Rongsheng Petrochemical Co., Ltd.
2024 Semi-annual Report
[Disclosure Time]
Section I Important Notice, Table of Contents and DefinitionsThe Board of Directors, the Board of Supervisors and the directors, supervisors and senior management of the Company confirm that the contents in this semi-annual report are true, accurate, and complete and have no false representations, misleading statements or material omissions, and they shall severally and jointly accept legal responsibility for such contents.Li Shuirong, Chairman of the Company, Wang Yafang, the person in charge of the Company’s accounting and Zhang Shaoying, the person in charge of the Accounting Firm (Accounting Officer), hereby make representations in respect ofthe truthfulness, accuracy and completeness of the financial statements in this semi-annual report.
All directors have attended the board meeting to deliberate this semi-annualreport.The Company describes in detail the risks it may face in Section III of this report under “X. Risks Faced by the Company and Countermeasures”, which investors are advised to read.The Company plans to pay no cash dividend, no bonus shares, and no conversion of capital with provident fund.
This semi-annual report is prepared in Chinese and English respectively. Incase of any discrepancy between the two versions, the Chinese version shall prevail.
Contents
Section I Important Notice, Table of Contents and Definitions ...... 2
Section II Company Profile and Key Financial Indicators ...... 7
Section III Management Discussion and Analysis ...... 10
Section IV Corporate Governance ...... 32
Section V Environmental and Social Responsibility ...... 34
Section VI Important Matters ...... 46
Section VIII Preferred Shares ...... 85
Section IX Bonds ...... 86
Section X Financial Reports ...... 89
Contents of Documents for Future Reference
(1) The financial statements containing signature and seals of the person in charge of the Company, the person in charge of the accounting works and the person in charge of the Accounting Firm (Accounting Officer);
(2) Written confirmation from directors, senior management and supervisors of the Company on the 2024 Semi-annual Report;
(3) The originals of all company documents and announcements that are disclosed to the public via media designated by CSRC during the reporting period;
(4) The place where the above-mentioned documents are maintained: Office of the Board of Directors.
Definitions
| Term | Refers to | Definition |
| Company, the Company, Rongsheng Petrochemical | Refers to | Rongsheng Petrochemical Co., Ltd. |
| Rongsheng Holding | Refers to | Zhejiang Rongsheng Holding Group Co., Ltd., controlling shareholder of the Company |
| Rongtong Logistics | Refers to | Zhejiang Rongtong Logistics Co., Ltd., a subsidiary of the Company |
| Rongsheng Venture Capital | Refers to | Zhejiang Rongsheng Venture Capital Co., Ltd., a subsidiary of the Company’s controlling shareholder |
| Saudi Aramco | Refers to | Saudi Arabian Oil Company |
| 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 |
| 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 Sheng Hui | Refers to | Hong Kong Sheng Hui Co., Ltd., a subsidiary of the Company |
| Rongsheng (Singapore) | Refers to | Rongsheng Petrochemical (Singapore) Pte. Ltd., a subsidiary of the Company |
| Rongsheng International Trading | Refers to | Rongsheng International Trading Co., Ltd., a subsidiary of the Company |
| Yongsheng Technology | Refers to | Zhejiang Yongsheng Technology Co. Ltd., a subsidiary of the Company |
| Rongsheng New Materials (Zhoushan) | Refers to | Rongsheng (Zhoushan) New Materials Co., Ltd., a subsidiary of the Company |
| Zhejiang Yisheng | Refers to | Zhejiang Yisheng Petrochemical Co., Ltd., a joint stock subsidiary of the Company |
| Hengyi Trading | Refers to | Ningbo Hengyi Trading Co., Ltd., a joint stock subsidiary of the Company |
| Xiaoshan Rural Commercial Bank | Refers to | Zhejiang Xiaoshan Rural Commercial Bank, a joint stock subsidiary of the Company |
| Zhejiang Petroleum | Refers to | Zhejiang Petroleum Co., Ltd., a joint stock subsidiary of ZPC |
| ZPC (Singapore) | Refers to | ZPC (Singapore) Pte. Ltd., a subsidiary of ZPC |
| Jintang Logistics | Refers to | Jintang Logistics Co., Ltd, a subsidiary of ZPC |
| Dingsheng Petrochemical | Refers to | Zhejiang Dingsheng Petrochemical Engineering Co., Ltd, a joint stock subsidiary of ZPC |
| Derong Chemicals | Refers to | Zhejiang Derong Chemicals Co. Ltd., a joint stock subsidiary of ZPC |
| ENN (Zhoushan) | Refers to | ZPC-ENN (Zhoushan) Gas Co., Ltd., a joint stock subsidiary of ZPC |
| Yisheng New Materials | Refers to | Zhejiang Yisheng New Materials Co., Ltd., a holding subsidiary of Zhongjin Petrochemical |
| Niluoshan New Energy | Refers to | Ningbo Niluoshan New Energy Co., Ltd., a subsidiary of Zhongji |
| n Petrochemical | ||
| Yisheng Dahua | Refers to | Yisheng Dahua Petrochemical Co., Ltd., a subsidiary of Yisheng Investment |
| Hainan Yisheng | Refers to | Hainan Yisheng Petrochemical Co., Ltd., a joint stock subsidiary of Yisheng Investment |
| Hong Kong Yisheng | Refers to | Hong Kong Yisheng Co., Ltd., a subsidiary of Hainan Yisheng Petrochemical |
| Dalian Rongxincheng | Refers to | Dalian Rongxincheng Trading Co., Ltd., a subsidiary of Yisheng Dahua |
| Rongtong New Materials | Refers to | Zhejiang Rongtong Chemical Fiber New Material Co., Ltd., a subsidiary of Yisheng Dahua |
| Dongjiang Technology | Refers to | Zhejiang Dongjiang Green Petrochemical Technology Innovation Center Co., Ltd. |
| Yisheng Chemical | Refers to | Ningbo Yisheng Chemical Co., Ltd, a subsidiary of Hong Kong Sheng Hui |
| Shanghai Brilliance Rating | Refers to | Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. |
| The Securities Supervision Commission, CSRC | Refers to | China Securities Regulatory Commission |
| Stock exchange, SZSE | Refers to | Shenzhen Stock Exchange |
| Guosen Securities | Refers to | Guosen Securities Co., Ltd. |
| Yuan, 10,000 yuan | Refers to | RMB yuan, 10,000 yuan |
| Reporting period | Refers to | January 1, 2024 to June 30, 2024 |
Section II Company Profile and Key Financial IndicatorsI. Company Profile
| Stock abbreviation | Rongsheng Petrochemical | Stock code | 002493 |
| Stock abbreviation before change (if any) | None | ||
| Listed on | Shenzhen Stock Exchange | ||
| Company name in Chinese | 荣盛石化股份有限公司 | ||
| Company abbreviation in Chinese | 荣盛石化 | ||
| Company name in the foreign language (if any) | RONGSHENG PETROCHEMICAL CO., LTD. | ||
| Company abbreviation in the foreign language (if any) | RSPC | ||
| Legal representative of the Company | Li Shuirong | ||
II. Contact Information
| Secretary of the Board of Directors | Representative of Securities Affairs | |
| Name | Quan Weiying | Hu Yangyang |
| Address | Building of Zhejiang Rongsheng Holding Group, Yinong Town, Xiaoshan District, Hangzhou | Building of Zhejiang Rongsheng Holding Group, Yinong Town, Xiaoshan District, Hangzhou |
| Telephone | 0571-82520189 | 0571-82520189 |
| Fax | 0571-82527208 extension 8150 | 0571-82527208 extension 8150 |
| qwy@rong-sheng.com | yangyang@rong-sheng.com |
III. Other Information
1. Contact information of the Company
Whether the Company's registered address, office address and postal code, company website and Email address, etc. changed during the reporting period
□ Applicable ?Not applicable
There were no changes in the Company's registered address, office address and postal code, company website andEmail address, etc. during the reporting period. Please refer to the 2023 Annual Report for details.
2. Information disclosure and filing location
Whether the information disclosure and filing location changed during the reporting period
□ Applicable ?Not applicable
There were no changes in the stock exchange website, media and website for disclosing the semi-annual report by
the Company; and, the filing location of the Company’s semi-annual report remained unchanged during the reporting period. Please refer to the 2023 Annual Report for details.
3. Other relevant informationWhether other relevant information changed during the reporting period
□ Applicable ?Not applicable
IV. Key Accounting Data and Financial IndicatorsWhether the Company needs to retroactively adjust or restate the accounting data of the previous years
□ Yes ? No
| In the reporting period | In the same period of the previous year | Increase or decrease in the reporting period over the same period of the previous year | |
| Operating income (RMB) | 161,249,744,277.85 | 154,525,283,752.29 | 4.35% |
| Net profit attributable to shareholders of the listed company (RMB) | 857,934,883.14 | -1,126,633,616.55 | 176.15% |
| Net profit attributable to shareholders of the listed company net of non-recurring gain and loss (RMB) | 672,376,557.15 | -1,388,043,242.84 | 148.44% |
| Net cash flow from operating activities (RMB) | 8,392,538,351.96 | -2,278,779,430.90 | 468.29% |
| Basic earnings per share (RMB per share) | 0.09 | -0.11 | 181.82% |
| Diluted earnings per share (RMB per share) | 0.09 | -0.11 | 181.82% |
| Weighted average return on net assets | 1.93% | -2.42% | 4.35% |
| At the end of the reporting period | End of previous year | Increase/decrease at the end of this reporting period compared to the end of the previous year | |
| Total assets (RMB) | 386,095,763,409.31 | 374,918,440,311.68 | 2.98% |
| Net assets attributable to shareholders of the listed company (RMB) | 43,934,519,862.85 | 44,335,891,085.79 | -0.91% |
V. Differences in Accounting Data under Domestic and Foreign Accounting Standards
1. Differences in net profits and net assets between financial reports disclosed in accordance with international accounting standards and China’s accounting standards
□ Applicable ? Not applicable
In the reporting period of the Company, there were no differences in the net profits and net assets disclosed in the f
inancial report under international accounting standards and China’s accounting standards.
2. Differences in net profits and net assets between financial reports disclosed in accordance with foreign accounting standards and China’s accounting standards
□ Applicable ? Not applicable
In the reporting period of the Company, there were no differences in the net profits and net assets disclosed in the financial report under foreign accounting standards and China’s accounting standards.VI. Items and Amounts of Non-recurring Gain and Loss
?Applicable □ Not applicable
Unit: RMB
| Item | Amount |
| Profits and losses on the disposal of non-current assets (including the write-off part of the provision for asset impairment) | 5,269,441.94 |
| Government grants included in the current profits and losses (except those closely related to the Company's normal business operations, which are in line with national policies, enjoyed according to certain standards, and have a continuous impact on the Company's profits and losses) | 17,442,587.20 |
| Except for the effective hedging business related to the Company's normal business, the gains and losses of the fair value changes arising from financial assets and financial liabilities held by non-financial enterprises and the gains and losses arising from the disposal of financial assets and financial liabilities | 221,510,263.84 |
| Fund possession cost included in current gain and loss charged to non-financial enterprises | 213,251.56 |
| Other non-operating revenues and expenditures except for the aforementioned items | -27,608,928.38 |
| Other profit/loss items falling within the definition of non-recurring gain or loss | 70,311,778.50 |
| Less: Affected amount of income tax | 26,872,124.72 |
| Affected amount of minority shareholders' equity (after tax) | 74,707,943.95 |
| Total | 185,558,325.99 |
Other profit/loss items falling within the definition of non-recurring gain or loss:
□ Applicable ? Not applicable
The Company has no other profit/loss items falling within the definition of non-recurring gain or lossExplanation of the circumstances in which the non-recurring gain and loss items listed in the Explanatory Announcement No. 1 on Information Disclosure of Companies Publicly Issuing Securities-Non-recurring Gains and Losses are defined as recurring gains and losses.
□Applicable ?Not applicable
The Company has no explanation of the circumstances in which the non-recurring gain and loss items listed in theExplanatory Announcement No. 1 on Information Disclosure of Companies Publicly Issuing Securities-Non-recurring Gains and Losses are defined as recurring gains and losses.
Section III Management Discussion and Analysis
I. Main Businesses of the Company during the Reporting Period(I). Industry of the Company during the reporting periodEntering the first half of 2024, global economies continued to adjust their stance amid the aftermath of the Federal Reserve's interest rate hikes and geopolitics, and the world economy showed a moderate recovery. Accordingto the latest report from the International Monetary Fund (IMF), the global economic growth rate was forecast tobe 3.2% in 2024. During the reporting period, the global manufacturing and service PMI continued to rise, and theyear-on-year growth rate of trade volume of major trading countries improved significantly.
Despite the complex and volatile domestic and overseas environment, China, as an important player in the world economic landscape, continued to embark on the steady course of economic development in the first half of 20
24. During the period, China's economy continued to recover, showing overall stable operation, with both quantitative growth and qualitative improvement. In the second quarter, GDP grew by 4.7% year-on-year, a slight decline from the first quarter. "In spite of the situation changed, the trend is still positive." Although there have been short-term fluctuations, the long-term trend of positive development remains unchanged.
During the reporting period, crude oil prices remained at a medium-to-high level, the demand side recoveredsteadily, and the degree of recovery showed a diversified trend. For example, downstream demand for automobiles, home appliances, etc. increased steadily, and the chemical fiber industry improved gradually. As petrochemical production capacity commissioning did not achieve expectations, the rate of operation of some downstream industries was reduced and the supply and demand pattern gradually improved. Although the fluctuation of international energy prices and the volatility of the international trade environment have put pressure on the industry's profit growth, the Chinese government's series of policies, such as promoting energy conservation and emission reduction, applying green and low-carbon technologies, encouraging the integration and upgrading of industrial chains, and deepening international capacity cooperation, have provided solid support for the industry's transformation, upgrading and stable development.
(II) The Company’s main products during the reporting period
Rongsheng Petrochemical is one of the leading private petrochemical enterprises in China, ranking 6th in thelist of the most valuable brands in global chemical industry and 14th in the top 50 global chemical enterprises. The Company is mainly engaged in the R&D, production and sales of all kinds of oil products, chemicals and polyester products. It has established seven production bases in Bohai Economic Rim, Yangtze River Delta Economic Circle and Hainan Belt and Road Economic Circle, forming five industrial chains of polyester, engineering plastics, new energy, high-end polyolefin and special rubber. It is one of the important producers of polyester, new energy materials, engineering plastics and high value-added polyolefin in Asia, with the world's or the country's top-ranked production capacity of PX, PC, butadiene, MMA, cis-butadiene rubber and styrene-butadiene rubber and other chem
icals.As a leader in the industry, the Company will continue to consolidate its leading position in the global chemical market in the first half of 2024. With the concept of "from a drop of oil to everything in the world", the Company continues to expand and improve its product portfolio, covering many fields such as new energy, new materials,organic chemicals, synthetic fibers, synthetic resins, synthetic rubber, and oil products. The construction of product chains such as polyester, engineering plastics, new energy materials, high value-added polyolefins and special rubber further highlights the integrated industrial chain advantages of Rongsheng Petrochemical. Especially in the polyester industry chain, the Company has achieved full-chain coverage from upstream raw materials to final products, enhancing the synergy and market competitiveness of the industry chain. At present, the main products are shown in the following figure:
Note: products marked by dotted line / dotted box are products under the plan.
(III) Operational measures and results
1. Expand industrial cooperation and deepen international footprint
Rongsheng Petrochemical deepened its cooperation with Saudi Aramco and signed a Memorandum of Understanding and a Cooperation Framework Agreement. The two parties intend to sell and purchase 50% of the equity of Zhongjin Petrochemical, a subsidiary wholly owned by Rongsheng Petrochemical, and SASREF, a subsidiary wholly owned by Saudi Aramco, respectively, and jointly develop the expansion projects of Zhongjin Petrochemical and SASREF according to the equity ratio. The progress made by the two parties this time is expected to further strengthen their daily communication, technical R&D, and business cooperation, and promote the realization of theirrespective strategic goals and long-term sustainable development. In addition, the Company signed new project agreements with local governments and industry partners, expanding its business scope and market influence.
2. Optimize production management and improve economic benefits
The Company, adhering to the principles of refined management and promoting energy conservation and consumption reduction, and with the efficient operation of refining and chemical integration project of ZPC, achieveda steady increase in crude oil processing volume and high-load operation of refining and ethylene units, and effectively reduced production costs and improved profitability by optimizing resource allocation and cost control. The regular meeting mechanism ensures seamless integration of procurement, production and sales to maximize benefits.
3. Promote scientific and technological innovation and strengthen core advantages
Rongsheng Petrochemical has achieved remarkable results in technological innovation. For example, the successful application of Zhongjin Petrochemical's new disproportionation catalyst has not only improved production efficiency, but also broken down foreign technological barriers. The Green Petrochemical Technology Innovation Center established by the Company has promoted the resolution of industry problems and the development of new t
echnologies, and pushed forward the green upgrade of the industrial chain.
4. Build a talent team and activate organizational vitality
The Company attaches great importance to the construction of a talent team. Through systematic training, skill competitions and other activities, it improves the skill level of employees, encourages employees to innovate andcreate, and has formed a team of talents with international vision and professional skills. The team members playa key role in technological innovation and corporate management, winning multiple honors for the Company and enhancing the Company's soft power and brand value.(IV) Operation synergy
1. Controlling shareholder
Rongsheng Holding ranks 138
th among the Fortune Global 500, 40
th among the top 500 Chinese enterprises and 5
th
among the top 500 private enterprises in China. At present, the Group has listed companies such as Rongsheng Petrochemical (stock code: 002493) and Ningbo United (stock code: 600051), with its business involving oil and gas upstream and trading, coal, logistics, equipment manufacturing, process engineering technology, real estate,venture capital and other fields; Rongtong Logistics, a subsidiary is a national AAAA-level logistics enterprise, which has a mature and stable carrier cooperation operation platform; Suzhou Shenghui Equipment Co., Ltd., a holding company, specializes in the design, manufacture and sales of pressure vessels, cryogenic equipment, spherical tanks and marine equipment; Shanghai Huanqiu Engineering Co., Ltd., a joint stock company of the Company, hasextremely rich experience in engineering EPC; A number of projects invested by Rongsheng Venture Capital not only achieved good economic returns, but also promoted the synergy of the industrial chain; In addition, a number of other investments are also constantly advancing.
2. Strategic investors
Rongsheng Petrochemical and Saudi Aramco form the upstream and downstream in the industry and maintain a good foundation for cooperation. The two companies will carry out all-round consultations and cooperation, such as: ① Frontier technology sharing cooperation: The two companies will sincerely discuss to complement each other's technologies through their advantages, jointly develop new technologies, processes and equipment to meet the future market demand, and promote them on the market, and at the same time share the necessary resources for R&D; ② Stable crude oil supply guarantee: Saudi Aramco supplies ZPC with high-quality crude oil with the promised quantity of 480,000 barrels per day, and provides the Company with production raw materials such as naphtha,mixed xylene and straight-run fuel; ③ Interest-free purchase credit line: A credit line with a term of 20 years and an amount of USD 800 million, which can be increased during the cooperation period, will be provided, which is conducive to improving the capital utilization efficiency of ZPC and will have a positive impact on improving its profitability; ④ Flexible cooperation in crude oil storage: Through amicable negotiations with relevant parties, the Company provides Saudi Aramco with crude oil storage tanks and related facilities in Zhoushan, and Saudi Aramco needs to maintain a crude oil inventory of not less than 1.5 million metric tons, which is helpful to ensure the crudeoil supply of ZPC; ⑤ Broad global sales channels: Relying on overseas sales channels of Saudi Aramco, the Com
pany can further expand the international market of its products and deepen strategic cooperation with overseas customers. Similarly, with the Company's deep-seated resources for many years, Saudi Aramco can also quickly enter the relevant international and domestic markets.
Rongsheng Petrochemical deepened its cooperation with Saudi Aramco and signed a Memorandum of Understanding and a Cooperation Framework Agreement. The two parties intend to sell and purchase 50% of the equity of Zhongjin Petrochemical, a subsidiary wholly owned by Rongsheng Petrochemical, and SASREF, a subsidiary wholly owned by Saudi Aramco, respectively, and jointly develop the expansion projects of Zhongjin Petrochemical and SASREF according to the equity ratio. The progress made by the two parties this time is expected to further strengthen their daily communication, technical R&D, and business cooperation, and promote the realization of theirrespective strategic goals and long-term sustainable development.
3. Refining and chemical sector
3.1. Zhejiang Petroleum & Chemical Co., Ltd. (ZPC)
With the goal of building a "private, green, international, trillion-level and flagship" base, ZPC's refining andchemical 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 inthe 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 thewhole 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-Zhoushanport with convenient access to bulk materials and products, and a significantly low transportation costs.
3.2. Zhongjin Petrochemical
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, whichcan solve the shortage of global naphtha supply, greatly save the procurement cost of raw materials, introduce theconcept 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 hasbeen successfully applied for the first time in ZPC 2# disproportionation plant (3.5 million tons/year). The catalysthas the excellent characteristics of "three highs", namely high space velocity, high yield and high conversion andutilization rate of heavy aromatic hydrocarbon, and has good operation stability, whose comprehensive performance and technical indicators have reached the advanced level in the world, realizing import substitution, which reflects the staged progress of the Company's scientific research and innovation ability and level, and is of great significance for continuously improving the technical level of production equipment, improving the conversion and utilization efficiency of raw materials, reducing consumption and production costs, and realizing the aromatic hydrocarbon production from large-scale to strong and green production.
3.3. Rongsheng New Materials (Zhoushan)
As the expansion area of Zhoushan Green Petrochemical Base, relying on ZPC and Ningbo Zhongjin Petrochemical, it extends the industrial chain downstream and develops fine chemicals and new chemical materials. The company focuses on developing downstream products of the existing industrial chains of ZPC and Zhongjin, to achieve the value-added and efficiency increase in raw materials of Zhongjin and ZPC. At present, the project has started construction and related work is progressing in an orderly manner.
4. PTA sector
Since the establishment of the first private PTA production line in 2002, the Company has insisted on independent innovation, successively developed and built the first domestic PTA process package and production equipment with independent intellectual property rights, and realized the first domestic application of core equipment suchas large-scale oxidation reactors and high-speed pumps, which changed the long-term dependence of China's PTAindustry on the introduction of complete sets of foreign patented technology, and promoted a large number of dom
estic equipment manufacturers to achieve leap-forward development. At the same time, we have continuously carried out technical transformation on existing equipment to improve production efficiency and product quality, and atthe same time continuously optimized raw material consumption to ensure efficient use of resources. Meanwhile,the Company has steadily promoted the launch of new production capacity, on the one hand, to meet the growingmarket demand, and on the other hand, to stabilize the Company's leading position in the polyester industry.
5. Polyester sector
With the general policy of "safety and environmental protection, quality improvement, cost reduction and benefits increase", the Company focuses on strengthening pandemic prevention and control, implementing hidden danger treatment, boosting process optimization and promoting lean production management. Yongsheng Technology's 250,000-ton functional polyester film expansion project has been successfully put into production, and the company's annual polyester film production capacity has reached 430,000 tons, ranking the top four in China. The Company's PTA production enterprises make full use of the advantages of the Company's complete industrial chain integration to continuously tap the potential and increase benefits to produce polyester bottle chips. At present, its production capacity ranks first in China, with part of PTA production capacity consumed locally, which enhances the competitiveness of the enterprise and improve the economic benefits. The 500,000 tons of differentiated fiber project of Shengyuan Phase II, which mainly produces flame-retardant, functional and dye-free fiber products, is also inprogress.II. Analysis of Core Competitiveness
1. Complete industrial synergistic advantages
After years of development and improvement, the Company has seized the opportunity of industrial adjustment, achieved rapid growth, and formed the development strategy of "from a drop of oil to everything in the world". Through the extension of the industrial chain, the Company has effectively reduced the business cost, realized the mutual support of upstream and downstream sectors, and also improved its sustainable profitability and risk resistance. For example, ZPC can supply PX as raw material for PTA production to shareholder units and related companies, and ethylene glycol as raw material for downstream production of polyester bottle chips, films and chemicalfibers. The release of ZPC's production capacity has greatly supplemented the mutual supply demand of raw materials for the development of the Company's industrial chain and realized self-sufficiency of raw materials.
The interconnection of Zhoushan Green Petrochemical Base and Ningbo Petrochemical Base can realize the coordinated development of both Ningbo and Zhoushan bases, and pipeline transportation greatly reduces the risk and cost of ship transportation and land transportation; A large number of light hydrocarbon raw materials by-products from Ningbo Petrochemical Base are transported to Zhoushan Green Petrochemical Base through pipelines, which can be used as high-quality ethylene raw materials. Surplus oil products from Zhoushan Green PetrochemicalBase can be transported to Ningbo Petrochemical Base as high-quality raw materials for aromatic hydrocarbon production.
The construction of ZPC Project has supporting facilities that can meet the demand of crude oil supply in thetwo phases of the project. The total storage capacity of Mamu crude oil depot and Yushan Island crude oil depot has reached 4.6 million m?, which is the largest storage capacity among domestic refining and chemical facilities. As the most concentrated resource allocation base for oil and gas enterprises in China, Zhejiang free Trade Zone hasan oil depot capacity of more than 30 million m?, including Huangzeshan Island, Cezi Island and Waidiao Island.Most of the oil pipeline networks are interconnected, making local transportation available.
