, 2027 No
Ltd. 115,495,500.00
Zhejiang Rongsheng Holding Group Co., EUR
June 27, 2024 June 30, 2027 No
Ltd. [Note 5] 20,816,300.00
Zhejiang Rongsheng Holding Group Co., September 30,
USD 846,800.00 March 24, 2026 No
Ltd. [Note 5] 2026
Zhejiang Rongsheng Holding Group Co., USD
October 25, 2023 July 1, 2026 No
Ltd. [Note 4] 3,363,600.00
Zhejiang Rongsheng Holding Group Co.,
USD 12,900.00 November 2, 2021 July 1, 2026 No
Ltd. and the Company [Note 7]
Zhejiang Rongsheng Holding Group Co., November 18,
EUR 500.00 July 1, 2026 No
Ltd. and the Company [Note 7] 2021
Zhejiang Rongsheng Holding Group Co.,
Ltd.
Zhejiang Rongsheng Holding Group Co.,
Ltd.
Notes of related guarantee
Full text of 2026 Semi-Annual Report
[Note 1] Zhejiang Rongsheng Holding Group Co., Ltd. provides a joint and several liability guarantee for 100%
of the guaranteed amount. Ningbo Zhongjin Petrochemical Co., Ltd., a subsidiary of the Company, provides
mortgage security over its fixed assets with a book balance of RMB 1,533.4989 million.
[Note 2] Zhejiang Rongsheng Holding Group Co., Ltd. provides a joint and several liability guarantee for 100%
of the guaranteed amount. Ningbo Niluoshan New Energy Co., Ltd., a subsidiary of the Company, provides
mortgage security over its fixed assets and intangible assets with a total book balance of RMB 79.3522 million.
[Note 3] Zhejiang Rongsheng Holding Group Co., Ltd. provides a joint and several liability guarantee for 100%
of the guaranteed amount. Zhejiang Yisheng New Materials Co., Ltd., a subsidiary of the Company, provides
mortgage security over its fixed assets with a book balance of RMB 2,963.1306 million.
[Note 4] Zhejiang Rongsheng Holding Group Co., Ltd. provides a joint and several liability guarantee for 100%
of the guaranteed amount. Zhejiang Petroleum & Chemical Co., Ltd., a subsidiary of the Company, provides
mortgage security over the completed assets of the additional 1.4 million tonnes per annum ethylene and
downstream chemical units project (Phase II Product Structure Optimization), including but not limited to the land
use rights, above-ground buildings and project equipment formed upon the completion and acceptance of the
construction project.
[Note 5] Zhejiang Rongsheng Holding Group Co., Ltd. provides a joint and several liability guarantee for 100%
of the guaranteed amount. Zhejiang Petroleum & Chemical Co., Ltd., a subsidiary of the Company, provides
mortgage security over all assets formed by the High-performance Resins Project, including but not limited to the
land use rights, above-ground buildings and project equipment formed upon the completion and acceptance of the
construction project.
[Note 6] Zhejiang Rongsheng Holding Group Co., Ltd. provides a joint and several liability guarantee for 100%
of the guaranteed amount. Zhejiang Petroleum & Chemical Co., Ltd., a subsidiary of the Company, provides
mortgage security over its machinery and equipment with a book balance of RMB 4,436.9511 million.
[Note 7] Zhejiang Rongsheng Holding Group Co., Ltd. and the Company provide joint and several liability
guarantees for 60% of the guaranteed amount. Zhejiang Petroleum & Chemical Co., Ltd., a subsidiary of the
Company, provides mortgage security over the completed assets of the 40 million tonnes per annum refining and
chemical integration project, including but not limited to the land use rights, above-ground buildings and project
equipment formed upon the completion and acceptance of the construction project.