2. Remarkable location advantages
The Company's production bases are located along the eastern coastline of China, including the "Circum-Bohai Sea Economic Zone" in Dalian City, Liaoning Province; and "Yangtze River Delta Economic Circle" in Ningbo City, Zhejiang Province; the "Belt and Road Economic Belt"; and the "Maritime Silk Road" in Haikou City, Hainan Province. Each production base of the Company is adjacent to high-quality ports, connected with canals and equipped with complete wharf facilities. The main raw materials and other auxiliary raw materials required for production can be unloaded and stored at the chemical material wharf built or rented by the Company, providing convenient transportation of bulk raw materials and inventory adjustment.
ZPC Project is located in the concentrated consumption area of oil products and chemical products, with strong market demand for the key products. The target market for chemical products is mainly East China and South China, where the economy is the most developed with the most active downstream consumption market for petrochemical products, and whose related industries such as downstream plastic product processing industry, light industry and daily chemical industry are developed, with strong market acceptance for bulk petrochemical products. Refined oil sales channels are diverse, with strong policy support and significant competitive advantages. In 2020, theMinistry of Commerce officially approved granting ZPC the export qualification of non-state-owned trade refinedoil. As the first private refining and petrochemical enterprise to obtain export permission, ZPC took the lead in opening sales channels in Southeast Asia. In the face of the excess supply of domestic refined oil, this export permission given to ZPC has become more valuable.
3. Excellent strategic layout advantages
The Company, with inherent strong market sensitivity and flexible decision-making mechanism, can not only keep a close eye on the market, but also make timely and accurate adjustments to the strategy and seize the preemptive opportunities of the market under its own mechanism advantages of fast pace and few links. The management has a keen sense of investment, accurate timing for project operation and excellent investment and financing capacity. The Company started from polyester chemical fiber, and after years of development, it has formed a good foundation. With the full-scale operation of the 40 million tons/year refining and chemical integration project of its subsidiary in early 2022, ZPC has become the largest single refinery in the world. Relying on the platform of 40 million tons/year refining and chemical integration project of ZPC, which is the largest single refinery in the world, the Company has accelerated the layout of downstream new chemical materials, aimed at the field of new energy and high-end materials, and has deployed a number of new energy and new material products such as EVA, POE, D
MC, PC and ABS, continuously enriching its product chain. With the steady progress of new projects, the Company's production capacity of new energy materials, renewable plastics, special synthetic materials, and high-end synthetic materials will be expanded in an orderly manner, and the transformation of new materials will be gradually accelerated.
4. Strong R&D and innovation advantages
The Company upholds a technological R&D pattern driven by both independent innovation and cooperation.It has established many world-class R&D platforms, including a high-tech R&D center, a workstation for academicians and experts, an enterprise technology center, and a post-doctoral science and research workstation. Moreover, it engages in active technology exchanges and discussions and promotes industry-university-research collaboration to acquire resources from universities, the community, and the Company. With all sectors of society, it jointly promotes its research capability and technological advancement and together create an innovation ecosystem that is open, healthy, and cooperative, where everyone can benefit. In recent years, the Company has continuously promoted scientific research cooperation with domestic and foreign countries and increased its R&D investment year by year to maintain a leading level in the industry.The Company's main manufacturing subsidiaries are all national high-tech enterprises with strong R&D strength and rich process operation experience accumulated during long-term production management, which have gathered the strength of "production, learning, research and use" at home and abroad, carried out R&D with independent innovation, and established an integrated achievement improvement platform for laboratory innovation, small test, pilot test and industrial demonstration production, and overcome the disadvantage that it is difficult to incubateand transform related achievements although with basic research by other research institutes in China relying on the Company's flexible system and mechanism and complete industrial chain advantages, breaking through the finalceiling from scientific research achievements to industrial promotion and application, boosting industrial technological innovation and upgrading, seizing the technologically leading position, and promoting the Company's high-quality development in the terms of technological independence, raw material diversification, high-end products, green production and intelligent industry.
5. Rich human resource advantages
Focusing on the construction of corporate culture, the Company has formed a good working atmosphere andstrong corporate cohesion. The Company has also trained a group of stable core management, R&D, and technical talents through internal training and external recruitmemt. The Company attaches importance to the cultivation of on-the-job staff. Based on reality and comprehensive planning, the Company is constantly broadening the staff selection platform and formulating an effective incentive mechanism. To maintain the practical and effective work of the staff, the Company has improved the benefits of employees, optimized the professional title assessment system, and clarified the promotion standards and incentives. The Company combined the employee examination withperformance evaluation and replaced some evaluations with competition to dynamically evaluate employees' comprehensive quality and form a positive competitive atmosphere where everyone strives to excel. Following the princ
iple of "different measures for different talents and making good use of the strengths of talents", every employee will have the opportunity to exercise their abilities.In addition, the Company attaches great importance to the management of talents and teams, and adopts bothinternal incentives and external training. In terms of internal management, it promotes the construction of three teams, namely, senior management, high potential talents and specialized talents. In particular, it attaches importance to talent evaluation and integrity education, strengthens skills training and skills accreditation, and improve the quality of employees in all aspects. In terms of external training, relying on cooperation platforms such as Industry-University-Research, it actively introduces talents with good education and excellent skill, increases the proportionof high-quality employees, and provide new momentum for enterprise development.
6. Efficient operation and management advantages
The Company adheres to system construction, integrates digitization, intelligence, standardization, process, and regulation into operations; actively strengthens IT construction; comprehensively integrates business links such as sourcing, production, inventory, and sales; and constantly improves the rapid response ability. The Company has established a complete set of effective management systems in combination with actual situations, defined postresponsibilities and work flow, and effectively reduced the operation costs through fine management. Through years of efforts, the Company's construction in systems such as information, performance appraisal, and credit management are at the leading position in the industry. Meanwhile, through brand and cultural construction, the Company has further enhanced its corporate cohesion and brand influence, won the "No.6 on the List of the Most ValuableBrands in Global Chemical Industry in 2024", "No. 14 among the Top 50 Global Chemical Companies in 2024","No. 2 on the List of the Top 500 Oil and Chemical Enterprises in Sales Revenue in 2023 (Independent Production and Operation)", "Best Practice Award of the Board of Directors of Listed Companies in 2023", "Best Practice Case of ESG of Listed Companies in China in 2023", "Golden Bull Prize Top 50 ESG Carbon Neutralization Awards of the First Guoxin Cup", "ESG Progress Case of Xinhua Credit Jinlan Cup", and "Five-star Kunpeng Enterprise in Hangzhou", etc.
III. Analysis of Main BusinessOverviewSee related contents in "I. Main Businesses of the Company during the Reporting Period".Year-on-year changes of major financial data
Unit: RMB
| In the reporting period | In the same period of the previous year | Year-on-year increase (decrease) | Reason for change | |
| Operating income | 161,249,744,277.85 | 154,525,283,752.29 | 4.35% | |
| Operating cost | 141,256,133,696.06 | 139,757,633,719.45 | 1.07% | |
| Marketing expenses | 78,933,484.96 | 100,549,410.04 | -21.50% |
| Administrative expenses | 438,040,873.14 | 404,763,431.53 | 8.22% | |
| Financial expenses | 3,695,610,943.82 | 4,070,814,062.56 | -9.22% | |
| Income tax expenses | 257,909,218.53 | -752,468,740.63 | 134.28% | Mainly due to the increase in total profit in this period compared with the same period last year, which led to an increase in corresponding income tax expenses |
| R & D investment | 2,496,929,812.35 | 3,293,231,534.62 | -24.18% | |
| Net cash flow from operating activities | 8,392,538,351.96 | -2,278,779,430.90 | 468.29% | Mainly due to the year-on-year increase in net cash receipts from the Company's purchase and sales business in this period |
| Net cash flow from investment activities | -16,703,533,922.77 | -14,829,820,455.43 | -12.63% | |
| Net cash flow from financing activities | 14,000,756,664.85 | 15,356,373,078.79 | -8.83% | |
| Net increase in cash and cash equivalents | 5,522,661,291.23 | -2,094,250,081.76 | 363.71% | Mainly due to the increase in cash receipts from operating activities in this period |
Major changes in profit composition or profit sources during the reporting period
□ Applicable ? Not applicable
There were no major changes in profit composition or profit sources during the reporting period.Operating income composition
Unit: RMB
| In the reporting period | In the same period of the previous year | Year-on-year increase (decrease) | |||
| Amount | Proportion in operating income | Amount | Proportion in operating income | ||
| Total operating income | 161,249,744,277.85 | 100% | 154,525,283,752.29 | 100% | 4.35% |
| By industry | |||||
| Petrochemical Industry | 143,512,501,519.38 | 89.00% | 140,099,506,826.51 | 90.66% | 2.44% |
| Polyester chemical fiber industry | 8,458,552,743.59 | 5.25% | 7,346,436,217.27 | 4.76% | 15.14% |
| Trade and others | 9,278,690,014.88 | 5.75% | 7,079,340,708.51 | 4.58% | 31.07% |
| By product | |||||
| Oil refining products | 59,838,932,657.76 | 37.11% | 55,062,107,428.82 | 35.63% | 8.68% |
| Chemical products | 57,596,453,886.82 | 35.72% | 58,838,530,475.22 | 38.08% | -2.11% |
| PTA | 26,077,114,974.80 | 16.17% | 26,198,868,922.47 | 16.95% | -0.46% |
| Polyester chemical fiber film | 8,458,552,743.59 | 5.25% | 7,346,436,217.27 | 4.76% | 15.14% |
| Trade and others | 9,278,690,014.88 | 5.75% | 7,079,340,708.51 | 4.58% | 31.07% |
| By region | |||||
| China | 138,850,841,311.88 | 86.11% | 138,025,327,277.01 | 89.32% | 0.60% |
| Overseas | 22,398,902,965.97 | 13.89% | 16,499,956,475.28 | 10.68% | 35.75% |
Industries, products or regions that account for more than 10% of the company's operating income or profit?Applicable □ Not applicable
Unit: RMB
| Operating income | Operating cost | Gross profit margin | Year-on-year increase (decrease) in operating revenue | Year-on-year increase (decrease) in operating cost | Year-on-year increase (decrease) in gross profit margin | |
| By industry | ||||||
| Petrochemical Industry | 143,512,501,519.38 | 124,218,042,907.11 | 13.44% | 2.44% | -1.34% | 3.31% |
| Polyester chemical fiber industry | 8,458,552,743.59 | 8,345,372,567.39 | 1.34% | 15.14% | 17.48% | -1.97% |
| Trade and others | 9,278,690,014.88 | 8,692,718,221.55 | 6.32% | 31.07% | 28.84% | 1.63% |
| By product | ||||||
| Oil refining products | 59,838,932,657.76 | 48,726,246,424.89 | 18.57% | 8.68% | 7.22% | 1.10% |
| Chemical products | 57,596,453,886.82 | 49,118,458,197.00 | 14.72% | -2.11% | -9.56% | 7.03% |
| PTA | 26,077,114,974.80 | 26,373,338,285.23 | -1.14% | -0.46% | 0.85% | -1.32% |
| Polyester chemical fiber film | 8,458,552,743.59 | 8,345,372,567.39 | 1.34% | 15.14% | 17.48% | -1.97% |
| Trade and others | 9,278,690,014.88 | 8,692,718,221.55 | 6.32% | 31.07% | 28.84% | 1.63% |
| By region | ||||||
| China | 138,850,841,311.88 | 119,238,815,711.03 | 14.12% | 0.60% | -3.49% | 3.63% |
| Overseas | 22,398,902,965.97 | 22,017,317,985.02 | 1.70% | 35.75% | 35.83% | -0.06% |
In the case that the statistical standards for main business data of the company are adjusted during the reporting period, the main business data of the company in the latest period are subject to those after the adjustment of the statistical standards at the end of the reporting period
□ Applicable ? Not applicable
IⅤ. Non-core business analysis
?Applicable □ Not applicable
Unit: RMB
| Amount | Proportion in total profit | Cause description | Whether it is sustainable | |
| Investment income | -52,174,957.84 | -2.70% | Mainly due to futures investment and investment income from joint ventures | No |
| Profit (loss) from fair value change | 115,037,218.53 | 5.96% | Mainly due to futures investment | No |
| Asset impairment | -12,655,239.18 | -0.66% | Mainly the inventory depreciation provision accrued | No |
| Non-operating income | 7,827,844.76 | 0.41% | Mainly compensation income | No |
| Non-operating expenses | 35,436,773.14 | 1.84% | Mainly due to sporadic non-recurring losses and donation outlay | No |
| Income from asset disposal | 5,269,441.94 | 0.27% | Mainly the loss from disposal of fixed assets | No |
| Credit impairment loss | -138,884,225.38 | -7.20% | Mainly due to the provision for bad debts of accounts receivable | No |
| Other income | 1,253,751,467.78 | 64.97% | Mainly due to value-added tax credit policy benefits for advanced manufacturing enterprises | Yes |
V. Analysis of assets and liabilities
1. Significant changes in asset composition
Unit: RMB
| At the end of the reporting period | At the end of the previous year | Increase (decrease) of proportion | Description of major changes | |||
| Amount | Proportion in total assets | Amount | Proportion in total assets | |||
| Monetary fund | 19,222,581,250.75 | 4.98% | 13,070,255,466.02 | 3.49% | 1.49% | |
| Accounts receivable | 7,628,521,455.74 | 1.98% | 4,737,733,703.66 | 1.26% | 0.72% | |
| Inventory | 55,283,049,559.37 | 14.32% | 61,733,657,342.07 | 16.47% | -2.15% | |
| Investment real estate | 10,259,851.60 | 0.00% | 10,395,574.60 | 0.00% | 0.00% | |
| Long-term equity investment | 9,403,115,007.57 | 2.44% | 9,183,711,444.96 | 2.45% | -0.01% | |
| Fixed assets | 215,692,742,200.98 | 55.87% | 219,699,679,397.52 | 58.60% | -2.73% | |
| Construction in progress | 53,069,309,979.25 | 13.75% | 41,820,671,070.59 | 11.15% | 2.60% | |
| Right-of-use assets | 188,026,784.20 | 0.05% | 200,102,141.16 | 0.05% | 0.00% | |
| Short-term borr | 44,219,682,05 | 11.45% | 44,810,936,76 | 11.95% | -0.50% | |
| owings | 9.34 | 7.94 | ||||
| Contractual liabilities | 3,511,525,781.43 | 0.91% | 4,421,732,432.83 | 1.18% | -0.27% | |
| Long-term borrowings | 130,518,130,600.50 | 33.80% | 125,179,583,821.18 | 33.39% | 0.41% | |
| Lease liabilities | 182,428,242.97 | 0.05% | 193,002,312.38 | 0.05% | 0.00% | |
| Non-current liabilities due within one year | 30,295,055,763.90 | 7.85% | 30,286,684,174.81 | 8.08% | -0.23% |
2. Major overseas assets
□ Applicable ? Not applicable
3. Assets and liabilities measured at fair value
□ Applicable ? Not applicable
4. Restrictions on rights of assets as of the end of the reporting period
| Item | Original book value at the end of the period | Reasons for restriction |
| Monetary fund | 2,213,064,862.00 | Letter of credit, bank acceptance bill, guarantee and borrowing deposit |
| Accounts receivable financing | 46,292,719.64 | Bank acceptance bills as collateral |
| Fixed assets | 229,585,409,448.96 | Borrowings and letters of credit as collateral |
| Construction in progress | 39,671,194,782.07 | Borrowings and letters of credit as collateral |
| Intangible assets | 6,190,310,100.42 | Borrowings and letters of credit as collateral |
| Total | 277,706,271,913.09 |
VI. Analysis of investment status
1. Overall situation
?Applicable □ Not applicable
| Investment amount in the reporting period (RMB) | Investment amount in the same period of last year (RMB) | Variations |
| 9,403,115,007.57 | 8,891,042,895.47 | 5.76% |
2. Significant equity investments acquired during the reporting period
□ Applicable ? Not applicable
3. Major ongoing non-equity investments during the reporting period
□ Applicable ? Not applicable
4. Investment in financial assets
(1) Securities investment
□ Applicable ? Not applicable
The Company had no securities investment during the reporting period.
(2) Investment in derivatives
□ Applicable ? Not applicable
The Company had no derivatives investment during the reporting period.
5. Use of the raised funds
□ Applicable ? Not applicable
The Company did not use the raised funds during the reporting period.VII. Sales of Major Assets and Equities
1. Sales of major assets
□ Applicable ? Not applicable
The Company did not sell any major assets during the reporting period.
2. Sale of major equities
□ Applicable ? Not applicable
VIII. Analysis of Main Holding and Joint-stock Companies
?Applicable □ Not applicableMain subsidiaries and joint-stock companies affecting more than 10% of the Company’s net profit
Unit: RMB10,000
| Company name | Company type | Main business | Registered capital | Total assets | Net assets | Operating income | Operating profit | Net profit |
| ZPC | Subsidiary | Production, sales, storage and transportation of petroleum pr | 5,580,000 | 30,152,736.96 | 9,547,080.27 | 13,221,845.84 | 231,851.10 | 202,990.34 |
| oducts, etc. | ||||||||
| Zhongjin Petrochemical | Subsidiary | Production and sales of chemical products and petroleum products | 600,000 | 2,803,902.28 | 665,991.61 | 710,426.31 | -21,038.64 | -21,061.24 |
| Yisheng Investment | Subsidiary | Project investment, domestic trade, import and export of goods | 201,800 | 1,788,989.02 | 764,038.77 | 1,579,153.29 | -6,484.91 | -4,290.50 |
| Yisheng Dahua | Subsidiary | Production and sales of PTA and polyester bottle chips | 245,645 | 1,620,763.95 | 595,966.84 | 1,579,153.29 | -12,361.77 | -10,159.66 |
| Yisheng New Materials | Subsidiary | Production and sales of PTA | 300,000 | 1,225,875.79 | 205,246.95 | 1,677,362.87 | -24,457.02 | -24,003.06 |
| Zhejiang Yisheng | Joint-stock company | Production and sales of PTA | USD 514,447,100 | 2,119,011.32 | 905,028.48 | 1,210,414.31 | 9,631.81 | 7,221.68 |
| Hainan Yisheng | Joint-stock company | Production and sales of PTA and polyester bottle chips | 458,000 | 1,862,324.12 | 685,393.27 | 1,635,549.27 | 12,186.69 | 11,248.17 |
| Shengyuan Chemical Fiber | Subsidiary | Production and sales of polyester chips and polyester filaments | 200,000 | 686,863.35 | 217,867.24 | 163,667.38 | 1,228.47 | 698.75 |
Acquisition and disposal of subsidiaries during the reporting period?Applicable □ Not applicable
| Company name | Acquisition and disposal methods during the reporting period | Impact on overall production, operation and performance |
| Taizhou ZPC Sales Co., Ltd. | New establishment | No significant impact |
| Zhejiang Rongyi Chemical Fiber Co., Ltd. | New establishment | No significant impact |
Description of major holding companies and joint-stock companies
(1) Zhejiang Petroleum & Chemical Co., Ltd.
Zhejiang Petroleum & Chemical Co., Ltd. (ZPC) is the implementing body of the Company's 40 million tons/yearrefining and chemical integration project. Its business scope includes general business items such as production, sales, storage and transportation of petroleum products, import and export trade of crude oil, sales of petrochemical raw and auxiliary materials and equipment and their parts and components. With Li Shuirong as its legal representative, ZPC, a holding subsidiary of the Company, owns a registered capital of RMB 55,800 million. By June 2024, the company had total assets of RMB 301,527.37 million and net assets of RMB 95,470.80 million; From January to June 2024, the company achieved an operating revenue of RMB 132,218.46 million and a net profit of RMB 2,0
29.90 million.
(2) Ningbo Zhongjin Petrochemical Co., Ltd.
The business scope of Ningbo Zhongjin Petrochemical Co., Ltd. includes the storage of chemical products; wholesale and retail of chemical products and petroleum products (except hazardous chemicals). With Li Shuirong as its l
egal representative, Zhongjin Petrochemical, a wholly-owned subsidiary of the Company, owns a registered capital of RMB 6,000 million. By June 2024, the company had total assets of RMB 28,039.02 million and net assets of RMB 6,659.92 million; From January to June 2024, the company achieved an operating revenue of RMB 7,104.26million and a net profit of RMB -210.61 million.
(3) Dalian Yisheng Investment Co., Ltd.
Dalian Yisheng Investment Co., Ltd. is mainly engaged in industrial investment. With Li Shuirong as its legal representative, Yisheng Investment owns registered capital of RMB 2,018 million. The Company holds 70% of its equity. By June 2024, the company had total assets of RMB 17,889.89 million and net assets of RMB 7,640.39 million; From January to June 2024, the company achieved an operating revenue of RMB 15,791.53 million and a net profit of RMB -42.91 million.
(4) Yisheng Dahua Petrochemical Co., Ltd.
Yisheng Dahua Petrochemical Co., Ltd. is mainly engaged in the production and sales of PTA. With Li Shuirong as its legal representative, Yisheng Dahua Petrochemical owns a registered capital of RMB 2,456.45 million. By June 2024, the company had total assets of RMB 16,207.64 million and net assets of RMB 5,959.67 million; From January to June 2024, the company achieved an operating revenue of RMB 15,791.53 million and a net profit of RMB -101.60 million.
(5) Zhejiang Yisheng New Materials Co., Ltd.
Zhejiang Yisheng New Materials Co., Ltd. is mainly engaged in the production and sales of PTA. The legal representative is Xu Baoyue, the registered capital is RMB 3 billion, and Ningbo Zhongjin Petrochemical Co., Ltd. holds51% of its equity. By June 2024, the company had total assets of RMB 12,258.76 million and net assets of RMB 2,
052.47 million; From January to June 2024, the company achieved an operating revenue of RMB 16,773.63 million and a net profit of RMB -240.03 million.
(6) Zhejiang Yisheng Petrochemical Co., Ltd.
Zhejiang Yisheng Petrochemical Co., Ltd. is mainly engaged in PTA production and sales. With Fang Xianshui asits legal representative, Yisheng Petrochemical owns a registered capital of USD 514,447,100. By June 2024, the company had total assets of RMB 21,190.11 million and net assets of RMB 9,050.28 million; From January to June 2024, the company achieved an operating revenue of RMB 12,104.14 million and a net profit of RMB 72.22 million.
(7) Hainan Yisheng Petrochemical Co., Ltd.
Hainan Yisheng Petrochemical Co., Ltd. is a joint-stock subsidiary of Yisheng Investment, the Company's holdingsubsidiary. The Company's main business includes the production and sales of PTA and polyester bottle chips, and import and export business. With Fang Xianshui as its legal representative, Yisheng Petrochemical owns a registered capital of RMB 4,580 million. Yisheng Investment holds 50% of its equity. By June 2024, the company had tota
l assets of RMB 18,623.24 million and net assets of RMB 6,853.93 million; From January to June 2024, the company achieved an operating revenue of RMB 16,355.49 million and a net profit of RMB 112.48 million.
(8) Zhejiang Shengyuan Chemical Fiber Co., Ltd.
Zhejiang Shengyuan Chemical Fiber Co., Ltd. is the implementing body of the Company's multi-functional fibre technical transformation project. Its business scope covers the manufacturing and processing of polyester and spandex (only for preparation) and the distribution of light textile raw materials and products. With Li Shuirong as its legal representative, Shengyuan Chemical Fiber, a wholly-owned subsidiary of the Company, owns a registered capital of RMB 2,000 million. By June 2024, the company had total assets of RMB 6,868.63 million and net assets ofRMB 2,178.67 million; From January to June 2024, the company achieved an operating revenue of RMB 1,636.67million and a net profit of RMB 6.99 million.
IX. Structured Entities Controlled by the Company
□ Applicable ? Not applicable
X. Risks Faced by the Company and Countermeasures
1. Risk from fluctuation of raw materials and products
As a member of the crude oil industrial chain, the Company's main cost of production is the cost of upstreamraw materials. Therefore, the fluctuation of crude oil prices will result in the price fluctuation of products in the industry chain. Our main products are aromatic hydrocarbons, chemicals and oil products, which are closely relatedto the national economy and people's livelihood. The industry development is highly correlated with the prosperity of the national economy, and macroeconomic changes will have a certain adverse impact on our performance. Our purchasing and marketing team and production team has rich experience in procurement, trade, hedging, and logistics. With the help of the marketing department, we will focus on market changes, adhere to the combination of strategic procurement and preferential procurement, and effectively reduce procurement costs. We also strengthen sales management and arrange flexible long-term and short-term contracts to reduce the adverse impact of raw material fluctuations.
2. Risk of foreign currency exchange rate fluctuations
In the future, the market-oriented reform of the exchange rate will become one of the important factors affecting investors' asset allocation. If the USD further strengthens in the interest rate increase cycle, it may lead to greater pressure on the depreciation of the Chinese Yuan. As the Company pursues international growth, the sharp fluctuation of the currency exchange rate of foreign exchange settlement, which is dominated by the USD, will jeopardize daily operations of the Company. While controlling financial risks, we will continue to optimize the financingstructure and the financing scale of USD funds, control the cost within a reasonable range, and then reduce the adverse impact of the exchange rate.
3. Risk of product overcapacity
With the expansion of domestic refining and chemical integration capacity and the promotion of the strategyof "reducing oil and increasing chemicals" in recent years, the basic chemical raw materials and general chemicalproducts in the downstream of refining and chemical industry are characterized by certain homogenization. With the support of the Company's complete and refined industrial chain platform, the Company will still be at the left end of the industry cost curve in the future, thus occupying a favorable position in the market competition. On the other hand, many products in the new materials project planned by the Company have limited domestic productioncapacity or even rely entirely on imports, which will bring excess returns to the Company.