[Note 8] Zhejiang Rongsheng Holding Group Co., Ltd. and the Company provide joint and several liability
guarantees for 51% of the guaranteed amount. Zhejiang Petroleum & Chemical Co., Ltd., a subsidiary of the
Company, provides mortgage security over the completed assets of the 40 million tonnes per annum refining and
chemical integration project, including but not limited to the land use rights, above-ground buildings and project
equipment formed upon the completion and acceptance of the construction project.
(4) Remuneration of key management personnel
Unit: RMB 10,000
The amount incurred in the Amount incurred in the previous
Item
current period period
Remuneration of key management personnel 649.19 723.29
(5) Other related party transactions
Full text of 2026 Semi-Annual Report
(1) At the beginning of the period, the Company had RMB 7,418.5639 million payable to Zhejiang Rongsheng
Holding Group Co., Ltd. During the period, the Company and its subsidiaries borrowed an aggregate amount of
RMB 4,670.00 million from Zhejiang Rongsheng Holding Group Co., Ltd., accrued fund occupation fees of RMB
(2) During the period, Zhejiang Shengyuan Chemical Fiber Co., Ltd., a subsidiary of the Company, borrowed
an aggregate amount of RMB 1,699.8422 million from Zhejiang Rongsheng Holding Group Co., Ltd. and repaid an
aggregate amount of RMB 1,699.8422 million. As of June 30, 2026, Zhejiang Shengyuan Chemical Fiber Co., Ltd.
had fully repaid the above amounts.
(3) At the beginning of the period, Zhejiang Petroleum & Chemical Co., Ltd., a subsidiary of the Company,
had RMB 10.80 million receivable from ZPC-ENN (Zhoushan) Gas Co., Ltd. During the period, interest of RMB
Gas Co., Ltd. remained RMB 10.80 million.
contracts:
Unit: RMB 10,000
Related Party Current Period Same Period Last Year
Suzhou Shenghui Equipment Co., Ltd. 6,999.25 16,134.84
Zhejiang Dongjiang Green Petrochemical Technology Innovation Center Co., Ltd. 635.40 46,092.87
Shanghai Shenglanhui Technology Co., Ltd. 1,235.62 3,972.48
Zhuoran (Zhejiang) Integration Technology Co., Ltd. 3,402.00 2,940.40
Total 12,272.27 69,140.59
Zhejiang Xiaoshan Rural Commercial Bank Co., Ltd. were RMB 596,284,850.03, USD 2,729,206.75 and EUR
As of December 31, 2025, the deposit balances of the Company and its subsidiaries with the related party
Zhejiang Xiaoshan Rural Commercial Bank Co., Ltd. were RMB 71,089,124.31, USD 3,186,008.86 and EUR
(1) Receivables
Unit: RMB
Ending balance Beginning balance
Project Related party Bad-debt Bad-debt
Book balance Book balance
provision provision
Accounts Saudi Basic Industries
receivable Corporation
Zhejiang Yisheng
Petrochemical Co., Ltd.
Aramco Trading
Singapore Pte.Ltd.
Full text of 2026 Semi-Annual Report
Zhejiang Derong
Chemicals Co., Ltd.
Subtotal 521,220,265.73 20,685,890.41 663,444,235.51 18,284,460.06
Dividends Zhejiang Yisheng
receivable Petrochemical Co., Ltd.
Subtotal 900,000,000.00
Hangzhou Shengyuan
Prepayment Real Estate 2,612,027.60
Development Co., Ltd.
Subtotal 2,612,027.60
ZPC-ENN (Zhoushan)
Other receivables 10,800,000.00 6,600,000.00 10,800,000.00 6,600,000.00
Gas Co., Ltd.,
Subtotal 10,800,000.00 6,600,000.00 10,800,000.00 6,600,000.00
(2) Payables
Unit: RMB
Beginning book
Item Related party Ending book balance
balance
Accounts payable Rongsheng Petrochemical (Singapore) Pte. Ltd. [Note] 26,650,545,427.22 28,256,256,144.32
Yisheng Dahua Petrochemical Co., Ltd. [Note] 2,780,210,000.00 2,365,800,000.00
Zhejiang Yisheng New Materials Co., Ltd. [Note] 1,560,224,360.00 1,670,000,000.00
Ningbo Zhongjin Petrochemical Co., Ltd. [Note] 2,414,056,000.00 1,405,426,000.00
Dalian Rongxincheng Trading Co., Ltd. [Note] 1,127,072,195.56 440,414,455.48
Zhejiang ZPC Sales Co., Ltd. [Note] 800,000,000.00 170,337,839.99
Ningbo Rongxincheng Trading Co., Ltd. [Note] 306,050,000.00 161,050,000.00
Zhejiang Petroleum & Chemical Co., Ltd. [Note] 34,000,000.00 34,000,000.00
The Company [Note] 585,000,000.00 1,168,000,000.00
Ningbo Hengyi Trading Co., Ltd. 10,889,979.71
Zhejiang Rongsheng Holding Group Co., Ltd. 440,537,286.76 404,837,206.40
Saudi Arabian Oil Company 3,543,622,089.94
Zhejiang Dingsheng Petrochemical Engineering Co.,
Ltd.
Zhejiang Rongtong Logistics Co., Ltd. 65,761,341.33 144,673,343.36
Ningbo Rongxiang Logistics Co., Ltd. 31,532,493.55
Ningbo Qingzhi Chemicals Terminal Co., Ltd. 2,324,467.56 7,309,445.62
Shanghai Huanqiu Engineering Co., Ltd. 1,001,320.75 5,160,076.48
Zhejiang Sanyuan Textile Co., Ltd. 4,287,168.99 4,249,274.30
Ningbo Haineng Blend Oil Co., Ltd. 5,469,491.14 1,329,101.03
Zhejiang Derong Chemicals Co., Ltd. 809,628.01
Suzhou Shenghui Equipment Co., Ltd. 11,775,711.18 132,000.00
Thermal Power Co., Ltd. of Ningbo Economic and
Technological Development Zone
Qijiashan Hotel of Ningbo United Group Co., Ltd. 8,058.00 2,565.00
Full text of 2026 Semi-Annual Report
Zhejiang Rongxiang Thermal Power Co., Ltd. 58,462,706.77
Aramco Trading Fujairah FZE 803,913.45
Zhejiang Dongjiang Green Petrochemical Technology
Innovation Center Co., Ltd.
Subtotal 36,857,675,514.97 40,158,054,618.37
Notes payable Ningbo Hengyi Trading Co., Ltd. 50,000,000.00
Zhejiang Rongxiang Thermal Power Co., Ltd. 14,770,000.00
Subtotal 64,770,000.00
Contract liabilities
Zhejiang Dingsheng Petrochemical Engineering Co.,
and other current 13,332.00 8,122,893.70
Ltd.
liabilities
Ningbo Shengmao Trading Co., Ltd. 17,350,674.51 2,277,662.26
Zhoushan ZPC Zhougang Tugboat Co., Ltd. 922,964.74 499,205.90
Hainan Yisheng Petrochemical Co., Ltd. 323,158.43
Zhejiang Rongtong Logistics Co., Ltd. 956,680.27 2,293,481.65
Shanghai Huanqiu Engineering Co., Ltd. 10,000.00 10,000.00
Subtotal 19,253,651.52 13,526,401.94
Other payables Zhejiang Rongsheng Holding Group Co., Ltd. 9,214,696,647.31 7,418,563,934.03
Zhejiang Dingsheng Petrochemical Engineering Co.,
Ltd.