4. Risk of project capital expenditure
Petrochemical industry is a capital-intensive industry with large investment scale and long construction period. Continued large-scale capital investment will likely increase the level of asset-liability ratio and trigger cash flow risks. Besides, in the context of overcapacity in the industry and sluggish downstream demand, the return on invested capital may also be less than expected. After the second phase of ZPC was put into production, although theCompany planned several new materials projects intensively, it has strictly controlled the pace of investment and construction, adjusted the project content in strict accordance with the market situation, maintained a reasonable asset-liability ratio, and actively negotiated cooperation with foreign petrochemical giants such as Saudi Aramco to create a more competitive refining and chemical integration platform.XI. Implementation of the Action Plan of "Double Improvement of Quality and Return"Whether the Company has disclosed the action plan announcement of "double improvement of quality and return".?Yes □No
In order to implement the guiding ideology of "activating the capital market and boosting investors' confidence" put forward at the meeting of the Political Bureau of the CPC Central Committee on July 24, 2023 and "improving the quality and investment value of listed companies, taking more powerful and effective measures, focusing on stabilizing the market and confidence" put forward at the executive meeting of the State Council on January 22,2024, and earnestly protect the interests of all investors, the Company has formulated the action plan of "double improvement of quality and return" based on its confidence in the future development prospects of the Company andits recognition of the stock value, and disclosed it on March 2, 2024. Details are as follows:
1. Insist on serving the country through industry and lead the development of the industry
Rongsheng Petrochemical is one of the globally leading petrochemical enterprises, ranking 6th in the list of the most valuable brands in global chemical industry in 2024 and 14th in the top 50 global chemical enterprises in2024. The Company is firmly putting into practice the “vertical and horizontal strategy”. It has established seven production bases in Bohai Economic Rim, Yangtze River Delta Economic Circle and Hainan Belt and Road Econo
mic Circle, forming five industrial chains of polyester, engineering plastics, new energy, high-end polyolefin and special rubber. It is one of the important producers of polyester, new energy materials, engineering plastics and high value-added polyolefin in Asia, with the largest production capacity of chemicals such as PX and PTA in the world. Since listing, the Company's business has developed rapidly, and its operating income has increased from RMB 15,795,678,900 in 2010 to RMB 325,111,614,300 in 2023, with a compound growth rate of 26.19%.
On the basis of the existing complete industrial chain, the Company actively arranges products related to new energy and new materials, and the proportion of related products continues to increase. At the same time, the Company actively carried out the global layout. In 2023, the Company introduced Saudi Aramco as a strategic investor. At present, Saudi Aramco holds about 10% of the Company's equity through its wholly-owned subsidiary. In early 2024, the Company signed a Memorandum of Understanding with Saudi Aramco, and the two sides are discussing further cooperation matters to promote the realization of their strategic goals.
2. Attach importance to R&D investment and drive growth with innovation
The Company keeps up with the forefront of international science and technology, and constantly launches new technologies and products in clean energy, high-end materials and green development. The Company upholds atechnological R&D pattern driven by both independent innovation and cooperation. It has established many world-class R&D platforms, including a high-tech R&D center, a workstation for academicians and experts, an enterprise technology center, and a post-doctoral science and research workstation. Moreover, it engages in active technology exchanges and discussions and promotes industry-university-research collaboration to acquire resources from universities, the community, and the Company. With all sectors of society, it jointly promotes its research capability and technological advancement and together create an innovative development system that is open, healthy, and cooperative, where everyone can benefit.
3. Attach importance to shareholders' returns and share development achievements
While paying attention to its own development, the Company also attaches great importance to shareholders'return. In order to improve and enhance the Company's shareholder return mechanism and increase the transparency and operability of profit distribution policies, the Company has formulated the Shareholders' Return Plan for the Next Three Years since its listing, according to the Company Law of People's Republic of China, the Supervision Guide for Listed Companies No.3-Cash Dividends of Listed Companies and other laws, regulations and the Articles of Association, and has continuously updated them. Up to now, a total of 14 cash dividends have been paid, with a total cash dividend of nearly RMB 8.443 billion. In the future, the Company will continue to coordinate the dynamic balance of corporate development, performance growth and shareholder return according to its development stage, and realize a "long-term, stable and sustainable" shareholder value return mechanism.
4. Carry out repurchase by increasing holdings to boost market confidence
Based on the confidence in the Company's future development prospects and the recognition of its long-termvalue, the Company and its controlling shareholder Rongsheng Holding have actively carried out share repurchase and increase plans in order to protect the interests of investors, especially small and medium-sized investors, enha
nce investors' confidence, promote the reasonable return of the Company's stock price to its long-term intrinsic value, and promote the Company's stable and sustainable development.Since the Company repurchased shares for the first time on March 29, 2022, it has implemented three-phase share repurchase schemes, which have been completed. 553,232,858 shares of the Company have been repurchasedin the three repurchase phases, accounting for 5.4637% of the Company's total share capital, with a total turnoverof RMB 6,987,904,924.02 (excluding transaction costs). The details are as follows.
| Repurchase | Repurchase period | Number of shares repurchased (shares) | Amount to be repurchased (RMB 100 million) | Repurchased amount (RMB) |
| Phase I | 2022.3.29-2022.8.2 | 136,082,746 | 10-20 | 1,998,203,937.31 |
| Phase II | 2022.8.18-2023.7.27 | 147,862,706 | 10-20 | 1,989,986,431.34 |
| Phase III | 2023.8.28-2024.8.19 | 269,287,406 | 15-30 | 2,999,714,555.37 |
| Total | 553,232,858 | - | 6,987,904,924.02 | |
The controlling shareholder, Rongsheng Holding, implemented the plan to increase its shareholding from January 22, 2024 to July 18, 2024, and increased its shareholding of 115,530,037 shares of the Company through the trading system of the Shenzhen Stock Exchange by means of centralized bidding, accounting for 1.14% of the total share capital of the Company at present, and the amount of the increase in the shareholding was approximately RMB 1,188,058,200 yuan. Rongsheng Holding plans to implement the share increase plan again within 6 months from August 21, 2024, with the amount of increase not less than RMB 500 million and not more than RMB 1 billion. At present, the controlling shareholder's plan is still in the process of implementation, the specific implementation progress can be found in the company's relevant announcements, the Company will fulfill the information disclosure obligations in a timely manner in accordance with the relevant provisions.
5. Standardize corporate governance and deliver corporate value
The Company strictly abides by the requirements of relevant laws and regulations, constantly improves the corporate governance structure, establishes and enhances the internal control system, regulates the company's operation, strives to achieve full coverage of the system, and promotes a more mature construction of the internal controlsystem. The Company has established a corporate governance structure of "three meetings and one management",namely the General Meeting of Shareholders, Board of Directors, Board of Supervisors and Senior Management,which has independent business and operational autonomy and operates independently in business, assets, personnel, institutions and finance.
The Company strictly abides by the principle of "truthfulness, accuracy, completeness, timeliness and fairness", constantly improves the effectiveness and transparency of information disclosure, and continuously presents investors with information on the Company's operations at multiple levels, from multiple angles and in all directions. At the same time, the Company continuously expands the breadth and depth of investor communication, and improves the open, fair, transparent and multi-dimensional investor communication channels, so that investors can understand the Company's core values more intuitively and comprehensively and enhance their confidence in the Company.
In the future, the Company will continue to focus on its main business, adhere to the investor-oriented principle, continue to practice the "double improvement of quality and return", realize the sustainable and healthy development of the Company, and strive to make positive contributions to stabilizing the market and confidence throughstandardized corporate governance and positive investor returns.
Section IV Corporate GovernanceI. The Convening of the Annual General Meeting and Extraordinary General Meeting Duringthe Reporting Period
1. General meeting of shareholders during the reporting period
| Session | Type | Investor Attendance Ratio | Convening Date | Disclosure Date | Meeting Resolution |
| The First Extraordinary General Meeting in 2024 | Extraordinary General Meeting | 64.32% | January 15, 2024 | January 16, 2024 | For details, please refer to CNINFO (http://www.cninfo.com.cn) Announcement on Resolutions of the First Extraordinary General Meeting of Shareholders in 2024 (Announcement No.: 2024-009) |
| Annual General Meeting of Shareholders in 2023 | Annual General Meeting | 77.26% | May 24, 2024 | May 25, 2024 | For details, please refer to CNINFO (http://www.cninfo.com.cn) Announcement on Resolutions of Annual General Meeting of Shareholders in 2023 (Announcement No.: 2024-037) |
2. Preferred shareholders with voting rights recovered requested to convene an extraordinary general meeting of shareholders
□ Applicable ?Not applicable
II. Changes in Directors, Supervisors and Senior Management
□ Applicable ?Not applicable
There were no changes in the Company’s directors, supervisors and senior management during the reporting period. Please refer to the 2023 Aannual Rreport for details.III. Profit Distribution and Conversion of Capital Reserve into Share Capital during the Reporting Period
□ Applicable ?Not applicable
The Company plans not to distribute cash dividends, issues bonus stocks, or convert capital reserve into share capital in the semi-annual period.
IV. Implementation of the Company's Equity Incentive Plan, Employee Stock Ownership Planor Other Employee Incentives
□ Applicable ?Not applicable
The Company had no implementation of equity incentive plans, employee stock ownership plans or other employee incentives during the reporting period.
Section V Environmental and Social ResponsibilityI. Major Environmental Issues
Whether the listed company and its subsidiaries are key pollutant discharging units announced by environmental protection authorities?Yes □NoEnvironmental protection policies and industry standards
The Company and its subsidiaries have strictly abided by the laws and regulations such as the EnvironmentalProtection Law of the People's Republic of China, Law of the People's Republic of China on the Prevention and Control of Environmental Pollution by Solid Waste, Law of the People's Republic of China on Prevention and Control of Environmental Noise Pollution, Law of the People's Republic of China on Prevention and Control of Air Pollution, Law of the People's Republic of China on Prevention and Control of Radioactive Pollution, and the requirements of the ecological environmental protection department, and timely handled the environmental protection permit procedures such as emission right, applied for and obtained the pollutant discharge permit, business license for hazardous waste and radiation safety permit; They have implemented procedures such as filing the sewage outlet into the sea, filing the self-monitoring plan and filing the emergency plan for sudden environmental incidents, andensured the legal start-up and legitimate operation of relevant devices of all projects and supporting projects.
1. Executive standards
(1) The emissions of flue gas from the heating furnace, catalytic regeneration flue gas, tail gas from the sulfurunit, reforming catalytic regeneration flue gas, organic waste gas and the concentration of atmospheric pollutantsat the plant boundary shall comply with the special emission limits for atmospheric pollutants specified in the Emission Standard of Pollutants for Petroleum Refining Industry (GB31570-2015) and the Emission Standard of Pollutants for Petrochemical Industry (GB31571-2015) and Emission Standards for Synthetic Resin Industry Pollutants(GB31572-2015).
(2) The sulfuric acid mist of sulfuric acid plants shall be subject to the special emission limits of atmosphericpollutants specified in the Emission Standard of Pollutants for Sulfuric Acid Industry (GB26132-2010).
(3) The emission of odor pollutants shall comply with the Class II standard of Emission Standard for Odor Pollutants (GB14554-93).
(4) The exhaust gas pollutants of the power boiler shall be subject to an 80% commitment value of emission limit specified in Phase II of the Emission Standard of Air Pollutants for Coal-fired Power Plants (DB33/2147-201
8).
(5) The exhaust gas pollutants from boilers in Mamu Oil Depot shall be subject to the special emission limitsof oil-fired boilers in the Emission Standard of Air Pollutants for Boilers (GB13271-2014).
(6) The tailwater discharge of the integrated project and the sewage treatment plant of the base shall complywith the special discharge limits specified in the Emission Standard of Pollutants for Petroleum Refining Industry(GB 31570-2015), the Emission Standard of Pollutants for Petrochemical Industry (GB31571-2015) and the Emission Standard of Pollutants for Synthetic Resin Industry (GB31572-2015).
(7) The noise at the boundary of the factory shall comply with the Class III standard of Emission Standard forNoise at Boundary of Industrial Enterprises (GB12348-2008).
(8) The Integrated Project and the Solid Waste Disposal Center shall implement the Standard for Pollution Control on the Non-hazardous Industrial Solid Waste Storage and Landfill (GB 18599-2001), the Standard for Pollution Control of Hazardous Waste Storage (GB 18597-2001), the Standard for Pollution Control of Hazardous Waste Incineration (GB 18484-2020) and the Standard for Pollution Control of Hazardous Waste Landfill (GB 18598-20
19).
2. Quality standards
(1) The base and the points of concern shall implement the Class I (Class I area) and Class II (Class II area) standards in the Ambient Air Quality Standard (GB3095-2012) according to the category of ambient air functional areas. The Cm value specified in Detailed Explanation of Integrated Emission Standard of Air Pollutants is taken as the reference value of quality standard for non-methane total hydrocarbon (2.0mg/m
).
(2) The monitoring of surface water shall comply with the Standard for Seawater Quality (GB3097-1997).Environmental protection administrative licensing
| S/N | Certificate | Certificate No. | Issued by | Validity term |
| 1 | Pollutant Discharge Permit of Rongsheng Petrochemical | 91330000255693873W001P | Hangzhou Municipal Ecology and Environment Bureau | November 5, 2026 |
| 2 | Pollutant Discharge Permit of ZPC | 913309003440581426001P | Zhoushan Ecology and Environment Bureau | July 14, 2029 |
| 3 | Radiation Safety Permit of ZPC | ZHF [L2105] | Zhoushan Ecology and Environment Bureau | March 4, 2029 |
| 4 | Pollutant Discharge Permit of Zhongjin Petrochemical | 91330211764527945N001P | Zhenhai Branch of Ningbo Ecology and Environment Bureau | December 31, 2025 |
| 5 | Radiation Safety Permit of Zhongjin Petrochemical | ZHFZ [B2500] | Department of Ecology and Environment of Zhejiang Province | July 16, 2028 |
| 6 | Pollutant Discharge Permit for Niluoshan New Energy | 91330211MA2CHYTM1K001V | Zhenhai Branch of Ningbo Ecology and Environment Bureau | February 9, 2027 |
| 7 | Pollutant Discharge Permit of Yisheng Dahua | 912102137873094570001R | Dalian Ecology and Environment Bureau | October 13, 2028 |
| 8 | Radiation Safety Permit of Yisheng Dahua | LHFZ [B0001] | Dalian Ecology and Environment Bureau | November 25, 2026 |
| 9 | Pollutant Discharge Permit of Hainan Yisheng | 914603005527989627001P | Ecological Environment Bureau of Yangpu Economic Development Zone | April 2, 2029 |
| 10 | Radiation Safety Permit of Hainan Yisheng | QHFZ [00153] | Department of Emergency Management of Hainan Province | December 26, 2026 |
| 11 | Pollutant Discharge Permit of Zhejiang Yisheng | 91330200744973411W001W | Ningbo Ecological Environment Bureau Beilun Branch | August 2, 2028 |
| 12 | Radiation Safety Permit of Zhejiang Yisheng | ZHFZ (B2005) | Department of Ecology and Environment of Zhejiang Province | November 17, 2024 |
| 13 | Pollutant Discharge Permit of Shengyuan Chemical Fiber | 91330109754409144F001P | Hangzhou Municipal Ecology and Environment Bureau | November 5, 2026 |
| 14 | Radiation Safety Permit of Shengyuan Chemical Fiber | ZHFZ [A2408] | Hangzhou Municipal Ecology and Environment Bureau | December 4, 2028 |
| 15 | Pollutant Discharge Permit of Yongsheng Technology | 91330621MA2887DL53001Q | Shaoxing Ecology and Environment Bureau | February 6, 2029 |
| 16 | Radiation Safety Permit of Yongsheng Technology | ZHFZ [D2193] | Department of Ecology and Environment of Zhejiang Province | August 7, 2027 |
Industry emission standards and specific situations of pollutant emissions involved in production and operation activities
| Company or Subsidiary Name | Types of main pollutants and particular pollutants | Names of main pollutants and particular pollutants | Discharge method | Number of discharge outlets | Distribution of discharge outlets | Emission concentration/intensity | Pollutant discharge standards in execution | Total emissions | Total certified emissions | Excessive emissions |
| Rongsheng Petrochemical | Waste gas | Smoke dust | Organized | 2 | Ultra-clean of Rongxiang furnace area | 2.9894mg/m? | 20mg/Nm? | 1.3557t | 13.65t/a | / |
| Rongsheng Petrochemical | Waste gas | Sulfur dioxide | Organized | 2 | Ultra-clean of Rongxiang furnace area | 4.758mg/m? | 50mg/Nm? | 2.1699t | 121.93t/a | / |
| Rongsheng Petrochemical | Waste gas | Nitric oxide | Organized | 2 | Ultra-clean of Rongxiang furnace area | 18.895mg/m? | 150mg/Nm? | 8.6021t | 102.59t/a | / |
| Rongsheng Petrochemical | Waste gas | Volatile organic compounds | Organized | 2 | Ultra-clean of Rongxiang furnace area | 0.627mg/m? | 60mg/L | 0.2645t | 110.38t/a | / |
| Rongsheng Petrochemical | Waste water | Ammonia nitrogen | Under control | 1 | Shengyuan factory gate | 0.18mg/m? | 35mg/L | 0.0015t | 0.16t/a | / |
| Rongsheng Petrochemical | Waste water | Chemical oxygen demand | Under control | 1 | Shengyuan factory gate | 29.73mg/m? | 500mg/Nm? | 0.515t | 3.69t/a | / |
| ZPC | Waste gas | Particulate matter | Discharge after treatment | 66 | In the factory | Mean: 0.79mg/m? Range: 0-20.96mg/m? | GB31570, GB31571, GB31572 | 54.02t | 779.14t/a | / |
| ZPC | Waste gas | Sulfur dioxide | Discharge after treatment | 98 | In the factory | Mean: 2.67mg/m? Range: 0-35.91mg/m? | GB31570, GB31571, GB31572 | 200.36t | 1367.89t/a | / |
| ZPC | Waste gas | Nitric oxide | Discharge after treatment | 102 | In the factory | Mean: 31.96mg/m? Range: 0-89.73mg/m? | GB31570, GB31571, GB31572 | 2339.69t | 3519.88t/a | / |
| ZPC | Waste water | COD | Discharge after treatment | 1 | In the factory | Mean: 30.58mg/m? Range: 0.7-49.3mg/m? | GB31570, GB31571, GB31572 | 204.37t | 260.59t/a | / |
| ZPC | Waste water | Ammonia nitrogen | Discharge after treatment | 1 | In the factory | Mean: 0.1272mg/m? Range: 0.01-2.57mg/m? | GB31570, GB31571, GB31572 | 0.97t | 26.52t/a | / |
| Zhongjin Petrochemical | Waste gas | Sulfur dioxide | Continuous blow-down | 15 | Whole factory | 6.78mg/m? | GB13223, GB31570 | 23.43t | 251.76t/a | / |
| Zhongjin Petrochemical | Waste gas | Nitric oxide | Continuous blow-down | 15 | Whole factory | 21.11mg/m? | GB13223, GB31570 | 72.97t | 1141.74t/a | / |
| Zhongjin Petrochemical | Waste gas | Smoke dust | Continuous blow-down | 15 | Whole factory | 2.41mg/m? | GB13223, GB31570 | 8.32t | 216.47t/a | / |
| Zhongjin Petrochemical | Waste water | Chemical oxygen demand | Continuous blow-down | 2 | East side | 68.80mg/L | GB8978 | 9.80t | 300.71t/a | / |
| Zhongjin Petrochemical | Waste water | Ammonia nitrogen | Continuous blow-down | 2 | East side | 16.22mg/L | GB8978 | 2.31t | 36.23t/a | / |
| Yisheng Dahua | Waste gas | Nitric oxide | Continuous | 3 | Southeast corner of the plant | 33.95mg/m? | 50mg/m? | 78.29t | 415.8t/a | / |
| Yisheng Dahua | Waste gas | Sulfur dioxide | Continuous | 3 | Southeast corner of the plant | 0.49mg/m? | 35mg/m? | 1.13t | 251t/a | / |
| Yisheng Dahua | Waste gas | Smoke dust | Continuous | 3 | Southeast corner of the plant | 1.48mg/m? | 5mg/m? | 9.92t | 55.12t/a | / |
| Yisheng Dahua | Waste water | Chemical oxygen demand | Continuous | 2 | Northwest corner and north side of the plant | 56.28mg/L | 300mg/L | 455.21t | 1683.24t/a | / |
| Yisheng Dahua | Waste water | Ammonia nitrogen | Continuous | 2 | Northwest corner and north side of the plant | 0.2mg/L | 30mg/L | 8.44t | 224.87t/a | / |
| Hainan Yisheng | Waste gas | SO2 | Discharge after treatment | 3 | Boiler/heat medium furnace/two-stage boiler | 4.24/24.27/11.10mg/m3 | DB46-485-2020, GB13271-2014, GB13223-2011 | 23.35t | 683.10t/a | / |
| Hainan Yisheng | Waste gas | NOx | Discharge after treatment | 3 | Boiler/heat medium furnace/two-stage boiler | 32.59/49.23/26.85mg/m3 | DB46-485-2020, GB13271-2014, GB13223-2011 | 55.85t | 1134.27t/a | / |
| Hainan Yisheng | Waste gas | Smoke dust | Discharge after treatment | 3 | Boiler/heat medium furnace/two-stage boiler | 6.68/4.24/4.30mg/m3 | DB46-485-2020, GB13271-2014, GB13223-2011 | 6.63t | 272.64t/a | / |
| Hainan Yisheng | Waste water | COD | Discharge after treatment | 1 | Sewage station | 30.22mg/m3 | GB31571-2015, GB31572-2015 | 91.84t | 544.41t/a | / |
| Hainan Yisheng | Waste water | Ammonia nitrogen | Discharge after treatment | 1 | Sewage station | 0.49mg/m3 | GB31571-2015, GB31572-2015 | 1.68t | 42.36t/a | / |
| Zhejiang Yisheng | Waste gas | SO2 | Discharge after treatment | 2 | Boiler island | 3.84/2.41mg/m3 | DB33/2147-2018 | 15t | 197.45t/a | / |
| Zhejiang Yisheng | Waste gas | NOX | Discharge after treatment | 2 | Boiler island | 20.1/24.26mg/m3 | DB33/2147-2018 | 27.14t | 409.53t/a | / |
| Zhejiang Yisheng | Waste gas | Particulate matter | Discharge after treatment | 2 | Boiler island | 3.51/1.56mg/m3 | DB33/2147-2018 | 2.75t | 78.99t/a | / |
| Zhejiang Yisheng | Waste water | COD | Discharge after treatment | 2 | Sewage station | 45.94/33.21mg/L | GB31571-2015 | 231.71t | 1039.84t/a | / |
| Zhejiang Yisheng | Waste water | Ammonia nitrogen | Discharge after treatment | 2 | Sewage station | 0.18/0.32mg/L | GB31571-2015 | 0.9t | 15.59t/a | / |
| Shengyuan Chemical Fiber | Waste gas | Particulate matter | Organized | One for use and one for standby | Furnace area | 7.03mg/m? | 20mg/Nm? | 2.17t | 8.74t/a | / |
| Shengyuan Chemical Fiber | Waste gas | Sulfur dioxide | Organized | One for use and one for standby | Furnace area | 1.78mg/m? | 50mg/Nm? | 1.21t | 17.38t/a | / |
| Shengyuan Chemical Fiber | Waste gas | Nitric oxide | Organized | One for use and one for standby | Furnace area | 32.48mg/m? | 150mg/Nm? | 8.77t | 52.15t/a | / |
| Shengyuan Chemical Fiber | Waste gas | Non-methane | Organized and unorganized | One for use and one for standby | Furnace area | 4.17mg/m? | 60mg/L | 0.41t | 97.298t/a | / |
| Shengyuan Chemical Fiber | Waste water | Ammonia nitrogen | Organized | 1 | Southeast corner of the plant | 0.18mg/m? | 35mg/L | 0.0015t | 1.3t/a | / |
| Shengyuan Chemical Fiber | Waste water | Chemical oxygen demand | Organized | 1 | Southeast corner of the plant | 29.73mg/m? | 500mg/Nm? | 0.515t | 2.74t/a | / |