Zhejiang Rongtong Logistics Co., Ltd. 5,000.00 1,005,600.00
Suzhou Shenghui Equipment Co., Ltd. 500,300.00 300.00
Subtotal 9,216,671,847.31 7,420,916,334.03
[Note] The above amounts relate to letters of credit issued by the Company and its subsidiaries. Upon receipt of the
letters of credit, Rongsheng Petrochemical (Singapore) Pte. Ltd., Yisheng Dahua Petrochemical Co., Ltd., Zhejiang
Yisheng New Materials Co., Ltd., the Company, Ningbo Zhongjin Petrochemical Co., Ltd., Dalian Rongxincheng
Trading Co., Ltd., Zhejiang ZPC Sales Co., Ltd., Ningbo Rongxincheng Trading Co., Ltd. and Zhejiang Petroleum
& Chemical Co., Ltd. discounted the relevant letters of credit prior to maturity.
XV. Commitments and contingencies
Significant commitments at the balance sheet date
and its subsidiaries, namely 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.,
Zhejiang Yongsheng Technology Co., Ltd., and Rongsheng New Materials (Zhoushan) Co., Ltd., with Bank of
Communications Co., Ltd., Hangzhou Xiaoshan Sub-branch and other financial institutions, amounted to RMB
Unit: 10,000
Full text of 2026 Semi-Annual Report
Guarantee
Issuing Bank Applicant Beneficiary
Amount
Bank of China Limited, Dalian Jinpu Yisheng Dahua
Zhengzhou Commodity Exchange CNY 14,410.00
New Area Branch Petrochemical Co., Ltd.
Bank of Ningbo Co., Ltd., Hudong Ningbo Zhongjin
Zhejiang Jinhui Construction Co., Ltd. CNY 9.09
Sub-branch Petrochemical Co., Ltd.
Bank of Ningbo Co., Ltd., Hudong Ningbo Zhongjin Zhejiang Guojin Construction Co.,
CNY 30.77
Sub-branch Petrochemical Co., Ltd. Ltd.
Bank of Ningbo Co., Ltd., Hudong Ningbo Zhongjin Zhejiang Juxing Construction and
CNY 59.03
Sub-branch Petrochemical Co., Ltd. Installation Engineering Co., Ltd.
China Construction Bank Corporation, Zhejiang Petroleum & Hangzhou Customs of the People’s
CNY 50,000.00
Zhoushan Branch Chemical Co., Ltd. Republic of China
Industrial and Commercial Bank of Zhejiang Petroleum & Hangzhou Customs of the People’s
CNY 33,000.00
China Limited, Zhoushan Branch Chemical Co., Ltd. Republic of China
Industrial and Commercial Bank of Zhejiang Petroleum & Hangzhou Customs of the People’s
CNY 33,000.00
China Limited, Zhoushan Branch Chemical Co., Ltd. Republic of China
Industrial and Commercial Bank of Zhejiang Petroleum & Hangzhou Customs of the People’s
CNY 34,000.00
China Limited, Zhoushan Branch Chemical Co., Ltd. Republic of China
Bank of China Limited, Zhoushan Zhejiang Petroleum & Hangzhou Customs of the People’s
CNY 30,000.00
Branch Chemical Co., Ltd. Republic of China
Bank of China Limited, Zhoushan Zhejiang Petroleum & Hangzhou Customs of the People’s
CNY 50,000.00
Branch Chemical Co., Ltd. Republic of China
Bank of China Limited, Zhoushan Zhejiang Petroleum & Hangzhou Customs of the People’s
CNY 40,000.00
Branch Chemical Co., Ltd. Republic of China
Bank of China Limited, Zhoushan Zhejiang Petroleum & Hangzhou Customs of the People’s
CNY 30,000.00
Branch Chemical Co., Ltd. Republic of China
Bank of China Limited, Zhoushan Zhejiang Petroleum & Hangzhou Customs of the People’s
CNY 50,000.00
Branch Chemical Co., Ltd. Republic of China
Bank of China Limited, Zhoushan Zhejiang Petroleum & Hangzhou Customs of the People’s
CNY 49,000.00
Branch Chemical Co., Ltd. Republic of China
Bank of Communications Co., Ltd., Zhejiang Petroleum &
Yitong New Materials Co., Ltd. CNY 17,069.83
Hangzhou Xiaoshan Sub-branch Chemical Co., Ltd.