| Yongsheng Technology | Waste gas | Nitric oxide | Organized emission | 1 | In the factory | 40mg/m? | Emission Standard of Air Pollutants for Boilers (GB13271-2014) | 13.63t | 86t/a | / |
| Yongsheng Technology | Waste gas | Sulfur dioxide | Organized emission | 1 | In the factory | 2mg/m? | Emission Standard of Air Pollutants for Boilers (GB13271-2014) | 0.78t | 106.2t/a | / |
| Yongsheng Technology | Waste gas | NmHc | Organized emission | 1 | In the factory | 4.5mg/m? | Emission Standard of Air Pollutants for Boilers (GB13271-2014) | 7.45t | 19.27t/a | / |
| Yongsheng Technology | Waste water | Chemical oxygen demand | Under control | 1 | In the factory | 49mg/L | Integrated Wastewater Discharge Standard (GB31575-2015) | 1.96t | 10.8t/a | / |
| Yongsheng Technology | Waste water | Ammonia nitrogen | Under control | 1 | In the factory | 0.26mg/L | Integrated Wastewater Discharge Standard (GB31575-2015) | 0.01t | 1.35t/a | / |
Treatment of pollutants
| Company name | Types of pollutants | Treatment technology and treatment capacity |
| Rongsheng Petrochemical | Waste gas, waste water and solid waste | Boiler flue gas denitrification: Selective catalytic reduction denitrification (SCR) process, processing capacity: 60,000Nm3/h flue gas volume/set; denitrification efficiency: no less than 87.5%, ammonia escape: no more than 3ppm, SO2/SO3 conversion rate: less than 1%, and denitrification system resistance: no more than 800Pa. |
| Boiler flue gas bag dust removal: bag filter dust removal, processing capacity: 60,000Nm3/h flue gas volume/set, outlet dust: 35mg/Nm3. | ||
| Boiler flue gas desulfurization: limestone-gypsum wet desulfurization process, processing capacity: 240,000Nm3/h flue gas volume/set, desulfurization efficiency: more than 96.5%. | ||
| Boiler flue gas wet electric dust removal: wet electric adsorption dust removal, processing capacity: 240,000Nm3/h flue gas volume; dust removal rate (including gypsum): outlet dust concentration <5mg/Nm3; PM2.5 removal rate: ≥80%; droplet removal rate: ≥75%. | ||
| Boiler flue gas tube bundle dust removal: cyclonic adsorption dust removal, processing capacity: 240,000Nm3/h flue gas volume. | ||
| Online monitoring of boiler flue gas. | ||
| COD online monitor. | ||
| VOCS direct combustion method. | ||
| Oil fume purifier. | ||
| ZPC | Waste gas, waste water, solid waste and noise | Waste gas: |
| Denitrification facilities: mainly include major exhaust gas treatment facilities, including low-nitrogen burners, ultra-low-nitrogen burners, selective catalytic reduction denitrification (SCR), selective non-catalytic reduction denitrification (SNCR), etc. Desulfurization and recovery: seawater desulfurization, alkaline scrubber, sulfur recovery unit (550,000 tons/year in the first phase + 520,000 tons/year in the second phase), recovering the acid gas and acid water in the whole site to produce sulfur. Dust removal facilities: including cyclone separators, bag dust removal facilities, electric dust removal facilities, wet dust removal, etc. Organic waste gas treatment facilities: The oil and gas recovery in the whole site is carried out by combining zoning and centralized treatment; the recovery system mainly adopts decentralized classification collection pretreatment + centralized terminal treatment mode. The main treatment facilities include RTO regenerative incinerators, CO catalytic oxidizers, etc. Foul gas treatment facilities: low-concentration odor treatment facilities in sewage plants (80,000 m?/h), odor treatment facilities in incineration plants (50,000 m?/h), and odor treatment facilities in landfills (50,000 m?/h). Abnormal working condition treatment: full-site flare incineration and flare gas recovery system (refinery flare gas recovery 38460m?/h + chemical flare gas recovery 2081m?/h). Wastewater: The factory area is subject to rain-sewage diversion, and clean water-sewage diversion, and the entire wastewater system is subject to quality-based diversion and classified treatment. The main treatment units include the first phase + second phase oily wastewater treatment unit (2100 + 3400m?/h), the first phase + second phase high ammonia nitrogen wastewater treatment unit (500 + 500m?/h), the first phase + second phase high salt wastewater treatment unit (1100 + 1800m?/h), the first phase + second phase recycled water unit (3600 + 5000m?/h), the cyanide-contained wastewater pretreatment unit (600m?/h), and the alkali residue wastewater pretreatment (6m?/h). The main treatment technologies are physical method + biological method + biochemical method. Solid wastes: The industrial solid waste disposal center is divided into the incineration area and the landfill area. The incineration area includes sludge dehydration and drying, incineration, tail gas purification, odor treatment and other units. The designed disposal capacity of the first phase and the second phase is 36,000 + 72,000 tons/year. The landfill area includes solidification workshop, landfill, leachate treatment, odor treatment and other blocks, with a total capacity of 700,000 m3. The landfill is built in phases, and 280,000 m3 has been completed. The oil residue gasification & filter cake incineration recovery unit mainly processes the filter cake produced by the oil residue hydrogen production unit to achieve volume reduction and resource utilization, with a disposal scale of 66,700 tons/year. The chemical waste liquid incineration unit is used to centralized treatment and recycling of organic waste liquid with low recycling value, with a disposal scale of 168,000 tons/year. Noise: Set up a sound insulation room, install sound attenuation and sound insulation equipment, choose low-noise equipment, make reasonable layout, and ensure basic vibration prevention and noise reduction | ||
| Zhongjin Petrochemical | Waste gas, waste water and solid waste | Wastewater treatment facilities, processing capacity: 450t/h. |
| Organized waste gas treatment facilities, processing capacity: 3,000,000m3/h. | ||
| Unorganized waste gas treatment facilities. | ||
| Abnormal working condition waste gas treatment facilities, processing capacity: 1 set of multi-point ground flare, 1 set of 20,000m 3 dry gas cabinet, 3 sets of 1,800Nm3/h combustible gas recovery compressor units, 1 unit of acid gas alkali cleaner, and 1 set of closed acid gas flare. |
| Solid waste treatment facilities. | |||
| Yisheng Dahua | Waste gas, waste water and solid waste | Sewage treatment plant: anaerobic + aerobic, processing capacity: 48,000 tons/day. | |
| RTO regenerative incinerator: incineration. | |||
| Heat medium furnace flue gas: seawater desulfurization, ozone denitrification, bag dust removal, processing capacity: 458,000 m3/h. | |||
| Shengyuan Chemical Fiber | Waste gas, waste water and solid waste | Boiler flue gas environmental protection facilities: desulfurization facilities (gypsum method), denitrification facilities (SCR), dust removal facilities (electrostatic + wet electric dust removal), processing capacity: total flue gas 200,000 m3/h. | |
| Sewage treatment unit: anaerobic + biological, processing capacity: 4,200 tons/day. | |||
| Waste gas treatment device of sewage station, processing capacity: 2000 m3/h*3. | |||
| Oil fume purification unit, processing capacity: 13 sets of 15,000 m3/h, 8 sets of 8,000 m3/h | |||
| Yongsheng Technology | Waste gas | Waste gas treatment | Gas boiler flue gas low-nitrogen combustion system, installed with boiler nitrogen oxide online automatic monitoring system. |
| Pulse dust removal device for PTA feeding dust | |||
| 1 set of odor generating unit capping and waste gas collection and treatment device in sewage station | |||
| Waste water | Sewage Treatment | 1 set of sewage treatment system with a treatment capacity of 1250t/d | |
| Rain and sewage diversion, clean water and sewage diversion, etc. | Establish rain and sewage diversion system and clean water and sewage diversion system in the factory area; Standardize the sewage outlets in the factory area, and install online monitoring devices for pH, COD and ammonia nitrogen | ||
| Noise | Noise control | Set up a sound insulation room separately, install sound attenuation and sound insulation equipment, choose low-noise equipment, make reasonable layout, and ensure basic vibration prevention and noise reduction | |
| Solid waste | Solid waste disposal | Standardize the hazardous waste yards and general solid waste yards | |
Emergency response plans for paroxysmal environment events
| Emergency plan | Filing number | Filing time |
| Emergency Response Plan for Paroxysmal Environment Events of Rongsheng Petrochemical Co., Ltd. | 330109-2022-045-L | July 26, 2022 |
| Emergency Response Plan for Paroxysmal Environment Events of Zhejiang Petroleum & Chemical Co., Ltd. | 330921-2023-004-H | July 11, 2023 |
| Emergency Response Plan for Paroxysmal Environment Events of Ningbo Zhongjin Petrochemical Co., Ltd. | 330211-2022-019-H | March 2022 |
| Emergency Response Plan for Paroxysmal Environment Events of Yisheng Dahua Petrochemical Co., Ltd. | 2102132023-066-H | March 2023 |
| Emergency Response Plan for Paroxysmal Environment Events of Hainan Yisheng Petrochemical Co., Ltd. | / | December 2021 |
| Emergency Response Plan for Paroxysmal Environment Events of Zhejiang Yisheng Petrochemical Co., Ltd. | / | September 2023 |
| Emergency Response Plan for Paroxysmal Environment Events of Zhejiang Shengyuan Chemical Fiber Co., Ltd. | 330109-2022-034-L | June 2, 2022 |
| Emergency Response Plan for Paroxysmal Environment Events of Zhejiang Yongsheng Technology Co., Ltd. | 330621-2021-106-L | October，2021 |
Investment in environmental governance and protection and payment of environmental protection tax
In accordance with the relevant requirements of the national and local governments, the Company and its subsidiaries completed various monitoring and environmental governance tasks. From January to June 2024, the Company invested a total of approximately RMB 225.94 million in environmental protection-related investments.Environmental self-monitoring scheme
The Company and its subsidiaries strictly abide by the environmental protection laws, regulations and relevant regulations of the state and local governments. The Company has established an environmental self-monitoring scheme to ensure that all pollutants are discharged and disposed of in strict accordance with the requirements of laws and regulations. The self-monitoring scheme is disclosed in the pollution source monitoring data management system. The Company carries out pollution source monitoring in strict accordance with the monitoring scheme to ensure that all pollutants are discharged in strict accordance with the requirements of laws and regulations, and entrusts a qualified third-party monitoring agency to carry out monitoring on a regular basis.Administrative penalties imposed on environmental issues during the reporting period
NoneOther environmental information that should be disclosed
Other environmental information that should be disclosed has been disclosed as required.Measures taken to reduce carbon emission and their effects during the reporting period?Applicable □ Not applicable
ZPC:
Comprehensive utilization of CO
:
(1) EO/EG unit: CO
purification process;
(2) Polycarbonate unit: All CO
used in the non-phosgene process comes from the EO/EG unit;
(3) Vinyl acetate unit: by-product CO
, making dry ice;A total of 57,000 tons of carbon dioxide was collected and utilized from January 1 to June 30, 2024.Yisheng Dahua:
(1) The originally designed secondary unit has insufficient processing capacity for the tail gas treatment unit.In 2023, a new 2RTO-5 was put into use to treat about 320T/HR of tail gas. After treatment, the VOC concentration of the tail gas is less than 40mg/m
under normal operation, meeting the environmental protection treatment requirements and reducing VOC emissions by about 480 tons per year.
(2) The RTO regenerative ceramics of primary unit has reached the end of its service life. In the first half of this year, we purchased regenerative ceramics and planned to carry out major repairs and replacement in a bid to avoid excessive RTO emissions. After commissioning, VOC exports can be reduced from 100 mg/m
to about 60 mg/m
, decreasing VOC emissions by about 51.2 tons per year.Yongsheng Technology:
The 7.2MW Roof Distributed Photovoltaic Generation Project was fully put into operation in July 2024.Other environmental protection-related information
The Company and its subsidiaries attach great importance to environmental protection and make major decisions on environmental protection periodically or irregularly. The Company has established a Health, Safety and Environment (HSE) Department to comprehensively supervise and manage the Company's HSE issues. Each subsidiary has a full-time environmental protection department responsible for daily comprehensive management, supervision and inspection. To understand the dynamics of pollution, the Company has established a strict monitoring system and entrusted the environmental management and monitoring department to monitor the water, gas, noise and slag of the whole plant.II. Social Responsibility
The Company emphasizes the concept of “win-win cooperation”, continues to support community public welfare, and demonstrates the Company's mission and responsibility with practical actions. The Company continues to improve customer service quality, strengthen responsible procurement management, provide public welfare volunteer services, and work together with customers, suppliers, community members and other stakeholders to makecommon progress, build harmony and share beauty.
The Company adheres to customer-oriented service, continuously improves its service management system, actively responds to the diverse needs of customers, improves service quality and efficiency in multiple dimensions,strictly protects customer privacy and information security, and improves customer satisfaction.
The Company is committed to building a responsible supply chain, deepening supplier compliance management, optimizing supplier management and business processes, paying attention to preventing supply chain risks, est
ablishing equal, mutually beneficial, close and stable cooperative relationships with excellent suppliers, and working together with suppliers to create a credible, honest, transparent and responsible supply chain ecosystem.Advocating the concept of public welfare and enthusiastic about public welfare undertakings, the Company actively carries out public welfare donations, and shares development results with the society. The Company is committed to providing financial assistance to students and teachers, mutual medical assistance, poverty alleviation and care for special groups. It encourages employees to participate in various volunteer service activities such as blood donation and condolences, carries forward the spirit of volunteers, continuously promotes public welfare and healthy development of the community, actively spreads civilized and harmonious social customs, and contributes to the construction of a harmonious and beautiful society.
Section VI Important MattersI. Commitments Fulfilled by the Company’s Actual Controllers, Shareholders, Related Parties, Acquirers, the Company, and Other Relevant Parties to Commitments During the Reporting Period, and Commitments not Fulfilled by the End of the Reporting Period?Applicable □ Not applicable
| Cause of Commitment | Commitment Party | Commitment Type | Content of Commitment | Time of Commitment | Term of Commitment | Fulfillment |
| Share reform commitment | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | |
| Commitments stated in the Report of Acquisition or Equity Change Report | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | |
| Commitments made during assets restructuring | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | |
| Commitment made during IPO or re-financing | Directors and supervisors of the Company | Commitment made during IPO | Directors Li Shuirong and Li Yongqing and Supervisor Li Guoqing promised that during their tenure, the annual transfer of the issuer's shares (including directly and indirectly held shares) would not exceed 25% of the total issuer’s shares (including directly and indirectly held shares) held by them. Within six months after resignation, they would not transfer the issuer's shares directly or indirectly held by them. | November 2, 2010 | Share lock-up commitment for a period of 36 months | Commitments honored |
| Equity incentive commitment | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | |
| Other commitments to minority shareholders of the Company | Shareholders before issuance | Commitment made during IPO | Zhejiang Rongsheng Holding Group Co., Ltd., the controlling shareholder of the Company, signed the Non-competition Agreement with the Company and promised not to compete with the Company in the same industry. Li Shuirong, the de facto controller and the largest natural person shareholder of the Company, and other shareholders, including Li Yongqing, Li Guoqing, Ni Xincai, Xu Yuejuan and Zhao Guanlong, respectively issued the Letter of Commitment on Avoiding Horizontal Competition and promised not to compete with the company in the same industry. | November 2, 2010 | Long term | Commitments honored |
| Other commitments | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | |
| Whether the commitments are fulfilled on time | Yes | |||||
| If the commitments have not been fulfilled on time, the specific reasons for the failure to complete the performance and the work plan for the next step should be explained in detail | Not applicable |
II. Non-operating Occupation of Funds of the Listed Company by the Controlling Shareholder and Other Related Parties
□ Applicable ? Not applicable
There was no non-operating occupation of funds of the listed company by the controlling shareholder and other related parties during the reporting period.III. Illegal External Guarantee
□ Applicable ? Not applicable
There was no illegal external guarantee during the reporting period.
IV. Appointment and Dismissal of Accounting Firm
Whether the semi-annual report has been audited
□ Yes ? No
The semi-annual report has not been audited.
V. Statement of the Board of Directors and the Board of Supervisors on the "Non-standard Audit Report" Issued by the Accounting Firm During the Reporting Period
□ Applicable ?Not applicable
VI. Statement of the Board of Directors on the "Non-standard Audit Report" of the PreviousYear
□ Applicable ?Not applicable
VII. Matters Related to Bankruptcy and Reorganization
□ Applicable ?Not applicable
No matters related to bankruptcy and reorganization of the Company occurred during the reporting period.
VIII. Litigation MattersMajor litigation and arbitration matters
□ Applicable ?Not applicable
The Company had no major litigation and arbitration during the reporting period.Other litigation matters
□ Applicable ?Not applicable
IX. Penalties and Rectification?Applicable □ Not applicable
| Entity/name | Type | Cause | Type of investigation penalty | Conclusion (if any) | Disclosure Date | Disclosure reference |
| Rongsheng Petrochemical Co., Ltd. | Other | Inaccurate disclosure of information related to the Company's performance projection | Other | Take the supervision and management measures of issuing warning letters and record them in the integrity files of the securities and futures markets. | May 30, 2024 | For details, please refer to CNINFO (www.cninfo.com.cn) Announcement on the Company and Relevant Personnel Receiving the Warning Letter from Zhejiang Regulatory Bureau (Announcement No.: 2024-038). |
| Li Shuirong | Director | |||||
| Xiang Jiongjiong | Director | |||||
| Wang Yafang | Senior management | |||||
| Quan Weiying | Senior management |
Explanation of rectification?Applicable □ Not applicable
After receiving the Warning Letter, the Company and relevant personnel attached great importance to the problems pointed out in the Warning Letter, fully learned lessons in strict accordance with the requirements of Zhejiang Securities Regulatory Bureau, continuously strengthened the study of securities laws and regulations, further improved and strictly implemented the financial and accounting management system, strengthened the management of
information disclosure affairs, further raised the standardized operation level of the Company, and safeguarded the interests of the Company and its all shareholders.
The administrative regulatory measure will not affect the normal business management and standardized operation of the Company. The Company will fulfill its information disclosure obligations in a timely manner in strictaccordance with relevant regulatory requirements and relevant laws and regulations, and make every effort in every aspect of business management and standardized governance. Investors are advised to invest rationally and pay attention to the investment risk.
X. Integrity of the Company, Its Controlling Shareholders and Actual Controllers
□Applicable ? Not applicable
XI. Major Related Party Transactions
1. Related party transactions related to daily operations
?Applicable □ Not applicable
| Related party | Relationship | Type of related party transaction | Contents of related party transaction | Pricing principles of related party transaction | Price of related party transaction | Amount of related party transaction (RMB 10,000) | Proportion to similar transaction amount | Trading limit approved (RMB 10,000) | Above the approved limit or not | Settlement of related party transaction | Available market price for similar transaction | Disclosure Date | Disclosure index |
| Rongsheng Holding | Parent company | Purchase of goods | Coal and other materials | Market price | Market price | 642,270.21 | 100.00% | 2,000,000 | No | Banker's acceptance bill, spot exchange, etc. | Market price | April 26, 2024 | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=002493&announcementId=1219827987&orgId=9900015502&announcementTime=2024-04-26 |
| Saudi Aramco | Minority shareholders | Purchase of goods | Crude oil, fuel oil, ethylene glycol | Market price | Market price | 4,550,823.55 | 47.29% | 12,000,000 | No | Letter of credit, spot exchange | Market price | April 26, 2024 | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=002493&announcementId=1219827987&orgId=9900015502&announcementTime=2024-04-26 |
| Zhejiang Yisheng | Associated enterprise | Sales of goods | PTA, PX | Market price | Market price | 402,782.78 | 4.81% | 1,500,000 | No | Banker's acceptance bill, spot exchange, etc. | Market price | April 26, 2024 | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=002493&announcementId=1219827987&orgId=9900015502&announcementTime=2024-04-26 |
| Total | -- | -- | 5,595,876.54 | -- | 15,500,000 | -- | -- | -- | -- | -- | |||
| Details of return of large sales | Not applicable | ||||||||||||
| Actual performance during the reporting period | None | ||||||||||||
| where the total amount of daily related party transactions to occur in the current period is estimated by category (if any) | |
| Reason for substantial differences between the transaction price and market reference price (if applicable) | Not applicable |
2. Related party transactions arising from the acquisition and sale of assets or equity
□Applicable ?Not applicable
The Company had no related party transactions related to the acquisition or sales of assets or equity during the reporting period.
3. Related party transactions for joint outward investment
□Applicable ?Not applicable
The Company had no related party transactions related to joint outward investment during the reporting period.
4. Related party transactions on credit and debt
□Applicable ?Not applicable
The Company had no related party transactions on credit and debt during the reporting period.
5. Transactions with financial companies with associated relationships
□Applicable ?Not applicable
There were no deposits, loans, credits or other financial operations between the Company and the related financial companies, and the related party.
6. Transactions between the financial companies controlled by the Company and related parties
□Applicable ?Not applicable
There were no deposits, loans, credits or other financial operations between the financial companies controlled by the Company and the related party.
7. Other major related party transactions
□Applicable ?Not applicable
There were no other major related party transactions during the reporting period.
XII. Material Contracts and Their Performance
1. Trusteeship, contracting and leasing matters
(1) Entrustment
□Applicable ? Not applicable
The Company had no entrustment during the reporting period.
(2) Contracting
□Applicable ? Not applicable
The Company had no contracting during the reporting period.
(3) Lease
□Applicable ? Not applicable
The Company had no leasing during the reporting period.
2. Major guarantee
?Applicable □ Not applicable
Unit：RMB 10,000
| Guarantees of the Company to its subsidiaries | ||||||||||
| Name of guarantee object | Date of disclosure of announcement relating to guarantee limit | Guarantee limit | Actual occurrence date | Actual guarantee amount | Guarantee type | Collateral (if any) | Counter-guarantee situation (if any) | Guarantee period | If the guarantee has been performed | Whether it’s related party guarantee |
| Shengyuan Chemical Fiber | December 29, 2023 | 5,771,600 | April 26, 2024 | 2,500 | Related responsibility guarantee | October 22, 2024 | No | Yes | ||
| Shengyuan Chemical Fiber | December 29, 2023 | 5,771,600 | January 1, 2024 | 10,000 | Related responsibility guarantee | November 26, 2024 | No | Yes | ||
| Shengyuan Chemical Fiber | December 29, 2023 | 5,771,600 | January 11, 2024 | 10 | Related responsibility guarantee | July 11, 2024 | No | Yes | ||
| Shengyuan Chemical Fiber | December 29, 2023 | 5,771,600 | July 21, 2023 | 50 | Related responsibility guarantee | July 21, 2024 | No | Yes | ||
| Shengyuan Chemical Fiber | December 29, 2023 | 5,771,600 | July 21, 2023 | 9,900 | Related responsibility guarantee | August 21, 2024 | No | Yes | ||
| Shengyuan Chemical Fiber | December 29, 2023 | 5,771,600 | January 11, 2024 | 10 | Related responsibility guarantee | January 11, 2025 | No | Yes | ||
| Shengyuan Chemical Fiber | December 29, 2023 | 5,771,600 | January 11, 2024 | 2,480 | Related responsibility guarantee | February 11, 2025 | No | Yes | ||
| Shengyuan Chemical Fiber | December 29, 2023 | 5,771,600 | March 20, 2024 | 10,000 | Related responsibility guarantee | March 17, 2025 | No | Yes | ||
| Shengyuan Chemical Fiber | December 29, 2023 | 5,771,600 | March 21, 2024 | 10,000 | Related responsibility guarantee | March 21, 2025 | No | Yes | ||
| Shengyuan Chemical Fiber | December 29, 2023 | 5,771,600 | April 23, 2024 | 10,000 | Related responsibility guarantee | April 16, 2025 | No | Yes | ||
| Shengyuan Chemical | December 29, 2023 | 5,771,600 | March 29, 2024 | 186.76 | Related responsibility guarantee | September 5, 2024 | No | Yes | ||
| Fiber | ||||||||||
| Yisheng Dahua | December 29, 2023 | 5,771,600 | May 24, 2023 | 20,000 | Related responsibility guarantee | May 22, 2025 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 5,771,600 | June 15, 2023 | 33,000 | Related responsibility guarantee | June 6, 2025 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 5,771,600 | July 25, 2023 | 14,400 | Related responsibility guarantee | July 12, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 5,771,600 | July 27, 2023 | 19,200 | Related responsibility guarantee | July 19, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 5,771,600 | January 31, 2024 | 18,268.99 | Related responsibility guarantee | January 17, 2025 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 5,771,600 | February 7, 2024 | 11,000 | Related responsibility guarantee | January 27, 2025 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 5,771,600 | June 6, 2024 | 27,000 | Related responsibility guarantee | June 5, 2026 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 5,771,600 | June 19, 2024 | 20,000 | Related responsibility guarantee | June 19, 2026 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 5,771,600 | June 27, 2024 | 16,800 | Related responsibility guarantee | June 19, 2025 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 5,771,600 | March 6, 2024 | 20,285.64 | Related responsibility guarantee | February 27, 2025 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 5,771,600 | September 27, 2023 | 8,123 | Related responsibility guarantee | September 16, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 5,771,600 | March 28, 2024 | 9,917.42 | Related responsibility guarantee | March 21, 2025 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 5,771,600 | September 20, 2023 | 9,026.4 | Related responsibility guarantee | August 23, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 5,771,600 | February 5, 2024 | 18,062.42 | Related responsibility guarantee | December 20, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 5,771,600 | February 26, 2024 | 21,912 | Related responsibility guarantee | February 14, 2025 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 5,771,600 | May 6, 2024 | 23,972.4 | Related responsibility guarantee | March 21, 2025 | No | Yes | ||
| Yisheng D | December 29, 20 | 5,771,600 | May 30, 2024 | 3,284.92 | Related responsib | July 3, 2024 | No | Yes |
| ahua | 23 | ility guarantee | ||||||||
| Yisheng Dahua | December 29, 2023 | 5,771,600 | June 13, 2024 | 3,291.3 | Related responsibility guarantee | July 13, 2024 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | March 2, 2021 | 5,785.71 | Related responsibility guarantee | December 15, 2025 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | June 16, 2021 | 1,339 | Related responsibility guarantee | December 15, 2025 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | May 24, 2022 | 5,903.5 | Related responsibility guarantee | December 15, 2026 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | October 14, 2022 | 1,088.52 | Related responsibility guarantee | December 15, 2026 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | September 26, 2023 | 2,176 | Related responsibility guarantee | December 15, 2026 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | March 2, 2021 | 3,248.12 | Related responsibility guarantee | December 15, 2024 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | March 2, 2021 | 5,785.71 | Related responsibility guarantee | June 15, 2025 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | June 16, 2021 | 752 | Related responsibility guarantee | December 15, 2024 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | June 16, 2021 | 1,339 | Related responsibility guarantee | June 15, 2025 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | May 24, 2022 | 466 | Related responsibility guarantee | December 15, 2024 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | May 24, 2022 | 1,164.5 | Related responsibility guarantee | June 15, 2025 | No | Yes | ||
| Yongsheng | December 29, 20 | 5,771,600 | October 14, 202 | 85.89 | Related responsib | December 15, 202 | No | Yes |
| Technology | 23 | 2 | ility guarantee | 4 | ||||||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | October 14, 2022 | 214.71 | Related responsibility guarantee | June 15, 2025 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | September 26, 2023 | 172 | Related responsibility guarantee | December 15, 2024 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | September 26, 2023 | 430 | Related responsibility guarantee | June 15, 2025 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | June 6, 2022 | 2,451.45 | Related responsibility guarantee | November 15, 2024 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | June 6, 2022 | 178 | Related responsibility guarantee | May 15, 2025 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | June 15, 2022 | 2,273.45 | Related responsibility guarantee | May 15, 2025 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | June 15, 2022 | 1,194.42 | Related responsibility guarantee | November 17, 2025 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | August 22, 2022 | 1,257.03 | Related responsibility guarantee | November 17, 2025 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | August 22, 2022 | 137.31 | Related responsibility guarantee | May 15, 2026 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | September 6, 2022 | 2,230.51 | Related responsibility guarantee | May 15, 2026 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | October 12, 2022 | 83.63 | Related responsibility guarantee | May 15, 2026 | No | Yes | ||
| Yongsheng Technolog | December 29, 2023 | 5,771,600 | October 12, 2022 | 2,451.45 | Related responsibility guarantee | November 16, 2026 | No | Yes |
| y | ||||||||||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | October 12, 2022 | 2,451.45 | Related responsibility guarantee | May 17, 2027 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | October 12, 2022 | 1,574.75 | Related responsibility guarantee | November 15, 2027 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | October 24, 2022 | 876.7 | Related responsibility guarantee | November 15, 2027 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | October 24, 2022 | 2,451.45 | Related responsibility guarantee | May 15, 2028 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | October 24, 2022 | 2,451.45 | Related responsibility guarantee | November 15, 2028 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | October 24, 2022 | 2,451.45 | Related responsibility guarantee | May 15, 2029 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | October 24, 2022 | 1,400.86 | Related responsibility guarantee | November 15, 2029 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | November 9, 2022 | 1,050.59 | Related responsibility guarantee | November 15, 2029 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | November 9, 2022 | 1,120 | Related responsibility guarantee | May 15, 2030 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | November 28, 2022 | 1,331.45 | Related responsibility guarantee | May 15, 2030 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | November 28, 2022 | 1,231.2 | Related responsibility guarantee | November 15, 2030 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | December 14, 2022 | 1,220.25 | Related responsibility guarantee | November 15, 2030 | No | Yes |
| Yongsheng Technology | December 29, 2023 | 5,771,600 | December 14, 2022 | 1,449.85 | Related responsibility guarantee | May 15, 2031 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | January 19, 2023 | 1,001.6 | Related responsibility guarantee | May 15, 2031 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | January 19, 2023 | 2,451.45 | Related responsibility guarantee | November 16, 2031 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | January 19, 2023 | 825.63 | Related responsibility guarantee | May 17, 2032 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | February 14, 2023 | 1,625.82 | Related responsibility guarantee | May 17, 2032 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | February 14, 2023 | 1,477.36 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | April 25, 2023 | 974.1 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | April 25, 2023 | 685.29 | Related responsibility guarantee | May 16, 2033 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | May 17, 2023 | 1,394.33 | Related responsibility guarantee | May 16, 2033 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | October 31, 2023 | 371.82 | Related responsibility guarantee | May 16, 2033 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | May 28, 2024 | 5,000 | Related responsibility guarantee | May 28, 2025 | No | Yes | ||
| Yongsheng Technology | December 29, 2023 | 5,771,600 | May 30, 2024 | 5,000 | Related responsibility guarantee | May 28, 2025 | No | Yes | ||
| Zhongjin P | December 29, 20 | 5,771,600 | February 1, 202 | 20,000 | Related responsib | January 24, 2025 | No | Yes |
| etrochemical | 23 | 3 | ility guarantee | |||||||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | February 7, 2023 | 35,000 | Related responsibility guarantee | February 6, 2025 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | April 1, 2024 | 20,000 | Related responsibility guarantee | February 7, 2025 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | April 22, 2024 | 20,000 | Related responsibility guarantee | February 21, 2025 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | April 22, 2024 | 30,000 | Related responsibility guarantee | February 21, 2025 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | May 6, 2024 | 25,000 | Related responsibility guarantee | April 24, 2025 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | January 1, 2024 | 50,000 | Related responsibility guarantee | November 28, 2024 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | June 20, 2024 | 39,934.91 | Related responsibility guarantee | September 19, 2024 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | May 20, 2024 | 35,000 | Related responsibility guarantee | May 20, 2025 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | December 8, 2022 | 49,850 | Related responsibility guarantee | December 8, 2024 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | June 19, 2024 | 17,856 | Related responsibility guarantee | June 3, 2025 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | June 26, 2024 | 23,000 | Related responsibility guarantee | June 26, 2025 | No | Yes | ||
| Zhongjin Petrochemic | December 29, 2023 | 5,771,600 | August 14, 2023 | 53,610 | Related responsibility guarantee | August 14, 2024 | No | Yes |
| al | ||||||||||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | March 4, 2024 | 27,400 | Related responsibility guarantee | September 4, 2024 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | January 1, 2024 | 30,000 | Related responsibility guarantee | January 1, 2025 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | January 30, 2024 | 20,000 | Related responsibility guarantee | January 30, 2025 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | April 8, 2024 | 48,200 | Related responsibility guarantee | April 8, 2025 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | April 15, 2024 | 3,700 | Related responsibility guarantee | April 15, 2025 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | April 19, 2024 | 6,700 | Related responsibility guarantee | April 18, 2025 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | April 22, 2024 | 12,000 | Related responsibility guarantee | April 22, 2025 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | June 5, 2024 | 4,900 | Related responsibility guarantee | December 5, 2024 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | June 6, 2024 | 53,390 | Related responsibility guarantee | December 6, 2024 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | February 4, 2024 | 18,261 | Related responsibility guarantee | November 23, 2024 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | February 6, 2024 | 10,000 | Related responsibility guarantee | November 23, 2024 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | February 7, 2024 | 11,791 | Related responsibility guarantee | November 23, 2024 | No | Yes |
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | February 21, 2024 | 29,000 | Related responsibility guarantee | November 23, 2024 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | February 23, 2024 | 12,450 | Related responsibility guarantee | November 23, 2024 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | February 26, 2024 | 18,498 | Related responsibility guarantee | November 23, 2024 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | May 15, 2024 | 23,575.23 | Related responsibility guarantee | November 14, 2024 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | May 15, 2024 | 14,848.51 | Related responsibility guarantee | November 14, 2024 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | May 15, 2024 | 9,635.32 | Related responsibility guarantee | November 14, 2024 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | June 7, 2024 | 12,478.6 | Related responsibility guarantee | June 6, 2025 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | June 27, 2024 | 38,438.4 | Related responsibility guarantee | June 20, 2025 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | April 25, 2024 | 20,000 | Related responsibility guarantee | October 24, 2024 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | May 13, 2024 | 31,000 | Related responsibility guarantee | November 12, 2024 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | January 22, 2024 | 14,256 | Related responsibility guarantee | July 5, 2024 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | March 4, 2024 | 19,509.59 | Related responsibility guarantee | July 26, 2024 | No | Yes | ||
| Zhongjin P | December 29, 20 | 5,771,600 | March 12, 2024 | 36,603.56 | Related responsib | August 12, 2024 | No | Yes |
| etrochemical | 23 | ility guarantee | ||||||||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | April 15, 2024 | 34,800 | Related responsibility guarantee | September 6, 2024 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | March 11, 2024 | 16,724.8 | Related responsibility guarantee | July 29, 2024 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | April 19, 2024 | 19,273.3 | Related responsibility guarantee | September 11, 2024 | No | Yes | ||
| Zhongjin Petrochemical | December 29, 2023 | 5,771,600 | November 13, 2023 | 100 | Related responsibility guarantee | February 28, 2025 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | July 31, 2018 | 255,000 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | August 10, 2018 | 79,394.25 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | March 18, 2019 | 57,375 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | August 3, 2018 | 10,224.48 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | August 9, 2018 | 16,786.65 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | August 9, 2018 | 25,178.96 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | August 10, 2018 | 4,358.61 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | August 10, 2018 | 8,392.45 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | August 13, 2018 | 3,108.45 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | August 16, 2018 | 29,534.1 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | August 15, 2018 | 6,218.94 | Related responsibility guarantee | July 30, 2030 | No | Yes |
| ZPC | December 29, 2023 | 6,260,000 | August 31, 2018 | 25,500 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | September 29, 2018 | 1,017.45 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | October 23, 2018 | 51,272.09 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | October 26, 2018 | 9,320.76 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | October 30, 2018 | 4,351.83 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | October 31, 2018 | 18,654.78 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | November 7, 2018 | 5,915.26 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | November 8, 2018 | 12,122.43 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | November 8, 2018 | 9,017.82 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | August 3, 2018 | 4,384.47 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | November 9, 2018 | 14,795.1 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | January 1, 2019 | 22,675.52 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | January 3, 2019 | 15,539.7 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | January 4, 2019 | 2,486.76 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | November 9, 2018 | 6,342.36 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | January 4, 2019 | 10,879.32 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | January 4, 2019 | 75,923.5 | Related responsibility guarantee | July 30, 2030 | No | Yes |
| ZPC | December 29, 2023 | 6,260,000 | January 8, 2019 | 5,907.33 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | January 6, 2019 | 15,525.68 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | January 10, 2019 | 7,770.79 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | January 14, 2019 | 3,735.95 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | January 15, 2019 | 11,195.52 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | January 30, 2019 | 65,790 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | January 31, 2019 | 12,437.88 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | January 30, 2019 | 1,865.07 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | February 1, 2019 | 10,246.16 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | January 4, 2019 | 2,489.31 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | February 1, 2019 | 6,528.51 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | February 1, 2019 | 5,284.14 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | February 3, 2019 | 21,765.27 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | February 11, 2019 | 2,801.97 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | February 12, 2019 | 4,039.2 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | February 11, 2019 | 16,579.08 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | February 27, 2019 | 46,920 | Related responsibility guarantee | July 30, 2030 | No | Yes |
| ZPC | December 29, 2023 | 6,260,000 | March 1, 2019 | 7,141.02 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | February 1, 2019 | 2,792.25 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | March 7, 2019 | 4,350.81 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | March 7, 2019 | 10,879.32 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | March 8, 2019 | 1,243.38 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | March 8, 2019 | 3,729.98 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | March 12, 2019 | 2,798.88 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | March 13, 2019 | 1,867.98 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | March 15, 2019 | 15,236.76 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | March 29, 2019 | 18,360 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | April 8, 2019 | 3,105.14 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | April 10, 2019 | 621.69 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | April 11, 2019 | 1,243.58 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | March 7, 2019 | 1,861.5 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | April 11, 2019 | 2,177.7 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | April 12, 2019 | 5,288.19 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | April 12, 2019 | 622.66 | Related responsibility guarantee | July 30, 2030 | No | Yes |
| ZPC | December 29, 2023 | 6,260,000 | April 12, 2019 | 4,350.81 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | April 15, 2019 | 1,554.16 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | May 1, 2019 | 6,831.45 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | April 11, 2019 | 930.75 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | May 7, 2019 | 3,480.75 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | May 7, 2019 | 17,340 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | May 7, 2019 | 6,838.08 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | May 9, 2019 | 2,797.48 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | May 10, 2019 | 932.54 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | May 13, 2019 | 1,556.65 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | May 13, 2019 | 2,175.66 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | May 16, 2019 | 9,948.57 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | May 30, 2019 | 51,000 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | June 1, 2019 | 3,729.63 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | June 4, 2019 | 10,879.11 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | May 7, 2019 | 1,489.2 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | June 5, 2019 | 6,218.94 | Related responsibility guarantee | July 30, 2030 | No | Yes |
| ZPC | December 29, 2023 | 6,260,000 | June 5, 2019 | 7,769.44 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | June 6, 2019 | 3,730.14 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | June 6, 2019 | 35,700 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | June 6, 2019 | 3,113.3 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | June 12, 2019 | 18,654.78 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | June 20, 2019 | 311.61 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | July 1, 2019 | 51,000 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | July 5, 2019 | 3,419.15 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | July 8, 2019 | 1,243.38 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | July 8, 2019 | 17,850 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | July 10, 2019 | 12,437.88 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | July 10, 2019 | 4,047.28 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | July 10, 2019 | 2,798.88 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | June 5, 2019 | 1,551.93 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | July 10, 2019 | 2,177.7 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | July 11, 2019 | 930.75 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | July 16, 2019 | 3,105.14 | Related responsibility guarantee | July 30, 2030 | No | Yes |
| ZPC | December 29, 2023 | 6,260,000 | July 16, 2019 | 5,592.66 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | July 31, 2019 | 34,194.48 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | August 2, 2019 | 6,216.63 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | August 7, 2019 | 3,113.3 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | August 7, 2019 | 7,618.38 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | August 7, 2019 | 4,660.38 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | September 23, 2019 | 3,106.92 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | September 23, 2019 | 2,492.88 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | September 29, 2019 | 44,370 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | September 30, 2019 | 9,327.39 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | August 7, 2019 | 3,267.57 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | October 9, 2019 | 3,260.94 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | October 21, 2019 | 9,017.82 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | October 21, 2019 | 5,898.66 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | October 29, 2019 | 26,520 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | November 15, 2019 | 7,777.5 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | October 9, 2019 | 1,399.44 | Related responsibility guarantee | July 30, 2030 | No | Yes |
| ZPC | December 29, 2023 | 6,260,000 | November 18, 2019 | 2,612.73 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | November 19, 2019 | 1,116.9 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | November 21, 2019 | 74,970 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | December 18, 2019 | 2,565.3 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | December 19, 2019 | 4,350.81 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | December 24, 2019 | 4,667.01 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | January 16, 2020 | 5,907.33 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | January 16, 2020 | 3,420.06 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | January 16, 2020 | 1,895.16 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | January 16, 2020 | 9,017.82 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | January 16, 2020 | 1,834.47 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | February 14, 2020 | 2,173.37 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | February 18, 2020 | 627.81 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | March 16, 2020 | 4,039.2 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | March 19, 2020 | 6,218.94 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | March 31, 2020 | 10,200 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | April 1, 2020 | 16,575 | Related responsibility guarantee | July 30, 2030 | No | Yes |
| ZPC | December 29, 2023 | 6,260,000 | April 17, 2020 | 1,551.93 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | April 17, 2020 | 2,177.7 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | May 13, 2020 | 2,040 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | June 3, 2020 | 3,729.63 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | June 5, 2020 | 3,729.63 | Related responsibility guarantee | July 30, 2030 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | July 4, 2023 | 20,249.78 | Related responsibility guarantee | March 15, 2027 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | January 20, 2021 | 76,140 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | January 20, 2021 | 22,278 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | January 20, 2021 | 84,600 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | January 20, 2021 | 282,000 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | January 20, 2021 | 123,516 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | January 20, 2021 | 24,477.6 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | January 20, 2021 | 8,460 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | January 21, 2021 | 32,148 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | January 21, 2021 | 56,400 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | January 21, 2021 | 56,400 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | January 21, 2021 | 11,280 | Related responsibility guarantee | November 15, 2032 | No | Yes |
| ZPC | December 29, 2023 | 6,260,000 | January 22, 2021 | 32,148 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | February 4, 2021 | 53,580 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | February 5, 2021 | 42,300 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | February 5, 2021 | 39,480 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | February 5, 2021 | 16,920 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | February 5, 2021 | 56,400 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | February 5, 2021 | 104,340 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | February 5, 2021 | 64,296 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | February 7, 2021 | 32,148 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | March 18, 2021 | 11,844 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | March 18, 2021 | 20,100.96 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | March 19, 2021 | 28,200 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | March 19, 2021 | 33,840 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | March 22, 2021 | 56,400 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | March 22, 2021 | 56,400 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | March 25, 2021 | 28,200 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | March 26, 2021 | 141,000 | Related responsibility guarantee | November 15, 2032 | No | Yes |
| ZPC | December 29, 2023 | 6,260,000 | March 26, 2021 | 45,120 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | April 28, 2021 | 16,920 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | April 28, 2021 | 73,320 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | April 28, 2021 | 34,968 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | April 28, 2021 | 28,200 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | April 28, 2021 | 17,484 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | April 29, 2021 | 45,120 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | April 30, 2021 | 2,820 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | April 30, 2021 | 2,820 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | June 29, 2021 | 56,400 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | July 5, 2021 | 186,120 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | July 5, 2021 | 28,200 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | July 6, 2021 | 22,560 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | July 6, 2021 | 39,480 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | July 6, 2021 | 81,780 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | July 6, 2021 | 81,780 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | July 6, 2021 | 84,600 | Related responsibility guarantee | November 15, 2032 | No | Yes |
| ZPC | December 29, 2023 | 6,260,000 | July 6, 2021 | 169,200 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | July 6, 2021 | 22,560 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | September 15, 2021 | 56,941.44 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | September 17, 2021 | 22,560 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | September 17, 2021 | 21,996 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | September 17, 2021 | 45,120 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | September 17, 2021 | 115,620 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | September 22, 2021 | 18,612 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | June 13, 2022 | 9,024 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | July 11, 2022 | 191.76 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | August 2, 2022 | 124.08 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | August 4, 2022 | 214.32 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | August 9, 2022 | 67.68 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | August 10, 2022 | 8.46 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | September 5, 2022 | 290.46 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | October 10, 2022 | 231.24 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | November 1, 2022 | 248.16 | Related responsibility guarantee | November 15, 2032 | No | Yes |
| ZPC | December 29, 2023 | 6,260,000 | December 16, 2022 | 39.48 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | December 27, 2022 | 4,512 | Related responsibility guarantee | November 15, 2032 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | November 2, 2021 | 91.81 | Related responsibility guarantee | July 1, 2024 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | November 18, 2021 | 715.48 | Related responsibility guarantee | July 1, 2024 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | December 3, 2021 | 386.15 | Related responsibility guarantee | July 1, 2024 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | April 28, 2022 | 239.46 | Related responsibility guarantee | July 1, 2024 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | September 5, 2022 | 1,514.27 | Related responsibility guarantee | January 31, 2026 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | September 8, 2022 | 15,099.24 | Related responsibility guarantee | July 30, 2024 | No | Yes | ||
| ZPC | December 29, 2023 | 6,260,000 | October 12, 2022 | 57.46 | Related responsibility guarantee | July 1, 2024 | No | Yes | ||
| Total limits of guarantees to subsidiaries approved during the reporting period (B3) | 12,031,600 | Total amount actually incurred of guarantees to subsidiaries during the reporting period (B4) | 6,177,570.15 | |||||||
| Guarantees of a subsidiary to its subsidiaries | ||||||||||
| Name of guarantee object | Date of disclosure of announcement relating to guarantee limit | Guarantee limit | Actual occurrence date | Actual guarantee amount | Guarantee type | Collateral (if any) | Counter-guarantee situation (if any) | Guarantee period | If the guarantee has been performed | Whether to provide guarantee for related party |
| Yisheng Dahua | December 29, 2023 | 200,000 | January 25, 2024 | 69.39 | Related responsibility guarantee | July 25, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | January 25, 2024 | 18.68 | Related responsibility guarantee | July 25, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | January 25, 2024 | 228.41 | Related responsibility guarantee | July 25, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | January 25, 2024 | 38.19 | Related responsibility guarantee | July 25, 2024 | No | Yes | ||
| Yisheng D | December 29, 20 | 200,000 | January 25, 202 | 221.61 | Related responsib | July 25, 2024 | No | Yes | ||
| ahua | 23 | 4 | ility guarantee | |||||||
| Yisheng Dahua | December 29, 2023 | 200,000 | January 25, 2024 | 286.55 | Related responsibility guarantee | July 25, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | January 25, 2024 | 112.13 | Related responsibility guarantee | July 25, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | January 25, 2024 | 25.06 | Related responsibility guarantee | July 25, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | January 25, 2024 | 7.05 | Related responsibility guarantee | July 25, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | January 25, 2024 | 41.38 | Related responsibility guarantee | July 25, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | January 25, 2024 | 42.97 | Related responsibility guarantee | July 25, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | January 25, 2024 | 51.32 | Related responsibility guarantee | July 25, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | January 26, 2024 | 61.72 | Related responsibility guarantee | July 26, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | January 26, 2024 | 173.91 | Related responsibility guarantee | July 26, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | January 26, 2024 | 104.34 | Related responsibility guarantee | July 26, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | January 26, 2024 | 187.48 | Related responsibility guarantee | July 26, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | January 26, 2024 | 353.96 | Related responsibility guarantee | July 26, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | January 26, 2024 | 76.64 | Related responsibility guarantee | July 26, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | January 26, 2024 | 182.73 | Related responsibility guarantee | July 26, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | January 26, 2024 | 17.28 | Related responsibility guarantee | July 26, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | January 26, 2024 | 7.06 | Related responsibility guarantee | July 26, 2024 | No | Yes | ||
| Yisheng D | December 29, 20 | 200,000 | March 26, 2024 | 0.82 | Related responsib | September 26, 20 | No | Yes |
| ahua | 23 | ility guarantee | 24 | |||||||
| Yisheng Dahua | December 29, 2023 | 200,000 | March 26, 2024 | 4.33 | Related responsibility guarantee | September 26, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | March 26, 2024 | 13.68 | Related responsibility guarantee | September 26, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | March 26, 2024 | 16 | Related responsibility guarantee | September 26, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | June 13, 2024 | 82.61 | Related responsibility guarantee | December 13, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | June 13, 2024 | 32 | Related responsibility guarantee | December 13, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | January 8, 2024 | 140 | Related responsibility guarantee | July 8, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | January 8, 2024 | 140 | Related responsibility guarantee | July 8, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | January 8, 2024 | 140 | Related responsibility guarantee | July 8, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | January 8, 2024 | 105 | Related responsibility guarantee | July 8, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | January 11, 2024 | 96.85 | Related responsibility guarantee | July 11, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | January 11, 2024 | 152.66 | Related responsibility guarantee | July 11, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | January 11, 2024 | 39.31 | Related responsibility guarantee | July 11, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | January 11, 2024 | 6.18 | Related responsibility guarantee | July 11, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | January 11, 2024 | 61.06 | Related responsibility guarantee | July 11, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | February 7, 2024 | 3,066.54 | Related responsibility guarantee | August 7, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | February 7, 2024 | 3,066.54 | Related responsibility guarantee | August 7, 2024 | No | Yes | ||
| Yisheng D | December 29, 20 | 200,000 | March 14, 2024 | 3,088.62 | Related responsib | September 14, 20 | No | Yes |
| ahua | 23 | ility guarantee | 24 | |||||||
| Yisheng Dahua | December 29, 2023 | 200,000 | March 15, 2024 | 3,088.62 | Related responsibility guarantee | September 15, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | March 18, 2024 | 97.34 | Related responsibility guarantee | September 18, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | March 18, 2024 | 12.29 | Related responsibility guarantee | September 18, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | March 18, 2024 | 277.61 | Related responsibility guarantee | September 18, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | March 21, 2024 | 108.4 | Related responsibility guarantee | September 21, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | March 21, 2024 | 34.21 | Related responsibility guarantee | September 21, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | March 21, 2024 | 611.79 | Related responsibility guarantee | September 21, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | March 21, 2024 | 123.44 | Related responsibility guarantee | September 21, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | March 21, 2024 | 31.05 | Related responsibility guarantee | September 21, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | March 21, 2024 | 90.46 | Related responsibility guarantee | September 21, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | March 21, 2024 | 158.41 | Related responsibility guarantee | September 21, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | March 21, 2024 | 12.99 | Related responsibility guarantee | September 21, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | May 11, 2024 | 2,100 | Related responsibility guarantee | August 11, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | May 11, 2024 | 2,208.5 | Related responsibility guarantee | August 11, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | May 24, 2024 | 840 | Related responsibility guarantee | November 24, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | May 29, 2024 | 392 | Related responsibility guarantee | November 29, 2024 | No | Yes | ||
| Yisheng D | December 29, 20 | 200,000 | March 15, 2024 | 16,277.5 | Related responsib | September 12, 20 | No | Yes |
| ahua | 23 | ility guarantee | 24 | |||||||
| Yisheng Dahua | December 29, 2023 | 200,000 | June 13, 2024 | 2,700 | Related responsibility guarantee | December 12, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | June 13, 2024 | 5,500 | Related responsibility guarantee | December 13, 2024 | No | Yes | ||
| Yisheng Dahua | December 29, 2023 | 200,000 | March 29, 2024 | 917.03 | Related responsibility guarantee | September 25, 2024 | No | Yes | ||
| Total limits of guarantees to subsidiaries approved during the reporting period (C3) | 200,000 | Total amount actually incurred of guarantees to subsidiaries during the reporting period (C4) | 48,141.7 | |||||||
| Total amount of guarantees of the Company (Including the above three mentioned guarantees) | ||||||||||
| Total limits of guarantees approved during the reporting period (A3+B3+C3) | 12,231,600 | Total amount actually incurred of guarantees during the reporting period (A4+B4+C4) | 6,225,711.85 | |||||||
| Total actual guarantees (i.e. A4+B4+C4) as a percentage of the Company's net assets | 141.70% | |||||||||
3. Entrusted asset management
□Applicable ? Not applicable
The Company had no entrusted asset management during the reporting period.
4. Other major contracts
□Applicable ? Not applicable
The Company had no other major contracts during the reporting period.
XIII. Explanation of Other Major Matters
□ Applicable ?Not applicable
The Company had no other major matters to be described during the reporting period.