Bank of Communications Co., Ltd., Zhejiang Petroleum &
Yitong New Materials Co., Ltd. CNY 27,255.73
Hangzhou Xiaoshan Sub-branch Chemical Co., Ltd.
Jintang Branch of Zhoushan Municipal
Industrial and Commercial Bank of ZPC Jintang Logistics
Bureau of Natural Resources and CNY 146.91
China Limited, Zhoushan Branch Co., Ltd.
Planning
(1) Material contingencies as at the balance sheet date
As of the balance sheet date, the Company has no important contingencies that need to be disclosed.
(2) Explanation where the Company has no material contingencies requiring disclosure
The Company has no material contingencies to be disclosed.
Full text of 2026 Semi-Annual Report
XVI. Events after the Balance Sheet Date
At the First Extraordinary General Meeting of Shareholders of 2026 held on June 25, 2026, the Company
considered and approved the Proposal on the 2026 Employee Stock Ownership Plan (Draft) and its Summary, the
Proposal on the Administrative Measures for the 2026 Employee Stock Ownership Plan, and other relevant
proposals. The implementation of the Employee Stock Ownership Plan commenced during the Reporting Period,
but the transfer of shares had not yet been completed as at the end of the Reporting Period. On July 7, 2026, the
Company completed the non-trading transfer of 153 million shares, and the relevant transfer was separately
disclosed in an announcement.
XVII. Other Significant Matters
(1) Basis for Determining Reportable Segments and Accounting Policies
The Company determines its reportable segments based on its internal organizational structure, management
requirements and internal reporting system, with business segments serving as the basis for identifying reportable
segments. The operating results of the petrochemical production business, polyester fiber manufacturing business
and trading business are assessed separately. Assets and liabilities jointly used by the respective segments are
allocated among the segments in proportion to their scale.
(2) Financial Information of Reportable Segments
Unit：RMB
Oil Refining Chemical Polyester Fiber
Trading Inter-segment
Item Production Production Manufacturing Total
Business Eliminations
Business Business Business
Revenue
from -
principal 63,225,402,736.
operation 73
s
Cost of
principal 19,834,004,769. 87,876,187,643. 12,389,413,664. 52,438,503,311. 109,339,330,683.
operation 33 57 71 65 29
s
Total 11,427,963,170. 402,822,539,719.
assets 28 62
Total 6,403,353,931.6 298,356,074,255.
liabilities 1 49
Full text of 2026 Semi-Annual Report
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) 3,610,690.16 2,565,821.96
Total 3,610,690.16 2,565,821.96
(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 Proporti value
Amount e of Amount Amount e of
nt tion provision on provision
Accounts
receivable
with
provision 3,610, 2,437,
for bad debt 690.1 5.00% 100.00% 5.00% 530.8
% 51 155.65 1.96 10
reserves 6 6
based on
aging
portfolio
Total 690.1 5.00% 100.00% 5.00% 530.8
% 51 155.65 1.96 10
Provision for bad debt by combination:
Unit: RMB
Ending balance
Name
Book balance Bad-debt provision Percentage of provision
Within 1 year 3,610,690.16 180,534.51 5.00%
Total 3,610,690.16 180,534.51 5.00%
If the provision for bad debts of accounts receivable is accrued according to the general model of expected credit
loss:
□ Applicable R Not applicable
(3) Bad debt reserves accrual, recovered or reversed in the current period
Provision for bad debts in the current period:
Unit: RMB
Category The amount of change in the current period
Full text of 2026 Semi-Annual Report
Beginning Recovered or Ending
Provision Write-off Other
balance reversed balance
Provision made for bad
debt reserves based on 128,291.10 52,243.41 180,534.51
aging portfolio
Total 128,291.10 52,243.41 180,534.51
(4) Top five accounts receivable by ending balance
The total amount of the top 5 accounts receivable at the end of the period was RMB 3,529,184.67, accounting for
RMB 176,459.24.
Unit: RMB
Item Ending balance Beginning balance
Dividends receivable 2,432,100,000.00 550,000,000.00
Other receivables 2,782,866,090.11 2,347,360,297.44
Total 5,214,966,090.11 2,897,360,297.44
(1) Dividends receivable
Unit: RMB
Project (or investee) Ending balance Beginning balance
Hong Kong Shenghui Co., Ltd. 550,000,000.00 550,000,000.00
Zhejiang Yisheng Petrochemical Co.,
Ltd.
Dalian Yisheng Investment Co., Ltd. 1,400,000,000.00
Total 2,432,100,000.00 550,000,000.00
Unit: RMB
Whether impairment
Reason for the
Project (or investee) Ending balance Aging occurs and its
unrecovered amount
judgment basis
Subsidiary operates
Hong Kong Shenghui Pending payment normally, and no risk is
Co., Ltd. arrangements expected in the
recovery of funds.
Total 550,000,000.00
Full text of 2026 Semi-Annual Report
(2) Other receivables
Unit: RMB
Nature of account Ending book balance Beginning book balance
Government accounts receivable 409,020,000.00 409,020,000.00
Petty cash 2,275,927.64 2,684,528.02
Amounts due from related parties within
the scope of consolidation
Current accounts 3,242,800.84 3,242,800.84
Security deposits for borrowings 10,000,000.00
Total 2,787,305,861.75 2,350,868,091.98
Unit: RMB
Aging Ending book balance Beginning book balance
Within 1 year (inclusive of 1 year) 1,630,149,490.78 1,276,109,520.10
Above 3 years 375,689,576.92 375,689,576.92
Total 2,787,305,861.75 2,350,868,091.98
Unit: RMB
Ending balance Beginning balance
Book balance Bad-debt provision Book balance Bad-debt provision
Category Percent Book Percent Book
Amou Propor age of value Proporti age of value
Amount Amount Amount
nt tion provisio on provisio
n n
Provision
made for
bad debt 2,787,
reserves 305,8 0.16% 100.00% 0.15%
% 1.64 6,090.11 8,091.98 4.54 0,297.44
based on 61.75
aging
portfolio
Total 305,8 0.16% 100.00% 0.15%
% 1.64 6,090.11 8,091.98 4.54 0,297.44
Provision for bad debt by combination:
Unit: RMB
Name Ending balance
Full text of 2026 Semi-Annual Report
Book balance Bad-debt provision Percentage of provision
Government accounts
receivable
Petty cash 2,275,927.64 2,199,174.07 96.63%
Amounts due from related
parties within the scope of 2,372,767,133.27
consolidation
Current accounts 3,242,800.84 162,140.04 5.00%
Total 2,787,305,861.75 4,439,771.64 0.16%
Provision for bad debts is made according to the general model of expected credit loss:
Unit: RMB
Stage I Stage II Stage III
Expected credit loss Expected credit loss
Bad-debt provision Expected credit loss over the entire for the entire duration Total
in the next 12 months duration (without (credit impairment has
credit impairment) occurred)
The balance as of
January 1, 2026
The balance as of
January 1, 2026 in the
current period
Provision in current
-20,430.02 952,407.12 931,977.10
period
Balance as of June 30,
Provision ratio for bad
debts at period-end
Changes in the carrying amount where changes in the loss allowance during the current period were significant
□ Applicable R Not applicable
Unit: RMB
Proportion in a
Ending balance of
Nature of total ending
Company name Ending balance Aging provision for bad
payment balance of other