XIV. Major Matters of Subsidiaries
□Applicable ? Not applicable
Section VII Changes in Shares and ShareholdersI. Changes in Shares
1. Changes in shares
Unit: share
| Before the change | Increase or decrease (+, -) | After the change | |||||||
| Number | Ratio | New shares issued | Bonus shares | Capital conversion | Others | Subtotal | Number | Ratio | |
| I. Restricted shares | 627,243,750 | 6.19% | 627,243,750 | 6.19% | |||||
| 1. State-owned shares | |||||||||
| 2. Shares held by state-owned legal persons | |||||||||
| 3. Shares held by other domestic capital | 627,243,750 | 6.19% | 627,243,750 | 6.19% | |||||
| Including: Shares held by domestic legal persons | |||||||||
| Shares held by domestic natural persons | 627,243,750 | 6.19% | 627,243,750 | 6.19% | |||||
| 4. Shares held by foreign investors | |||||||||
| Including: Shares held by foreign legal persons | |||||||||
| Shares held by foreign natural persons | |||||||||
| II. Shares not subject to sales restrictions | 9,498,281,250 | 93.81% | 9,498,281,250 | 93.81% | |||||
| 1. RMB ordinary shares | 9,498,281,250 | 93.81% | 9,498,281,250 | 93.81% | |||||
| 2. Domestically-listed foreign shares | |||||||||
| 3. Overseas-listed foreign shares | |||||||||
| 4. Others | |||||||||
| III. Total shares | 10,125,525,000 | 100.00% | 10,125,525,000 | 100.00% |
Causes for change in shares
□Applicable ? Not applicable
Approval of changes in shares
□Applicable ? Not applicable
Transfer of share changes
□Applicable ? Not applicable
Implementation progress of share repurchase? Applicable □Not applicableDuring the reporting period, the Company repurchased 35,947,336 shares through its dedicated securities account via centralized bidding in the third phase of its share buyback program. The highest transaction price was RMB 10.33 per share, and the lowest was RMB 9.38 per share, with a total transaction amount of RMB 359,901,072.78 (excluding transaction fees). As of the disclosure date of this report, the Company has completed three phases of the buyback program. The details are as follows:
| Disclosure time of the scheme | Number of shares to be repurchased (shares) | Proposed repurchase amount | Repurchase period | Number of shares repurchased (shares) | Repurchased amount (yuan) | Highest repurchase price (yuan) | Lowest repurchase price (yuan) |
| 2022.3.16 | 45,454,500 shares -90,909,100 shares (all inclusive) | RMB 1 billion (inclusive) and not more than RMB 2 billion (inclusive) | 2022.3.29-2022.8.2 | 136,082,746 | 1,998,203,937.31 | 15.83 | 13.1 |
| 2022.8.5 | 50 million shares-100 million shares (both inclusive) | RMB 1 billion (inclusive) and not more than RMB 2 billion (inclusive) | 2022.8.18-2023.7.27 | 147,862,706 | 1,989,986,431.34 | 15.45 | 10.04 |
| 2023.8.22 | 83,333,333 shares - 166,666,667 shares (both inclusive) | RMB 1.5 billion (inclusive) - RMB 3 billion (inclusive) | 2023.8.28-2024.8.19 | 269,287,406 | 2,999,714,555.37 | 12.70 | 8.66 |
Implementation progress of reducing repurchased shares by centralized bidding.
□ Applicable ?Not applicable
Impact of share changes on financial indicators such as basic EPS, diluted EPS, net assets per share attributable to ordinary shareholders of the Company for the mostrecent year and the latest period.
□ Applicable ?Not applicable
Other disclosures that the Company deems necessary or required by the securities regulatory authorities to be disclosed.
□ Applicable ?Not applicable
2. Changes in restricted shares
□ Applicable ?Not applicable
II. Securities Issuance and Listing
□ Applicable ?Not applicable
III. Number and Shareholding of the Company's Shareholders
Unit: share
| Total number of common shareholders at the end of the reporting period | 98,145 | Total number of preferred shareholders with voting rights restored at the end of the reporting period (if any) (see Note 8) | 0 | |||||
| Shareholdings of shareholders holding over 5% of shares or the top 10 shareholders (excluding shares lent through refinancing) | ||||||||
| Name of shareholders | Nature of shareholders | Shareholding ratio | Number of shares held at the end of the report period | Increase or decrease during the reporting period | Number of shares held with limited sales conditions | Number of non-restricted shares held | Pledge, marking or freezing | |
| Share status | Number | |||||||
| Zhejiang Rongsheng Holding Group Co., Ltd. | Domestic non-state-owned legal person | 52.46% | 5,311,350,017 | 101,112,537 | 0 | 5,311,350,017 | Not applicable | 0 |
| Aramco Overseas Company B.V. | Overseas legal person | 10.00% | 1,012,552,501 | 0 | 0 | 1,012,552,501 | Not applicable | 0 |
| Li Shuirong | Domestic natural person | 6.35% | 643,275,000 | 0 | 482,456,250 | 160,818,750 | Not applicable | 0 |
| Hong Kong Securities Clearing Company Limited | Overseas legal person | 1.81% | 183,133,399 | 36,342,888 | 0 | 183,133,399 | Not applicable | 0 |
| Li Guoqing | Domestic natural person | 0.95% | 96,525,000 | 0 | 72,393,750 | 24,131,250 | Not applicable | 0 |
| Xu Yuejuan | Domestic natural person | 0.95% | 96,525,000 | 0 | 0 | 96,525,000 | Not applicable | 0 |
| Li Yongqing | Domestic natural person | 0.95% | 96,525,000 | 0 | 72,393,750 | 24,131,250 | Not applicable | 0 |
| Horizon Asset - Huaneng Trust · Jiayue No. 7 Single Fund Trust - Horizon Asset Huixin No. 43 Single Asset Management Plan | Other | 0.54% | 55,148,287 | 0 | 0 | 55,148,287 | Not applicable | 0 |
| Hua'neng Guicheng Trust Co., Ltd. - Hua'neng Trust · Rongyue Weicheng collective funds trust plan | Other | 0.49% | 50,078,500 | 0 | 0 | 50,078,500 | Not applicable | 0 |
| Dai Deming | Domestic natural person | 0.47% | 48,000,000 | 19,630,000 | 0 | 48,000,000 | Not applicable | 0 |
| The situation (if any) that strategic investors or general legal persons become the top 10 shareholders due to the placement of new shares | Not applicable | |||||||
| Explanation of the relationship or concerted action among the above shareholders | Among the top 10 shareholders, Zhejiang Rongsheng Holding Group Co., Ltd. is the controlling shareholder of the Company, Li Yongqing and Li Guoqing are nephews of Li Shuirong, Chairman of the Board of Directors of Zhejiang Rongsheng Holding Group Co., Ltd., Xu Yuejuan is sister-in-law of Li Shuirong, forming associated relationships. In addition to the above associated relationships, the Company has no knowledge of whether other shareholders are related to each other or act in concert. | ||
| Explanation of the above shareholders on delegating/receiving/waiving voting rights | Not applicable | ||
| Special explanation on the existence of repurchase accounts among the top 10 shareholders (if any) (see Note 11) | Among the top 10 shareholders, Rongsheng Petrochemical Co., Ltd. repurchased 552,380,458 shares in the special securities account, accounting for 5.46% of the Company's total share capital. | ||
| Shareholding of top 10 common shareholders not subject to sales restrictions (excluding shares lent through refinancing and executive lock-in shares) | |||
| Name of shareholders | Number of shares not subject to sales restrictions held at the end of the reporting period | Class of shares | |
| Class of shares | Class of shares | ||
| Zhejiang Rongsheng Holding Group Co., Ltd. | 5,311,350,017 | RMB ordinary shares | 5,311,350,017 |
| Aramco Overseas Company B.V. | 1,012,552,501 | RMB ordinary shares | 1,012,552,501 |
| Hong Kong Securities Clearing Company Limited | 183,133,399 | RMB ordinary shares | 183,133,399 |
| Li Shuirong | 160,818,750 | RMB ordinary shares | 160,818,750 |
| Xu Yuejuan | 96,525,000 | RMB ordinary shares | 96,525,000 |
| Horizon Asset - Huaneng Trust · Jiayue No. 7 Single Fund Trust - Horizon Asset Huixin No. 43 Single Asset Management Plan | 55,148,287 | RMB ordinary shares | 55,148,287 |
| Hua'neng Guicheng Trust Co., Ltd. - Hua'neng Trust · Rongyue Weicheng collective funds trust plan | 50,078,500 | RMB ordinary shares | 50,078,500 |
| Dai Deming | 48,000,000 | RMB ordinary shares | 48,000,000 |
| Ni Xincai | 47,925,000 | RMB ordinary shares | 47,925,000 |
| Hangzhou Mingzhu Enterprise Management Partnership (Limited Partnership) | 39,838,466 | RMB ordinary shares | 39,838,466 |
| Explanation of the relationship or concerted action among the top 10 shareholders of outstanding shares not subject to sales restrictions and among the top 10 shareholders of outstanding shares not subject to sales restrictions and the top 10 shareholders | Among the top 10 shareholders, Zhejiang Rongsheng Holding Group Co., Ltd. is the controlling shareholder of the Company, Xu Yuejuan is the sister-in-law of Li Shuirong, Chairman of the Board of Directors of Zhejiang Rongsheng Holding Group Co., Ltd., and Ni Xincai is the brother-in-law of Li Shuirong, forming associated relationships. In addition to the above associated relationships, the Company has no knowledge of whether other shareholders are related to each other or act in concert. | ||
| Explanation of the top 10 shareholders' participation in securities margin trading (if any) (see Note 4) | Zhejiang Rongsheng Holding Group Co., Ltd. holds 5,271,350,017 shares through an ordinary account and 40,000,000 shares through a credit account. Dai Deming holds 2,000,000 shares through a regular account and 46,000,000 shares through a margin account. | ||
Participation of shareholders holding more than 5% shares, top 10 shareholders and top 10 shareholders of outstanding shares not subject to sales restrictions in lending shares by refinancing business.
□ Applicable ?Not applicable
Changes in top 10 shareholders and top 10 shareholders of of outstanding shares not subject to sales restrictions due to lending/returning shares by refinancing business.
□ Applicable ?Not applicable
Whether any of the top 10 shareholders of ordinary share and the top 10 shareholders of ordinary shares not subject to sales restrictions of the Company have any agreed repurchase trading during the reporting period?
□ Yes ?No
The top 10 shareholders of ordinary share and the top 10 shareholders of ordinary shares not subject to sales restrictions did not conduct the agreed repurchase transaction during the reporting period.
IV. Equity Changes of Directors, Supervisors and Senior Management
□ Applicable ?Not applicable
There were no equity changes of the Company’s directors, supervisors and senior management during the reporting period; see 2023 Annual Report for details.
V. Changes in Controlling Shareholder or Actual Controller
Change of controlling shareholder during the reporting period
□ Applicable ?Not applicable
The controlling shareholder of the Company remained unchanged during the reporting period.Changes in actual controller during the reporting period
□ Applicable ?Not applicable
The actual controller of the Company remained the same during the reporting period.
Section VIII Preferred Shares
□ Applicable ?Not applicable
The Company had no preferred shares during the reporting period.
Section IX Bonds?Applicable □ Not applicableI. Enterprise Bonds
□ Applicable ? Not applicable
The Company had no enterprise bonds during the reporting period.II. Corporate Bonds?Applicable □ Not applicabl
1. Basic information of corporate bonds
Unit：RMB 10,000
| Name of bond | Bond abbreviation | Bond code | Issue date | Value date | Maturity date | Bond balance | Interest rate | Mode of repayment of principal and interest | Trading venue |
| 2020 Public Offering of Green Corporate Bonds to Eligible Investors by Rongsheng Petrochemical Co., Ltd. (Grade 2) | 20 Rongsheng G2 | 149220 | August 28, 2020 | September 2, 2020 | September 2, 2024 | 100,000 | 3.45% | The interest shall be accrued per year on a simple interest basis, instead of compound interest. The interest shall be paid once a year, and the last interest shall be paid together with the principal. | Shenzhen Stock Exchange |
| Investor suitability arrangements (if any) | Qualified institutional investor | ||||||||
| Applicable transaction mechanism | Bidding transaction | ||||||||
| Any risk of termination of listing and trading (if any) or not and countermeasures | None | ||||||||
Overdue bonds
□ Applicable ? Not applicable
2. Trigger and implementation of issuer or investor option clauses and investor protection clauses?Applicable □ Not applicable
| Name of bond | Bond abbreviation | Type of clause covered under the bond | Option clause | Implementation of investor protection clause |
| 2020 Public Offering of Green Corporate Bonds to Eligible Investors by Rongsheng Petrochemical Co., Ltd. (Grade 2) | 20 Rongsheng G2 | Option to adjust coupon rate, put-back option and accelerated settlement clause | During the reporting period, there was no need to implement the option clause. | The implementation conditions for the above clause of investor protection have not been triggered during the reporting period |
3. Adjustment of credit rating results during the reporting period
□ Applicable ? Not applicable
4. Implementation and changes of guarantee, debt repayment plan and other debt repayment security measures during the reporting period and the impact on interests of bond investors
□ Applicable ? Not applicable
III. Debt Financing Instruments of Non-financial Enterprises
□ Applicable ? Not applicable
During the reporting period, the Company did not have any debt financing instruments of non-financial enterprises.IV. Convertible Corporate Bonds
□ Applicable ? Not applicable
The Company had no convertible bond during the reporting period.
V. Loss within the scope of the Consolidated Financial Statements during the reporting periodof the Company exceeding 10% of the net assets at the end of last year
□ Applicable ? Not applicable
VI. Key Accounting Data and Financial Indicators of the Company in Recent Two Years as ofthe End of the Reporting Period
Unit：RMB 10,000
| Item | At the end of the reporting period | At the end of the previous year | Increase or decrease at the end of the reporting period over the end of the previous year |
| Current ratio | 0.597 | 0.5967 | 0.05% |
| Liability-asset ratio | 75.32% | 74.75% | 0.57% |
| Quick ratio | 0.2005 | 0.1490 | 34.56% |
| In the reporting period | In the same period of the previous year | Increase or decrease in the reporting period over the same period of the previous year | |
| Net profit net of non-recurring gain and loss | 67,237.66 | -138,804.32 | 148.44% |
| EBITDA total debt ratio | 6.17% | 3.76% | 2.41% |
| Interest coverage ratio | 1.35 | 0.19 | 610.53% |
| Cash interest coverage ratio | 3.16 | 0.51 | 519.61% |
| EBITDA interest coverage ratio | 3.18 | 1.82 | 74.73% |
| Loan repayment rate | 100.00% | 100.00% | 0.00% |
| Interest cover ratio | 100.00% | 100.00% | 0.00% |
Section X Financial ReportsI. Audit ReportWhether the semi-annual report is audited
□ Yes ? No
The Company's semi-annual financial report is unaudited.
II. Financial StatementsThe financial statement notes are represented in RMB.
1. Consolidated Balance Sheet
Prepared by: Rongsheng Petrochemical Co., Ltd.
June 30, 2024
Unit: RMB
| Item | Ending balance | Beginning balance |
| Current assets: | ||
| Monetary fund | 19,222,581,250.75 | 13,070,255,466.02 |
| Settlement provision | ||
| Lending funds | ||
| Trading financial assets | 535,602,017.09 | 310,087,429.45 |
| Derivative financial assets | ||
| Notes receivable | ||
| Accounts receivable | 7,628,521,455.74 | 4,737,733,703.66 |
| Accounts receivable financing | 300,502,992.56 | 175,036,242.93 |
| Advance payment | 2,598,691,446.09 | 1,493,312,465.86 |
| Premium receivables | ||
| Reinsurance receivables | ||
| Reinsurance contract reserves receivables | ||
| Other receivables | 4,027,880,726.92 | 4,510,228,597.49 |
| Including: Interest receivables | ||
| Dividends receivable | ||
| Redemptory monetary capital for sale | ||
| Stock | 55,283,049,559.37 | 61,733,657,342.07 |
| Where: data resources | ||
| Contract assets | ||
| Held-for-sale assets | ||
| Non-current assets due within one year | ||
| Other current assets | 4,856,362,002.18 | 5,297,128,974.31 |
| Total current assets | 94,453,191,450.70 | 91,327,440,221.79 |
| Non-current assets: | ||
| Loans and advances | ||
| Creditors investment | ||
| Other creditors investment | ||
| Long-term receivables | ||
| Long-term equity investment | 9,403,115,007.57 | 9,183,711,444.96 |
| Investment in other equity instruments | ||
| Other non-current financial assets | ||
| Investment real estate | 10,259,851.60 | 10,395,574.60 |
| Fixed assets | 215,692,742,200.98 | 219,699,679,397.52 |
| Construction in progress | 53,069,309,979.25 | 41,820,671,070.59 |
| Productive biological assets | ||
| Oil & gas assets | ||
| Right-of-use assets | 188,026,784.20 | 200,102,141.16 |
| Intangible assets | 8,000,188,568.79 | 7,128,930,412.44 |
| Where: data resources | ||
| Development expenses | ||
| Where: data resources | ||
| Goodwill | ||
| Long-term deferred expenses | 45,701.13 | |
| Deferred income tax assets | 725,258,610.34 | 690,808,878.08 |
| Other non-current assets | 4,553,670,955.88 | 4,856,655,469.41 |
| Total non-current assets | 291,642,571,958.61 | 283,591,000,089.89 |
| Total assets | 386,095,763,409.31 | 374,918,440,311.68 |
| Current liabilities: | ||
| Short-term borrowings | 44,219,682,059.34 | 44,810,936,767.94 |
| Borrowings from the central bank | ||
| Borrowing funds | ||
| Trading financial liabilities | 1,316,317,084.58 | 623,298,741.33 |
| Derivative financial liabilities | ||
| Notes payable | 3,221,161,129.33 | 4,195,471,402.63 |
| Accounts payable | 58,034,176,861.77 | 49,744,126,901.38 |
| Advance collections | ||
| Contractual liabilities | 3,511,525,781.43 | 4,421,732,432.83 |
| Financial assets sold for repurchase | ||
| Deposits from customers and interbank | ||
| Funds from securities trading agency | ||
| Funds from securities underwriting agency | ||
| Payroll payable | 694,446,438.61 | 1,032,220,776.56 |
| Taxes payable | 1,989,978,918.33 | 476,781,167.70 |
| Other payables | 14,493,764,110.94 | 16,919,133,504.47 |
| Including: Interests payable | ||
| Dividends payable | 228,000,000.00 | |
| Handling charges and commissions payable | ||
| Reinsurance payable | ||
| Held-for-sale liabilities | ||
| Non-current liabilities due within one year | 30,295,055,763.90 | 30,286,684,174.81 |
| Other current liabilities | 440,923,005.96 | 551,990,844.96 |
| Total current liabilities | 158,217,031,154.19 | 153,062,376,714.61 |
| Non-current liabilities: | ||
| Insurance contract reserves | ||
| Long-term borrowings | 130,518,130,600.50 | 125,179,583,821.18 |
| Bonds payable | ||
| Including: Preferred share | ||
| Perpetual bond | ||
| Lease liabilities | 182,428,242.97 | 193,002,312.38 |
| Long-term payables | ||
| Long-term payroll payable | ||
| Estimated liabilities | ||
| Deferred income | 194,182,559.81 | 195,581,593.25 |
| Deferred income tax liabilities | 1,688,386,736.06 | 1,619,074,228.97 |
| Other non-current liabilities | ||
| Total non-current liabilities | 132,583,128,139.34 | 127,187,241,955.78 |
| Total liabilities | 290,800,159,293.53 | 280,249,618,670.39 |
| Owner's equity: | ||
| Share capital | 10,125,525,000.00 | 10,125,525,000.00 |
| Other equity instruments | ||
| Including: Preferred share | ||
| Perpetual bond | ||
| Capital reserve | 10,826,290,162.32 | 10,825,322,259.36 |
| Less: treasury stock | 6,979,518,635.02 | 6,619,807,176.02 |
| Other comprehensive income | 178,350,265.60 | 110,203,866.35 |
| Special reserves | 49,282,801.82 | 60,677,296.91 |
| Surplus reserves | 974,151,644.68 | 974,151,644.68 |
| Generic risk reserves | ||
| Undistributed profits | 28,760,438,623.45 | 28,859,818,194.51 |
| Total owner's equity attributable to the parent company | 43,934,519,862.85 | 44,335,891,085.79 |
| Minority equity | 51,361,084,252.93 | 50,332,930,555.50 |
| Total owners' equity | 95,295,604,115.78 | 94,668,821,641.29 |
| Total liabilities and owner's equity | 386,095,763,409.31 | 374,918,440,311.68 |
Legal representative: Li Shuirong Head of accounting: Wang Yafang Head of accounting body: Zhang Shaoying
2. Balance Sheet of the Parent Company
Unit: RMB
| Item | Ending balance | Beginning balance |
| Current assets: | ||
| Monetary fund | 1,987,915,680.30 | 3,178,729,609.27 |
| Trading financial assets | 590,642.24 | |
| Derivative financial assets | ||
| Notes receivable | ||
| Accounts receivable | 75,388,403.04 | 20,051,350.25 |
| Accounts receivable financing | 38,168,147.02 | 48,866,718.09 |
| Advance payment | 469,668,735.96 | 86,770,376.46 |
| Other receivables | 2,658,824,606.04 | 3,279,228,160.71 |
| Including: Interest receivables | ||
| Dividends receivable | 850,000,000.00 | 1,230,000,000.00 |
| Stock | 234,265,265.89 | 373,819,275.01 |
| Where: data resources | ||
| Contract assets | ||
| Held-for-sale assets | ||
| Non-current assets due within one year | ||
| Other current assets | 3,709,577.44 | |
| Total current assets | 5,467,940,415.69 | 6,988,056,132.03 |
| Non-current assets: | ||
| Creditors investment | ||
| Other creditors investment | ||
| Long-term receivables | ||
| Long-term equity investment | 45,603,004,282.75 | 44,868,063,401.17 |
| Investment in other equity instruments | ||
| Other non-current financial assets | ||
| Investment real estate | 10,259,851.60 | 10,395,574.60 |
| Fixed assets | 279,105,961.98 | 278,851,669.68 |
| Construction in progress | ||
| Productive biological assets | ||
| Oil & gas assets | ||
| Right-of-use assets | 362,662.83 | |
| Intangible assets | 14,694,052.90 | 15,926,750.02 |
| Where: data resources | ||
| Development expenses | ||
| Where: data resources | ||
| Goodwill | ||
| Long-term deferred expenses |
| Deferred income tax assets | ||
| Other non-current assets | ||
| Total non-current assets | 45,907,064,149.23 | 45,173,600,058.30 |
| Total assets | 51,375,004,564.92 | 52,161,656,190.33 |
| Current liabilities: | ||
| Short-term borrowings | 5,923,370,186.11 | 5,205,927,913.36 |
| Trading financial liabilities | ||
| Derivative financial liabilities | ||
| Notes payable | 587,853,297.92 | 877,250,766.14 |
| Accounts payable | 3,404,083,128.40 | 2,236,363,176.15 |
| Advance collections | ||
| Contractual liabilities | 680,579,643.50 | 132,034,985.73 |
| Payroll payable | 41,745,020.18 | 62,259,994.55 |
| Taxes payable | 3,700,209.37 | 9,502,189.46 |
| Other payables | 14,585,813,665.08 | 17,362,996,403.59 |
| Including: Interests payable | ||
| Dividends payable | ||
| Held-for-sale liabilities | ||
| Non-current liabilities due within one year | 3,736,165,157.33 | 5,306,548,588.47 |
| Other current liabilities | 88,475,353.66 | 17,164,548.14 |
| Total current liabilities | 29,051,785,661.55 | 31,210,048,565.59 |
| Non-current liabilities: | ||
| Long-term borrowings | 6,654,232,650.00 | 4,066,370,787.22 |
| Bonds payable | ||
| Including: Preferred share | ||
| Perpetual bond | ||
| Lease liabilities | ||
| Long-term payables | ||
| Long-term payroll payable | ||
| Estimated liabilities | ||
| Deferred income | 7,813,992.80 | 8,319,120.04 |
| Deferred income tax liabilities | ||
| Other non-current liabilities | ||
| Total non-current liabilities | 6,662,046,642.80 | 4,074,689,907.26 |
| Total liabilities | 35,713,832,304.35 | 35,284,738,472.85 |
| Owner's equity: | ||
| Share capital | 10,125,525,000.00 | 10,125,525,000.00 |
| Other equity instruments | ||
| Including: Preferred share | ||
| Perpetual bond | ||
| Capital reserve | 11,243,374,721.45 | 11,243,374,721.45 |
| Less: treasury stock | 6,979,518,635.02 | 6,619,807,176.02 |
| Other comprehensive income | 142,970,496.89 | 80,110,211.22 |
| Special reserves | ||
| Surplus reserves | 974,151,644.68 | 974,151,644.68 |
| Undistributed profits | 154,669,032.57 | 1,073,563,316.15 |
| Total owners' equity | 15,661,172,260.57 | 16,876,917,717.48 |
| Total liabilities and owner's equity | 51,375,004,564.92 | 52,161,656,190.33 |
3. Consolidated Income Statement
Unit: RMB
| Item | 2024 semi-annual | 2023 semi-annual |
| I. Gross operating income | 161,249,744,277.85 | 154,525,283,752.29 |
| Including: operating revenue | 161,249,744,277.85 | 154,525,283,752.29 |
| Interest income | ||
| Earned premium | ||
| Handling charge and commission income | ||
| II. Gross operating costs | 160,462,598,482.36 | 157,870,551,223.95 |
| Including: operating costs | 141,256,133,696.06 | 139,757,633,719.45 |
| Interest expense | ||
| Handling charge and commission expenses | ||
| Surrender value | ||
| Net payments for insurance claims | ||
| Net reserve fund extracted for insurance liability | ||
| Policy dividend payment | ||
| Reinsurance costs | ||
| Taxes and surcharges | 12,496,949,672.03 | 10,243,559,065.75 |
| Marketing expenses | 78,933,484.96 | 100,549,410.04 |
| Administrative expenses | 438,040,873.14 | 404,763,431.53 |
| R&D expenses | 2,496,929,812.35 | 3,293,231,534.62 |
| Financial expenses | 3,695,610,943.82 | 4,070,814,062.56 |
| Including: interest expenses | 3,544,593,781.09 | 3,625,811,842.89 |
| Interest income | 240,894,876.38 | 223,711,660.97 |
| Add: Other income | 1,253,751,467.78 | 104,660,432.05 |
| Investment income (losses are presented in "-") | -52,174,957.84 | 178,577,881.79 |
| Including: Return on investment in associated enterprises and joint ventures | 187,861,798.54 | 239,850,471.43 |
| Gains on derecognition of financial assets measured at amortized cost | ||
| Exchange gain (loss expressed with “-”) | ||
| Net exposure hedging gain (loss expressed with “-”) | ||
| Income from changes in fair value (losses are presented in "-") | 115,037,218.53 | 310,625,655.12 |
| Credit impairment losses (loss expressed with “-”) | -138,884,225.38 | -39,633,196.86 |
| Asset impairment loss (losses are presented in "-") | -12,655,239.18 | -64,830,582.66 |
| Income from asset disposal (losses are presented in "-") | 5,269,441.94 | -84,509.13 |
| III. Operating profit (losses expressed with “-”) | 1,957,489,501.34 | -2,855,951,791.35 |
| Add: Non-operating income | 7,827,844.76 | 2,038,960.44 |
| Less: Non-operating expenses | 35,436,773.14 | 849,439.19 |
| IV. Income before tax | 1,929,880,572.96 | -2,854,762,270.10 |
| Less: Income tax expenses | 257,909,218.53 | -752,468,740.63 |
| III. Net income | 1,671,971,354.43 | -2,102,293,529.47 |
| (I) By business continuity | ||
| 1. Net profit from going concern (net losses expressed with “-”) | 1,671,971,354.43 | -2,102,293,529.47 |