debts
receivables
Current account of
related parties Within 1 year, 1-2
Other receivables 1 1,263,649,822.31 45.34%
within the scope of years
consolidation
Current account of
related parties Within 1 year, 1-2
Other receivables 2 668,599,406.19 23.99%
within the scope of years, 2-3 years
consolidation
Government Within 1 year, 1-2
Other receivables 3 409,020,000.00 14.67% 2,078,457.53
receivables years
Other receivables 4 Current account of 373,500,000.00 Above 3 years 13.40%
related parties
Full text of 2026 Semi-Annual Report
within the scope of
consolidation
Current account of
a related party
Other receivables 5 60,000,000.00 Within 1 year 2.15%
within the scope of
consolidation
Total 2,774,769,228.50 99.55% 2,078,457.53
Unit: RMB
Ending balance Beginning balance
Item Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Investment in 51,313,102,80 51,313,102,80 51,293,102,808 51,293,102,808
subsidiaries 8.47 8.47 .47 .47
Investment in
joint ventures
and associates
Total
(1) Investment in subsidiaries
Unit: RMB
Increase and decrease in the current period
Beginning Opening Ending Ending
balance balance of Provision balance balance of
Investee Additional Reduced for
(book impairmen Other (book provision for
value) t provision investment investment impairmen value) impairment
t
Zhejiang
Shengyuan 2,030,140,0 2,030,140,0
Chemical Fiber 00.00 00.00
Co., Ltd.
Hong Kong
Shenghui Co.,
Ltd.
Dalian Yisheng
Investment
Co., Ltd.
Ningbo
Zhongjin 5,990,201,1 5,990,201,1
Petrochemical 40.04 40.04
Co., Ltd.
Rongsheng
Petrochemical 620,889,56 620,889,56
(Singapore) 0.00 0.00
Pte. Ltd.
Rongsheng 100,000,00 100,000,00
International 0.00 0.00
Full text of 2026 Semi-Annual Report
Trading Co.,
Ltd.
Zhejiang
Petroleum & 29,987,242, 29,987,242,
Chemical Co., 115.34 115.34
Ltd.
Rongxiang
Chemical Fiber
Co., Ltd.
Zhejiang
Yongsheng 800,306,53 800,306,53
Technology 7.70 7.70
Co., Ltd.
Rongsheng
International
Trading
(Hainan) Co.,
Ltd.
Rongsheng
Chemicals 50,000,000. 50,000,000.
(Shanghai) Co., 00 00
Ltd.
Rongsheng
New Materials 9,200,000,0 9,200,000,0
(Zhoushan) 00.00 00.00
Co., Ltd.
Rongsheng
New Materials 900,000,00 900,000,00
(Taizhou) Co., 0.00 0.00
Ltd.
Rongsheng
Petrochemical
(Hong Kong)
Limited
Zhejiang
Shenghui New 20,000,000. 20,000,000.
Materials Co., 00 00
Ltd.
Total
Full text of 2026 Semi-Annual Report
(2) Investments in joint ventures and associates
Unit: RMB
Increase and decrease in the current period
Ending
Beginning Opening Investment Declared Ending
Other balance of
balance balance of gains or losses Other distribution balance
Investee Additional Reduced comprehensive Provision for provision
(book impairment recognized equity of cash Other (book
investment investment income impairment for
value) provision value)
under the changes dividends impairment
adjustments
equity method or profit
I. Joint ventures
II. Associates
Zhejiang
Yisheng 1,519,055,8 482,100,000 1,048,69
Petrochemic 07.60 .00 4,191.73
al Co., Ltd.
Ningbo
Hengyi 12,151,249. 53,788,1
Trading Co., 51 73.66
Ltd.
Zhejiang
Xiaoshan
Rural 2,823,663,8 43,654,510. 2,987,64
Commercial 30.01 65 0,903.86
Bank Co.,
Ltd.
Subtotal 244,047,586.37 16,959,306.41
Total 244,047,586.37 16,959,306.41
The recoverable amount is determined based on fair value less costs of disposal
□ Applicable R Not applicable
The recoverable amount is determined based on the present value of estimated future cash flows
□ Applicable R Not applicable
Full text of 2026 Semi-Annual Report
(1) Details
Unit: RMB
The amount incurred in the current period Amount incurred in the previous period
Item
Revenue Cost Revenue Cost
Primary business 1,578,947,452.52 1,398,108,985.27 743,494,859.25 714,589,038.03
Other businesses 79,688,490.88 18,390,135.78 131,264,163.44 69,326,198.38
Total 1,658,635,943.40 1,416,499,121.05 874,759,022.69 783,915,236.41
Of which: Revenue
from Contracts with 1,657,200,217.24 1,416,363,398.05 874,388,725.90 783,779,513.41
Customers
(2) Breakdown of operating revenue and operating cost
Unit: RMB
Amount in the current period Amount in the previous period
Item
Revenue Cost Revenue Cost
Polyester products, chemical
fibers and films
Trade and others 78,252,764.72 18,254,412.78 130,893,866.65 69,190,475.38
Subtotal 1,657,200,217.24 1,416,363,398.05 874,388,725.90 783,779,513.41
Unit: RMB
Amount in the previous
Item Amount in the current period
period
Revenue recognized at a certain point of time 1,657,200,217.24 874,388,725.90
Subtotal 1,657,200,217.24 874,388,725.90
(3) Information related to performance obligations
Type of quality
Nature of Whether Amounts
Time of assurance
goods the expected to be
fulfillment of Important payment provided by the
Item transferred Company refunded to
performance terms company and
by the acts as customers by
obligations related
company principal the company
obligations
Products
Sale At the time of Prepayment; Accounts conforming Assurance-type
of delivery of Yes None
receivable payment period to national warranty
goods goods
standards
Full text of 2026 Semi-Annual Report
is generally 30 to 90 days
after product delivery
Unit: RMB
The amount incurred in the current Amount incurred in the previous
Item
period period
Income from long-term equity
investment under the cost method
Investment income from long-term
equity investments accounted for using 244,047,586.37 155,613,807.08
the equity method
Interest income from funds lent to related
parties
Total 1,653,195,627.15 169,273,572.94
XIX. Supplementary information
RApplicable □ Not applicable
Unit: RMB
Item Amount
Gains or losses on disposal of non-current assets 5,731,630.19
Government subsidies included in the current profit and losses (except those closely related to
the Company's normal business operations, which are in line with national policies, enjoyed
according to certain standards, and have a continuous impact on the Company's profit 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
-359,403,400.67
by non-financial enterprises and the gains and losses arising from the disposal of financial
assets and financial liabilities
Fees charged to non-financial enterprises for occupation of funds and recognized in current
profit or loss
Profit or loss from entrusted investment or asset management 143,013.70
Other non-operating income and expenses other than the items set out above -410,642.51
Other profit or loss items falling within the definition of non-recurring gain or loss 4,022,688.71
Less: Effect of income tax -58,116,873.86
Effect of non-controlling interests (after tax) -44,787,981.32
Total -232,872,816.14
Situation of other profit/loss items falling within the definition of non-recurring gain or loss:
□ Applicable R Not applicable
Full text of 2026 Semi-Annual Report
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 Profit and Losses as
recurring profit and losses
□ Applicable R Not applicable
Earnings per share (EPS)
Profit within the reporting Weighted average
period return on net assets Basic earnings per share Diluted earnings per share
(RMB per 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 and losses
(1) Differences in net profit and net assets between financial reports disclosed under International
Financial Reporting Standards and those disclosed under Chinese Accounting Standards for Business
Enterprises
□ Applicable R Not applicable
(2) Differences in net profit and net assets in financial reports disclosed in accordance with overseas
accounting standards and Chinese Accounting Standards for Business Enterprises
□ Applicable R Not applicable
Rongsheng Petrochemical Co., Ltd.
Chairman: Li Shuirong
August 24, 2026