| 2. Net profit from discontinued operations (net losses expressed with “-”) | ||
| (II) By ownership | ||
| 1. Net profit attributable to shareholders of the parent company (net loss filled in with "-") | 857,934,883.14 | -1,126,633,616.55 |
| 2. Profit or loss of minority shareholders (net loss filled in with "-") | 814,036,471.29 | -975,659,912.92 |
| VI. Other comprehensive income, net of tax | 63,725,659.14 | 168,529,741.50 |
| After-tax net of other comprehensive income attributable to the owners of parent company | 68,146,399.25 | 174,901,083.27 |
| (I) Other comprehensive income which may not be reclassified to gain and loss | -590,642.24 | |
| 1. Re-measurement of changes in defined benefit plans | ||
| 2. Other comprehensive income which may not be transferred to gain and loss under the equity method | ||
| 3. Changes in fair value of investment in other equity instruments | ||
| 4. Changes in fair value of the credit risk of the Company | ||
| 5. Others | -590,642.24 | |
| (II) Other comprehensive income which may be reclassified to gain and loss | 68,737,041.49 | 174,901,083.27 |
| 1. Other comprehensive income which may be transferred to gain and loss under the equity method | 49,009,488.62 | -32,777,139.77 |
| 2. Changes in fair value of other creditors investment | ||
| 3. Amount of financial assets reclassified into other comprehensive income | ||
| 4. Provision for credit impairment of other creditors investments | ||
| 5. Cash flow hedging reserves | ||
| 6. Difference in translation of foreign currency financial statements | 19,727,552.87 | 207,678,223.04 |
| 7. Others | ||
| Other comprehensive income attributable to minority shareholders, net of tax | -4,420,740.11 | -6,371,341.77 |
| VII. Total comprehensive income | 1,735,697,013.57 | -1,933,763,787.97 |
| Total comprehensive income attributable to owners of the parent company | 926,081,282.39 | -951,732,533.28 |
| Total comprehensive income attributable to minority shareholders | 809,615,731.18 | -982,031,254.69 |
| VIII. Earnings per share: | ||
| (I) Basic earnings per share | 0.09 | -0.11 |
| (II) Diluted earnings per share | 0.09 | -0.11 |
Legal representative: Li Shuirong Head of accounting: Wang Yafang Head of accounting body: Zhang Shaoying
4. Income Statement of the Parent Company
Unit: RMB
| Item | 2024 semi-annual | 2023 semi-annual |
| I. Operating income | 1,667,089,209.61 | 1,904,808,648.13 |
| Less: Operating costs | 1,622,817,980.64 | 1,874,789,103.99 |
| Taxes and surcharges | 5,912,334.69 | 2,607,675.09 |
| Marketing expenses | 23,221,188.84 | 26,880,098.49 |
| Administrative expenses | 38,757,438.94 | 23,716,251.23 |
| R&D expenses | 40,769,492.32 | 53,266,225.68 |
| Financial expenses | 350,680,352.26 | 403,526,675.25 |
| Including: interest expenses | 392,165,659.03 | 429,963,010.74 |
| Interest income | 45,265,589.17 | 16,599,784.42 |
| Add: Other income | 338,665,781.84 | 3,974,497.63 |
| Investment income (losses are presented in "-") | 123,163,894.95 | 111,928,533.98 |
| Including: Return on investment in associated enterprises and joint ventures | 142,718,593.27 | 146,126,783.72 |
| Income from derecognition of financial assets measured at amortized cost (loss expressed with “-”) | ||
| Net exposure hedging gain (loss expressed with “-”) | ||
| Income from changes in fair value (losses are presented in "-") | ||
| Credit impairment losses (loss expressed with “-”) | -4,422,822.78 | -9,136,090.59 |
| Asset impairment loss (losses are presented in "-") | ||
| Income from asset disposal (losses are presented in "-") | -157,689.80 | -107,408.12 |
| II. Operating profit (loss to be filled out with the minus sign "-") | 42,179,586.13 | -373,317,848.70 |
| Add: Non-operating income | 1,102.15 | 19,958.10 |
| Less: Non-operating expenses | 3,760,517.66 | 338.98 |
| III. Total profit (total loss to be filled out with the minus sign "-") | 38,420,170.62 | -373,298,229.58 |
| Less: Income tax expenses | ||
| IV. Net profit (net loss to be filled out with the minus sign "-") | 38,420,170.62 | -373,298,229.58 |
| (I) Net profits from going concern (net loss expressed with “-”) | 38,420,170.62 | -373,298,229.58 |
| (II) Net profits from discontinuing operation (net loss expressed with “-”) | ||
| V. Other comprehensive incomes, net of tax | 62,860,285.67 | -127,061.16 |
| (I) Other comprehensive income which may not be reclassified to gain and loss | -590,642.24 | |
| 1. Re-measurement of changes in defined benefit plans | ||
| 2. Other comprehensive income which may not be transferred to gain and loss under the equity method | ||
| 3. Changes in fair value of investment in other equity instruments | ||
| 4. Changes in fair value of the credit risk of the Company | ||
| 5. Others | -590,642.24 | |
| (II) Other comprehensive income which may be reclassified to gain and loss | 63,450,927.91 | -127,061.16 |
| 1. Other comprehensive income which may be transferred to gain and loss under the equity method | 63,450,927.91 | -127,061.16 |
| 2. Changes in fair value of other creditors investment | ||
| 3. Amount of financial assets reclassified into other comprehensive income | ||
| 4. Provision for credit impairment of other creditors investments | ||
| 5. Cash flow hedging reserves | ||
| 6. Difference in translation of foreign currency financial statements | ||
| 7. Others | ||
| VI. Total comprehensive incomes | 101,280,456.29 | -373,425,290.74 |
| VII. Earnings per share | ||
| (I) Basic earnings per share | ||
| (II) Diluted earnings per share |
5. Consolidated Cash Flow Statement
Unit: RMB
| Item | 2024 semi-annual | 2023 semi-annual |
| I. Cash flow from operating activities: | ||
| Cash received from sales of goods or r | 174,417,692,257.97 | 178,201,062,732.02 |
| endering of services | ||
| Net increase in deposits from customers and other banks | ||
| Net increase in borrowings from the central bank | ||
| Net increase in loans from other financial institutions | ||
| Cash received from receiving insurance premium of original insurance contracts | ||
| Net cash received from reinsurance business | ||
| Net increase in deposits and investment of the insured | ||
| Cash received from interests, handling charges and commissions | ||
| Net increase in borrowing funds | ||
| Net increase in repurchase business capital | ||
| Net cash received from securities trading agency | ||
| Refunds of taxes and levies | 2,602,039,750.26 | 2,445,377,522.07 |
| Cash received relating to other operating activities | 2,920,163,105.87 | 4,490,843,204.34 |
| Subtotal of cash inflow from operating activities | 179,939,895,114.10 | 185,137,283,458.43 |
| Cash paid for goods purchased and services received | 156,652,864,492.85 | 170,942,183,577.59 |
| 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 | 2,295,802,786.75 | 2,254,417,512.61 |
| Payments of all types of taxes | 11,009,232,043.73 | 10,665,209,175.36 |
| Cash paid relating to other operating activities | 1,589,457,438.81 | 3,554,252,623.77 |
| Subtotal of cash outflow from operating activities | 171,547,356,762.14 | 187,416,062,889.33 |
| Net cash flow from operating activities | 8,392,538,351.96 | -2,278,779,430.90 |
| II. Cash flows from investing activities: | ||
| Cash received from investment recovery | 1,473,616,505.29 | 1,596,493,789.84 |
| Cash received from the return on investment | 13,228,639.60 | 39,685,918.80 |
| Net cash received from the disposal of fixed assets, intangible assets and other long-term assets | 259,399,359.92 | 164,567.04 |
| Net cash received from the disposal of subsidiaries and other business units | 18,698,663.16 | |
| Cash received relating to other investing activities | 59,352,298.76 | 310,660,628.44 |
| Subtotal of cash inflow from investment activities | 1,805,596,803.57 | 1,965,703,567.28 |
| Cash paid for purchase and construction of fixed assets, intangible assets and other long-term assets | 17,344,328,757.83 | 14,998,585,601.67 |
| Cash paid for investments | 1,056,298,128.11 | 1,570,703,757.46 |
| Net increase in pledge loans | ||
| Net cash paid for acquisition of subsidiaries and other business units | ||
| Cash paid relating to other investing activities | 108,503,840.40 | 226,234,663.58 |
| Subtotal of cash outflow from investment activities | 18,509,130,726.34 | 16,795,524,022.71 |
| Net cash flow from investment activities | -16,703,533,922.77 | -14,829,820,455.43 |
| III. Cash flow from financing activities: | ||
| Cash received from absorption of investment | 228,000,000.00 | |
| Including: Cash received by subsidiaries from investments of minority shareholders | 228,000,000.00 | |
| Cash received from borrowings | 74,713,977,878.21 | 69,050,797,915.91 |
| Cash received relating to other financing activities | 18,799,408,866.65 | 4,554,000,000.00 |
| Subtotal of cash inflow from financing activities | 93,741,386,744.86 | 73,604,797,915.91 |
| Cash paid for repayment of debts | 69,885,306,739.83 | 50,333,783,864.21 |
| Cash paid for distribution of dividends and profits or payment of interests | 5,175,591,739.74 | 5,579,093,602.51 |
| Including: Dividends or profits paid by subsidiaries to minority shareholders | 228,000,000.00 | |
| Cash paid relating to other financing activities | 4,679,731,600.44 | 2,335,547,370.40 |
| Subtotal of cash outflow from financing activities | 79,740,630,080.01 | 58,248,424,837.12 |
| Net cash flow from financing activities | 14,000,756,664.85 | 15,356,373,078.79 |
| IV. Effect of change in exchange rate on cash and cash equivalents | -167,099,802.81 | -342,023,274.22 |
| V. Net increase in cash and cash equivalents | 5,522,661,291.23 | -2,094,250,081.76 |
| Add: Opening balance of cash and cash equivalents | 11,486,855,097.52 | 15,459,279,803.77 |
| VI. Ending balance of cash and cash equivalents | 17,009,516,388.75 | 13,365,029,722.01 |
6. Cash Flow Statement of the Parent Company
Unit: RMB
| Item | 2024 semi-annual | 2023 semi-annual |
| I. Cash flow from operating activities: | ||
| Cash received from sales of goods or rendering of services | 8,485,308,901.03 | 3,821,944,250.75 |
| Refunds of taxes and levies | 5,512,767.96 | 6,895,663.22 |
| Cash received relating to other operating activities | 909,261,207.63 | 209,329,629.24 |
| Subtotal of cash inflow from operating activities | 9,400,082,876.62 | 4,038,169,543.21 |
| Cash paid for goods purchased and services received | 7,126,809,713.06 | 4,382,424,862.02 |
| Cash paid to and on behalf of employees | 177,602,399.78 | 149,906,056.53 |
| Payments of all types of taxes | 66,226,432.61 | 9,748,781.30 |
| Cash paid relating to other operating activities | 167,863,198.19 | 112,878,878.35 |
| Subtotal of cash outflow from operating activities | 7,538,501,743.64 | 4,654,958,578.20 |
| Net cash flow from operating activities | 1,861,581,132.98 | -616,789,034.99 |
| II. Cash flows from investing activities: | ||
| Cash received from investment recovery | ||
| Cash received from the return on investment | 393,228,639.60 | 39,685,918.80 |
| Net cash received from the disposal of fixed assets, intangible assets and other long-term assets | 161,625.29 | |
| Net cash received from the disposal of subsidiaries and other business units | ||
| Cash received relating to other investing activities | 504,638,350.00 | |
| Subtotal of cash inflow from investment activities | 897,866,989.60 | 39,847,544.09 |
| Cash paid for purchase and construction of fixed assets, intangible assets and other long-term assets | 584,457.58 | 3,944,526.39 |
| Cash paid for investments | 542,000,000.00 | 827,000,000.00 |
| Net cash paid for acquisition of subsidiaries and other business units | ||
| Cash paid relating to other investing activities | 634,100,000.00 | |
| Subtotal of cash outflow from investment activities | 1,176,684,457.58 | 830,944,526.39 |
| Net cash flow from investment activities | -278,817,467.98 | -791,096,982.30 |
| III. Cash flow from financing activities: | ||
| Cash received from absorption of investment | ||
| Cash received from borrowings | 10,530,190,000.00 | 8,012,734,846.32 |
| Cash received relating to other financing activities | 1,148,500,000.00 | 7,560,000,000.00 |
| Subtotal of cash inflow from financing activities | 11,678,690,000.00 | 15,572,734,846.32 |
| Cash paid for repayment of debts | 8,779,925,337.17 | 6,737,974,664.83 |
| Cash paid for distribution of dividends and profits or payment of interests | 1,245,925,277.56 | 1,742,995,626.85 |
| Cash paid relating to other financing activities | 4,402,960,578.42 | 4,943,986,958.94 |
| Subtotal of cash outflow from financing activities | 14,428,811,193.15 | 13,424,957,250.62 |
| Net cash flow from financing activities | -2,750,121,193.15 | 2,147,777,595.70 |
| IV. Effect of change in exchange rate on cash and cash equivalents | 377,460.89 | 1,223,824.25 |
| V. Net increase in cash and cash equivalents | -1,166,980,067.26 | 741,115,402.66 |
| Add: Opening balance of cash and cash equivalents | 3,154,529,147.56 | 510,179,880.17 |
| VI. Ending balance of cash and cash equivalents | 1,987,549,080.30 | 1,251,295,282.83 |
7. Consolidated Statement of Changes in Owner's Equity
Amount of the current period
Unit: RMB
| Item | 2024 semi-annual | ||||||||||||||
| Owner's equity attributable to the parent company | Minority equity | Total owners' equity | |||||||||||||
| Share capital | Other equity instruments | Capital reserve | Less: treasury stock | Other comprehensive income | Special reserves | Surplus reserves | Generic risk reserves | Undistributed profits | Other | Subtotal | |||||
| Preferred shares | Perpetual bond | Other | |||||||||||||
| I. Ending balance of the previous year | 10,125,525,000.00 | 10,825,322,259.36 | 6,619,807,176.02 | 110,203,866.35 | 60,677,296.91 | 974,151,644.68 | 28,859,818,194.51 | 44,335,891,085.79 | 50,332,930,555.50 | 94,668,821,641.29 | |||||
| Add: Changes in accounting policies | |||||||||||||||
| Correction of errors in the previous period | |||||||||||||||
| Other | |||||||||||||||
| II. Opening balance of the year | 10,125,525,000.00 | 10,825,322,259.36 | 6,619,807,176.02 | 110,203,866.35 | 60,677,296.91 | 974,151,644.68 | 28,859,818,194.51 | 44,335,891,085.79 | 50,332,930,555.50 | 94,668,821,641.29 | |||||
| III. Increase or decrease in the current period (decrease is presented in "-") | 967,902.96 | 359,711,459.00 | 68,146,399.25 | -11,394,495.09 | -99,379,571.06 | -401,371,222.94 | 1,028,153,697.43 | 626,782,474.49 | |||||||
| (I) Total comprehensive income | 68,146,399.25 | 857,934,883.14 | 926,081,282.39 | 809,615,731.18 | 1,735,697,013.57 | ||||||||||
| (II) Capital contributed and reduced by owners | 359,711,459.00 | -359,711,459.00 | 228,000,000.00 | -131,711,459.00 | |||||||||||
| 1. Ordinary shares invested by the owners | 359,711,459.00 | -359,711,459.00 | 228,000,000.00 | -131,711,459.00 | |||||||||||
| 2. Capital contributed by holders of other equity instruments | |||||||||||||||
| 3. Amount of share-based payment recognized in owners’ equity | |||||||||||||||
| 4. Others | |||||||||||||||
| (III) Profit distribution | -957,314,454.20 | -957,314,454.20 | -957,314,454.20 | ||||||||||||
| 1. Withdrawal of surplus reserve | |||||||||||||||
| 2. Withdrawal of generic risk reserves | |||||||||||||||
| 3. Distribution to owners (or shareholders) | -957,314,454.20 | -957,314,454.20 | -957,314,454.20 | ||||||||||||
| 4. Others | |||||||||||||||
| (IV) Internal carry-forward of owner's equity | |||||||||||||||
| 1. Capital reserve transferred into capital (or share capital) |
| 2. Surplus reserve transferred into capital (or share capital) | |||||||||||||||
| 3. Surplus reserves for making up loss | |||||||||||||||
| 4. Changes in defined benefit plans carried forward to retained earnings | |||||||||||||||
| 5. Other comprehensive incomes carried forward to retained earnings | |||||||||||||||
| 6. Others | |||||||||||||||
| (V) Special reserve | -11,394,495.09 | -11,394,495.09 | -10,391,979.73 | -21,786,474.82 | |||||||||||
| 1. Amount appropriated in the current period | 195,246,416.80 | 195,246,416.80 | 159,810,169.50 | 355,056,586.30 | |||||||||||
| 2. Use in the current period | 206,640,911.89 | 206,640,911.89 | 170,202,149.23 | 376,843,061.12 | |||||||||||
| (VI) Others | 967,902.96 | 967,902.96 | 929,945.98 | 1,897,848.94 | |||||||||||
| IV. Ending balance of the current period | 10,125,525,000.00 | 10,826,290,162.32 | 6,979,518,635.02 | 178,350,265.60 | 49,282,801.82 | 974,151,644.68 | 28,760,438,623.45 | 43,934,519,862.85 | 51,361,084,252.93 | 95,295,604,115.78 |
Amount of previous year
Unit: RMB
| Item | 2023 semi-annual | ||||||||||||||
| Owner's equity attributable to the parent company | Minority equity | Total owners' equity | |||||||||||||
| Share capital | Other equity instruments | Capital reserve | Less: treasury stock | Other comprehensive income | Special reserves | Surplus reserves | Generic risk reserves | Undistributed profits | Other | Subtotal | |||||
| Preferred shares | Perpetual bond | Other | |||||||||||||
| I. Ending balance of the previous year | 10,125,525,000.00 | 10,822,594,513.39 | 3,978,202,364.65 | 139,462,613.71 | 886,470,394.72 | 29,264,532,743.94 | 47,260,382,901.11 | 49,905,399,878.19 | 97,165,782,779.30 | ||||||
| Add: Changes in accounting policies | 1,300,627.54 | 1,300,627.54 | 1,300,627.54 | ||||||||||||
| Correction of errors in the previous period | |||||||||||||||
| Other | |||||||||||||||
| II. Opening balance of the year | 10,125,525,000.00 | 10,822,594,513.39 | 3,978,202,364.65 | 139,462,613.71 | 886,470,394.72 | 29,265,833,371.48 | 47,261,683,528.65 | 49,905,399,878.19 | 97,167,083,406.84 | ||||||
| III. Increase or decrease in the current period (decrease is presented in "-") | 1,929,551.34 | 174,901,083.27 | -2,602,990,968.75 | -2,426,160,334.14 | -980,177,372.03 | -3,406,337,706.17 | |||||||||
| (I) Total comprehensive income | 174,901,083.27 | -1,126,633,616.55 | -951,732,533.28 | -982,031,254.69 | -1,933,763,787.97 | ||||||||||
| (II) Capital contributed and reduced by owners | |||||||||||||||
| 1. Ordinary shares invested by the owners | |||||||||||||||
| 2. Capital contributed by holders of other equity instruments | |||||||||||||||
| 3. Amount of share-based payment recognized in owners’ equity | |||||||||||||||
| 4. Others | |||||||||||||||
| (III) Profit distribution | -1,476,357,352.20 | -1,476,357,352.20 | -1,476,357,352.20 | ||||||||||||
| 1. Withdrawal of surplus reserve | |||||||||||||||
| 2. Withdrawal of generic risk reserves | |||||||||||||||
| 3. Distribution to owners (or shareholders) | -1,476,357,352.20 | -1,476,357,352.20 | -1,476,357,352.20 | ||||||||||||
| 4. Others | |||||||||||||||
| (IV) Internal carry-forward of owner's equity |
| 1. Capital reserve transferred into capital (or share capital) | |||||||||||||||
| 2. Surplus reserve transferred into capital (or share capital) | |||||||||||||||
| 3. Surplus reserves for making up loss | |||||||||||||||
| 4. Changes in defined benefit plans carried forward to retained earnings | |||||||||||||||
| 5. Other comprehensive incomes carried forward to retained earnings | |||||||||||||||
| 6. Others | |||||||||||||||
| (V) Special reserve | |||||||||||||||
| 1. Amount appropriated in the current period | 180,176,909.39 | 180,176,909.39 | 141,267,662.52 | 321,444,571.91 | |||||||||||
| 2. Use in the current period | 180,176,909.39 | 180,176,909.39 | 141,267,662.52 | 321,444,571.91 | |||||||||||
| (VI) Others | 1,929,551.34 | 1,929,551.34 | 1,853,882.66 | 3,783,434.00 |
| IV. Ending balance of the current period | 10,125,525,000.00 | 10,824,524,064.73 | 3,978,202,364.65 | 314,363,696.98 | 886,470,394.72 | 26,662,842,402.73 | 44,835,523,194.51 | 48,925,222,506.16 | 93,760,745,700.67 |
8. Statement of Changes in Owners’ Equity of the Parent Company
Amount of the current period
Unit: RMB
| Item | 2024 semi-annual | |||||||||||
| Share capital | Other equity instruments | Capital reserve | Less: treasury stock | Other comprehensive income | Special reserves | Surplus reserves | Undistributed profits | Other | Total owners' equity | |||
| Preferred shares | Perpetual bond | Other | ||||||||||
| I. Ending balance of the previous year | 10,125,525,000.00 | 11,243,374,721.45 | 6,619,807,176.02 | 80,110,211.22 | 974,151,644.68 | 1,073,563,316.15 | 16,876,917,717.48 | |||||
| Add: Changes in accounting policies | ||||||||||||
| Correction of errors in the previous period | ||||||||||||
| Other | ||||||||||||
| II. Opening balance of the year | 10,125,525,000.00 | 11,243,374,721.45 | 6,619,807,176.02 | 80,110,211.22 | 974,151,644.68 | 1,073,563,316.15 | 16,876,917,717.48 | |||||
| III. Increase or decrease in the current period (decrease is presented in "-") | 359,711,459.00 | 62,860,285.67 | -918,894,283.58 | -1,215,745,456.91 | ||||||||
| (I) Total comprehensive income | 62,860,285.67 | 38,420,170.62 | 101,280,456.29 | |||||||||
| (II) Capital contr | 359,711,459.0 | -359,711,45 | ||||||||||
| ibuted and reduced by owners | 0 | 9.00 | ||||||||||
| 1. Ordinary shares invested by the owners | 359,711,459.00 | -359,711,459.00 | ||||||||||
| 2. Capital contributed by holders of other equity instruments | ||||||||||||
| 3. Amount of share-based payment recognized in owners’ equity | ||||||||||||
| 4. Others | ||||||||||||
| (III) Profit distribution | -957,314,454.20 | -957,314,454.20 | ||||||||||
| 1. Withdrawal of surplus reserve | ||||||||||||
| 2. Distribution to owners (or shareholders) | -957,314,454.20 | -957,314,454.20 | ||||||||||
| 3. Others | ||||||||||||
| (IV) Internal carry-forward of owner's equity | ||||||||||||
| 1. Capital reserve transferred into capital (or share capital) | ||||||||||||
| 2. Surplus reserve transferred into capital (or share capital) | ||||||||||||
| 3. Surplus reserves for making up loss | ||||||||||||
| 4. Changes in de |
| fined benefit plans carried forward to retained earnings | ||||||||||||
| 5. Other comprehensive incomes carried forward to retained earnings | ||||||||||||
| 6. Others | ||||||||||||
| (V) Special reserve | ||||||||||||
| 1. Amount appropriated in the current period | ||||||||||||
| 2. Use in the current period | ||||||||||||
| (VI) Others | ||||||||||||
| IV. Ending balance of the current period | 10,125,525,000.00 | 11,243,374,721.45 | 6,979,518,635.02 | 142,970,496.89 | 974,151,644.68 | 154,669,032.57 | 15,661,172,260.57 |
Amount of previous year
Unit: RMB
| Item | 2023 semi-annual | |||||||||||
| Share capital | Other equity instruments | Capital reserve | Less: treasury stock | Other comprehensive income | Special reserves | Surplus reserves | Undistributed profits | Other | Total owners' equity | |||
| Preferred shares | Perpetual bond | Other | ||||||||||
| I. Ending balance of the previous year | 10,125,525,000.00 | 11,243,393,393.54 | 3,978,202,364.65 | 44,972,616.09 | 886,470,394.72 | 1,760,789,418.72 | 20,082,948,458.42 | |||||
| Add: Changes in accounting policies | ||||||||||||
| Correc | ||||||||||||
| tion of errors in the previous period | ||||||||||||
| Other | ||||||||||||
| II. Opening balance of the year | 10,125,525,000.00 | 11,243,393,393.54 | 3,978,202,364.65 | 44,972,616.09 | 886,470,394.72 | 1,760,789,418.72 | 20,082,948,458.42 | |||||
| III. Increase or decrease in the current period (decrease is presented in "-") | -127,061.16 | -1,849,655,581.78 | -1,849,782,642.94 | |||||||||
| (I) Total comprehensive income | -127,061.16 | -373,298,229.58 | -373,425,290.74 | |||||||||
| (II) Capital contributed and reduced by owners | ||||||||||||
| 1. Ordinary shares invested by the owners | ||||||||||||
| 2. Capital contributed by holders of other equity instruments | ||||||||||||
| 3. Amount of share-based payment recognized in owners’ equity | ||||||||||||
| 4. Others | ||||||||||||
| (III) Profit distribution | -1,476,357,352.20 | -1,476,357,352.20 | ||||||||||
| 1. Withdrawal of surplus reserve | ||||||||||||
| 2. Distribution to owners (or shareholders) | -1,476,357,352.20 | -1,476,357,352.20 | ||||||||||
| 3. Others |
| (IV) Internal carry-forward of owner's equity | ||||||||||||
| 1. Capital reserve transferred into capital (or share capital) | ||||||||||||
| 2. Surplus reserve transferred into capital (or share capital) | ||||||||||||
| 3. Surplus reserves for making up loss | ||||||||||||
| 4. Changes in defined benefit plans carried forward to retained earnings | ||||||||||||
| 5. Other comprehensive incomes carried forward to retained earnings | ||||||||||||
| 6. Others | ||||||||||||
| (V) Special reserve | ||||||||||||
| 1. Amount appropriated in the current period | ||||||||||||
| 2. Use in the current period | ||||||||||||
| (VI) Others | ||||||||||||
| IV. Ending balance of the current period | 10,125,525,000.00 | 11,243,393,393.54 | 3,978,202,364.65 | 44,845,554.93 | 886,470,394.72 | -88,866,163.06 | 18,233,165,815.48 |
III. Company ProfileRongsheng 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: 91330000255693873W) issued by Zhejiang Provincial Administration for Market Regulation, with a registered capital of RMB 10,125,525,000.00 and a total of 10,125,525,000 shares (par value: RMB 1 per share), including outstanding sharessubject to sales restrictions: 627,243,750 A shares, and outstanding shares not subject to sales restrictions: 9,498,281,250 A shares. Shares of the Company were listed for trading at Shenzhen Stock Exchange on November 2, 2010.The Company operates in the petrochemical fiber industry. Business scope: manufacturing and processing ofpolyester yarn and chemical fabric, processing of paper products, sales of light textile raw materials and products,hardware, chemical products and raw materials (other than hazardous chemicals and precursor chemicals), industrial investment, warehousing services of ordinary goods (excluding dangerous goods), road cargo transportation (operation with a valid license), import and export business. (Business activities subject to the approval shall be carried out upon approval by relevant departments according to law.) Main products include oil refining products, chemical products, PTA, polyester chip, polyester yarn and film, and so forth.The financial statements were approved for publication at the 19th meeting of the 6th session of the Board ofDirectors of the Company on August 27, 2024.IV. Preparation Basis of Financial Statements
1. Preparation basis
The financial statements of the Company are prepared on a going concern basis.
2. Going concern
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 EstimatesTips for specific accounting policies and accounting estimates:
Important tips: According to the actual production and operation characteristics, the Company has formulated specific accounting policies and accounting estimates for transactions or events such as impairment of financial instruments, inventory, construction in progress, depreciation of fixed assets, intangible assets and revenue recognition.
1. Statement of compliance with the Accounting Standards for Business EnterprisesThe financial statements prepared by the Company comply with the requirements of the Accounting Standards forBusiness Enterprises, which truthfully and completely reflect the Company's financial position, business achievements, cash flow and other relevant information.
2. Accounting period
The accounting year is the calendar year from January 1 to December 31.
3. Operating cycle
The business cycle of the Company is short, and 12 months is taken as the liquidity division standard of assets andliabilities.
4. Recording currency
The Company and its domestic subsidiaries adopt RMB as the recording currency, while overseas subsidiaries such as Hong Kong Sheng Hui Co., Ltd., Hong Kong Yisheng Dahua Petrochemical Co., Ltd., Yisheng New Materials Trading Co., Ltd., Rongsheng Petrochemical (Hong Kong) Co., Ltd., Rongsheng Petrochemical (Singapore) Private Co., Ltd., Rongtong Logistics (Singapore) Private Co., Ltd., and Zhejiang Petroleum & Chemical (Singapore)Private Co., Ltd. engaging in overseas operations, choose the currency in the main economic environment where they operate as the recording currency.
5. Determination method and selection basis of importance standard
?Applicable □ Not applicable
| Item | Importance standard |
| Important Advance payments with the aging more than 1 year | The Company recognizes prepayments with a single prepayment amount exceeding 0.5% of total assets as important prepayments. |
| Important construction in progress | The Company recognizes construction in progress with a single amount exceeding 0.5% of total assets as important construction in progress. |
| Important accounts payable with the aging more than 1 year | The Company recognizes accounts payable with a single amount exceeding 0.5% of total assets as important accounts payable. |
| Important other payable with the aging more than 1 year | The Company recognizes other payables with a single amount exceeding 0.5% of total assets as important other payables. |
| Important contractual liabilities with the aging more than 1 year | The Company recognizes contract liabilities with a single contract liability amount exceeding 0.5% of total assets as important contract liabilities. |
| Important cash flows from investing activities | The Company recognizes cash flows from investing activities with a single cash flow amount exceeding 0.5% of total assets as important cash flows from investing activities. |
| Important non-wholly owned subsidiary | The Company recognizes subsidiaries with total single assets exceeding 3% of total assets as important non-wholly owned subsidiaries. |
| Important joint ventures | The Company recognizes joint ventures with single investment book value exceeding 0.5% of the Company's total assets as important joint ventures. |
| Important commitments | The Company recognizes commitments with a single amount exceeding 3% of total assets or other matters that have a significant impact on investors' decisions as important commitments. |
| Important contingencies | The Company recognizes contingencies with a single amount exceeding 3% of total assets or other matters that have a significant impact on investors' decisions as important contingencies. |
| Important post-balance sheet events | The Company recognizes the profit distributions after the balance sheet date and other matters that have a significant impact on investors’ decisions as important post-balance sheet events. |
6. Accounting methods for business combinations under the same control and not under the same control
1. Accounting methods for business combinations under the same control
The assets and liabilities acquired by the Company in business combination shall be measured according to the book value of the combined party in the consolidated financial statements of the final controlling party on the date of combination. The Company shall adjust the capital reserve according to the difference between the book valueshare of the owner's equity of the combined party in the consolidated financial statements of the final controllingparty and the book value of the consolidated consideration paid or the total face value of the issued shares; If the capital reserve is not sufficient for offsetting, the adjustment is made to retained earnings.
2. Accounting methods for business combinations not under the common control
On the purchase date, the difference between the combined cost and the fair value share of the identifiable net assets of the acquiree obtained in the merger is recognized as goodwill. If the combined cost is less than the fair value share of the identifiable net assets of the acquiree obtained in the combination, first, the fair value of identifiable assets, liabilities and contingent liabilities of the acquiree and the measurement of combined cost are reviewed. If the combined cost is still less than the fair value share of identifiable net assets of the acquiree obtained in the merger after review, the difference is included in the current gain and loss.
7. Judgement standard of control and preparation method of consolidated financial statements
1. Judgement of control
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.
2. Preparation method for consolidated financial statements
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.
8. Classification of joint arrangement and accounting methods for joint operation
1. The joint arrangement is divided into joint operation and joint venture.
2. When the Company is a party to a joint operation, the following items are recognized in relation to the share of interest in the joint operation:
(1) Recognition of assets held individually and assets held jointly on a holding share basis;
(2) Recognition of liabilities assumed individually and liabilities assumed jointly on a holding share basis;
(3) Recognition of revenue from the sale of the Company's share of common operation output;
(4) Recognition of income from joint operations arising from the sale of assets based on the Company's shareof ownership;
(5) Recognition of expenses incurred separately and recognition of expenses incurred in joint operations based on the Company's share of ownership.
9. Recognition standard for cash and cash equivalents
Cash listed in the statement of cash flows refers to cash on hand and deposits that can be used for payment atany 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.
10. Foreign currency business and translation of foreign currency statements
1. Translation of foreign currency business
In foreign currency transactions, the spot exchange rate at the transaction date shall be adopted at the initial recognition to convert the foreign currency into the amount of RMB. On the balance sheet date, the monetary itemsdenominated in foreign currencies are translated at the spot exchange rate on the balance sheet date. The exchange differences arising from the exchange rate are included in current gain and loss except for the exchange difference between the principal and interest of foreign currency-specific borrowings related to the acquisition and construction of assets eligible for capitalization. The foreign currency non-monetary items measured at historical cost are still translated at the spot exchange rate at the transaction date, and their RMB amount shall not be changed. Foreign currency non-monetary items measured at fair value are translated at the spot exchange rate at the determination date of fair value, and the exchange differences are included in current gain and loss or other comprehensive income.
2. Translation of foreign currency financial statements
Items of assets and liabilities in the balance sheet are translated at the spot exchange rate prevailing on the balance sheet date. Except for the "undistributed profit" item, other items of owner's equity are translated at the spot exchange rate at the transaction date. Income and expense items in the income statement are translated at the approximate spot exchange rate at the transaction date. The converted difference in foreign currency financial statementsarising from the above translations is included in other comprehensive income.
11. Financial instruments
1. Classification of financial assets and financial liabilities
At initial recognition, financial assets are classified into the following three categories: (1) financial assets atamortized cost; (2) financial assets at fair value through other comprehensive income; and (3) financial assets at fair value through gain and loss.
At initial recognition, financial liabilities are classified into four categories: (1) financial liabilities at fair value through gain and loss; (2) financial liabilities that are formed since the transfer of financial assets do not complywith the conditions for derecognition or continue to involve in the financial assets to be transferred; (3) financial guarantee contracts not falling under the above (1) or (2), and loan commitments not falling under the above (1) andlending at a rate lower than the market interest rate; (4) financial liabilities at amortized cost.
2. Recognition basis, measurement methods and derecognition conditions for financial assets and financial 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 gain and loss, the transaction expenses thereof shall be directly recorded in current gain and loss. For other categories of financial assets or financial liabilities, the related transaction expenses are included in the initial recognition amount. However, if the accounts receivable initial
ly 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
1) Financial assets measured at the amortized cost are subsequently measured with the amortized cost by means of effective interest method. Gains or losses arising from financial assets measured at amortized cost and not part of any hedging relationship are included in current gain and loss upon derecognition, reclassification, amortization under the effective interest method or recognition of impairment.
2) Debt instrument investments at fair value through other comprehensive income
They are subsequently measured at fair value. Interest, impairment losses or gains and exchange gains and losses calculated by the effective interest method are included in current gain and loss, and other gains or losses are included in other comprehensive income. Upon derecognition, the accumulated gain or loss previously included in other comprehensive incomes is transferred from other comprehensive incomes and included in the current gain andloss.
3) Equity instrument investments at fair value through other comprehensive income
They are subsequently measured at fair value. Dividends obtained (except those falling under the recovery ofinvestment costs) are included in current gain and loss, and other gains or losses are included in other comprehensive income. Upon derecognition, the accumulated gain or loss previously included in other comprehensive incomesis transferred out from other comprehensive incomes and included in retained earnings.
4) Financial assets at fair value through gain and loss
They are subsequently measured at fair value, and the resulting gains or losses (including interest and dividend income) are included in current gain and loss, unless the financial asset is part of the hedging relationship.
(3) Subsequent measurement method for financial liabilities
1) Financial liabilities measured with fair value and with the changes included in current profit and loss, including the trading financial liabilities (including derivative instruments belonging to financial liabilities) and the financial liabilities measured with fair value and with the changes included in current profit and loss. Such financial liabilities are subsequently measured at fair value. Change in fair value of financial liability designated to be measured at fair value through gain and loss due to change in the Company's own credit risk is included in other comprehensive income, unless the treatment will cause or expand the accounting mismatch in gain and loss. Other gains or losses arising from such financial liabilities (including interest expenses, except changes in fair value caused by changes in the own credit risk) are included in current gain and loss, unless the financial liabilities are part of the hedging relationship. Upon derecognition, the accumulated gain or loss previously included in other comprehensive incomes is transferred out from other comprehensive incomes and included in retained earnings.
2) Financial liabilities that are formed since the transfer of financial asset does not comply with the conditions for derecognition or continue to involve in the financial assets to be transferredThey are measured pursuant to relevant provisions under Accounting Standards for Business Enterprises No. 23—Transfer of Financial Assets.
3) Financial guarantee contracts that do not fall under 1) or 2) above, and loan commitments that do not fall under 1) above and are loaned at a rate below the market interest rate, are subsequently measured after initial recognition according to the higher one of the following: ① the amount of loss reserve determined in accordance with the impairment provisions of financial instruments; ② the remaining amount after the determined accumulative amortization amount is deducted from the initially recognized amount in accordance with relevant provisions of the Accounting Standards for Business Enterprises No.14—Revenue.
4) Financial liabilities at amortized cost
They are measured at amortized cost under the effective interest method. Gains or losses arising from financial liabilities measured at amortized cost and not part of any hedging relationship are included in current gain and loss when derecognized and amortized under the effective interest method.
(4) Derecognition of financial assets and financial liabilities
1) The Company will derecognize the financial assets when one of the following conditions are met:
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. 2) When the current obligations of financial liabilities (or part thereof) have been discharged, the recognition ofthe financial liabilities (or part thereof) shall be terminated accordingly.
3. Recognition basis and measurement method for transfer of financial assets
Where the Company transfers almost all risks and returns related to the ownership of the financial assets transferred, these financial assets will be derecognized, and the rights and obligations that occurred or were retained during the transfer are separately recognized as assets or liabilities. Where almost all risks and rewards on the ownership of financial assets are retained, the transferred financial assets shall continue to be recognized. Where the Company has neither transferred nor retained any risk and reward relating to the ownership of the financial assets, it shall be disposed of in the following conditions: (1) where the control over the financial asset is not retained, the recognition of the financial asset shall be terminated, and the rights and obligations arising or retained in the transfer 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 gain and loss: (1) the book value of the transferred financial assets on the date of derecognition; (2) the sum of the consideration received from the transfer of financial assets and the amount of the derecognized part in a cumulative amount of change in fair value which is originally included in other comprehensive income (the financial assets involved in the transfer are debt instrument investments at fair value through other comprehensive income). A part of financial assets is transferred, and if the transferred part meets the conditions for derecognition entirely, the book value of the whole financial asset before transfer shall be allocated between the derecognized part and the continued recognition part according to their relative fair values on the transfer date, and the difference between the following two amounts shall be included in current gain and loss: (1) the book value of the derecognized part; (2) the sum of the consideration of the derecognized part and theamount 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).
4. Methods for determination of the fair value of financial assets and financial liabilities
When determining the fair value of related financial assets and financial liabilities, the Company adopts the valuation technique applicable in the prevailing circumstance and supported by sufficient available data and other information. The Company classifies the input values used by the valuation technique as the following tiers and uses them in turns:
(1) Tier 1 input value refers to the unadjusted quotations of the same assets or liabilities in an active marketwhich can be obtained on the measurement date;
(2) Tier 2 input value refers to them directly or indirectly observable input value of relevant assets or liabilities apart from Tier 1 input value, including: quotations of similar assets or liabilities on an active market; quotations of identical or similar assets or liabilities in markets that are not active; observable input values other than quotat
ions, such as interest rates and yield curves that are observable during normal quotation intervals; input values formarket validation, etc.; (3) Tier 3 input value refers to the unobservable input value of relevant assets or liabilities, including the volatility of interest rate and stock that cannot be directly observed or cannot be verified by observable market data, the future cash flows of the disposal obligations assumed in the business combination, financial forecasts made using its own data, etc.
5. Impairment of financial instruments
On the basis of expected credit loss, for financial assets at amortized cost, debt instrument investments at fairvalue through other comprehensive income, contract assets, lease receivables, loan commitments classified as financial liabilities at fair value through gain and loss, financial guarantee contracts that do not belong to financial liabilities at fair value through gain and loss or financial liabilities formed by the transfer of financial assets that do not meet the conditions for derecognition or continue to be involved in the transferred financial assets shall be impaired and loss reserve shall be recognized.Expected credit loss refers to the weighted average of credit losses of financial instruments weighted by the risk of default. Credit loss refers to the difference between all contract cash flow receivables according to the contract, and all cash flows expected to be collected, that is, the present value of all cash shortages. The financial assets purchased or generated by the Company that have suffered credit impairment are discounted according to the credit-adjusted effective interest rate of the financial assets.
For the purchased or originated financial assets with credit impairment, the Company only recognizes the cumulative change of expected credit loss in the whole existence period after initial recognition as the loss reserve onthe balance sheet date.
For lease receivables, and the receivables and contract assets arising from transactions as stipulated under the Accounting Standards for Business Enterprises No. 14—Revenue, the Company uses simplified measurement methods to measure the loss reserve according to the expected credit loss amount equivalent to the whole duration.
For financial assets other than the above measurement methods, the Company assesses whether its credit riskhas increased significantly since initial recognition on each balance sheet date. If the credit risk has increased significantly since the initial recognition, the Company shall measure the loss reserve according to the amount of expected credit loss during the whole existence period. If the credit risk has not increased significantly since the initial recognition, the Company shall measure the loss reserve according to the amount of expected credit loss of the financial instrument in the next 12 months.
The Company uses available reasonable and based information, including forward-looking information, to determine whether the credit risk of financial instruments has increased significantly since the initial recognition by comparing the default risk of financial instruments on the balance sheet date with the default risk on the initial recognition date.
On the balance sheet date, if the Company judges that the financial instrument only has low credit risk, it is assumed that the credit risk of the financial instrument has not increased significantly since the initial recognition.
The Company evaluates the expected credit risk and measures the expected credit loss on the basis of a single financial instrument or combination of financial instruments. When based on the portfolio of financial instruments, the Company divides the financial instruments into different portfolios according to the common risk characteristics.
The Company re-measures the expected credit loss on each balance sheet date, and the resulting increase or reversal of the loss reserve is included in the current gain and loss as impairment loss or profit. For financial assetsat 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 rec
ognized in other comprehensive income by the Company instead of offsetting the book value of the financial assets.
6. Offset of financial assets and financial liabilities
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 listedin 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.
12. Contract assets
The Company presents contract assets or liabilities in the balance sheet based on the relation between performance obligation and customer payment. The Company will record the net amount of contract assets and contract liabilities under the same contract after they are set off against each other. The Company records the right to receiveconsideration from customers unconditionally (i.e., only depending on the time lapses) as the receivables, and presents the right to receive consideration when goods have been transferred to the customers, which depends on otherfactors other than the time lapses, as contract assets. 1. Accounts receivable and contract assets with expected credit losses provided by portfolio of credit risk characteristics
| Portfolio category | Basis for determining portfolios | Method for measuring expected credit loss |
| Banker's acceptance receivables | Type of notes | With reference to historical credit loss experience and in combination with the current situation and the forecast of future economic conditions, the expected credit loss is calculated through default risk exposure and the expected credit loss rate in the whole duration |
| Commercial acceptance bill receivables | ||
| Accounts receivable - aging portfolio | Aging | With reference to historical credit loss experience and in combination with the current situation and the forecast of future economic conditions, the comparison table between the aging of accounts receivable and the expected credit loss rate is compiled to calculate the expected credit loss |
| Accounts receivable - trade accounts portfolio of overseas subsidiaries | Nature of account | With reference to historical credit loss experience and in combination with the current situation and the forecast of future economic conditions, the expected credit loss is calculated through default risk exposure and the expected credit loss rate in the whole duration |
| Accounts receivable - Related party dealings portfolio within the scope of consolidation | Related parties within the scope of consolidation [note] | |
| Other receivables - Related party dealings portfolio within the scope of consolidation | Related parties within the scope of consolidation [note] | With reference to historical credit loss experience and in combination with the current situation and the forecast of future economic conditions, the expected credit loss is calculated through default risk exposure and the expected credit loss rate in the next 12 months or the whole duration. |
| Other receivables - borrowing margin portfolio | Nature of account | |
| Other receivables - government receivables portfolio | ||
| Other receivables - futures margin portfolio |
| Other receivables - paper goods transaction settlement portfolio |
| Other receivables - deposit and margin receivables portfolio |
| Other receivables - reserve fund receivables portfolio |
| Other receivables - current account portfolio |
[Note]: Related parties of the Company and within the scope of consolidated financial statements
2. Comparison table between aging of aging portfolio and expected credit loss rate
| Aging | Accounts receivable Expected credit loss rate (%) |
| Within 1 year (included, the same below) | 5 |
| 1-2 year(s) | 10 |
| 2-3 years | 30 |
| Above 3 years | 100 |
The age of accounts receivable is calculated from the month in which the payment is actually made.
3. Criteria for identifying accounts receivable and contract assets with expected credit losses provided by a single basis
For accounts receivable and contract assets with credit risk significantly different from the portfolio credit risk, the Company makes provisions for expected credit losses by a single basis.
13. Inventories
1. Classification of inventories
Inventories include finished products or commodities held for sale in daily activities, products in the processof production, materials and supplies consumed in the process of production or providing labor services.
2. Valuation method for delivered inventories
Inventories delivered shall be weighted average at the end of each month.
3. Inventory system of inventories
The perpetual inventory system is adopted for inventories.
4. Amortization method for low-value consumables and packaging materials
(1) Low-value consumables
Low-value consumables are amortized using the one-off amortization method.
(2) Packages
Low-value consumables are amortized using the one-off amortization method.
5. Recognition standard and accrual method of inventory falling price reserves
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. Thenet realizable value of inventory directly used for sale will be determined by the amount of the estimated selling price of the inventory minus the estimated sales expenses and related taxes. For inventories that need to be processed, the net realizable value shall be determined in the normal production and operation process by subtracting the estimated selling price of finished products produced from the estimated cost to be incurred when completion, the estimated sales expenses and relevant taxes and fees. On the balance sheet date, if a part of the same inventory has a
contract price agreement and other parts do not have a contract price, the net realizable value shall be determined respectively, and the corresponding cost shall be compared to determine the accrual or reversal amount of inventory depreciation reserve respectively.
14. Long-term equity investment
1. Judgment of joint control and significant influence
Joint control refers to the shared control over a certain arrangement according to the relevant agreement, andthe activities under such arrangement are subject to approval by the parties sharing the control power. Significant influence refers to that one party has the power to participate in the decision-making of financial and operating policies of the investee but is unable to control or jointly control these policies with other parties.
2. Determination of investment cost
(1) For business combination under the same control, where the combining party uses cash payment, transferof non-cash assets, assumption of debts or issuing of equity securities as combination consideration, the share of owner's equity of the combined party acquired in the book value of total owner's equity in consolidated financial statements of the ultimate controller on the combination date shall be identified as the initial investment cost of long-term equity investment. The difference between the initial investment cost of long-term equity investment and thebook value of the combination consideration paid or the par value of the issued shares is adjusted against the capital reserve. If the capital reserve is not sufficient for offsetting, the adjustment is made to retained earnings.
For the long-term equity investments formed through business combination under the same control] and implemented through multiple transactions step by step by the Company, it is a must to judge whether they are “package deals”. If they are package deals, each deal is regarded as a deal to obtain control right for accounting treatment.If it is not a package deal, on the date of combination, the share of the book value of net assets of the combined party that should be enjoyed after combination in the consolidated financial statements of the ultimate controller, is recognized as an initial investment cost. The difference between the initial investment cost of long-term equity investment on the date of combination and the sum of the book value of long-term equity investment before the 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 combination considerationpaid on the combination date is recorded as the initial investment cost of long-term equity investment.
For the long-term equity investments formed through business combination not under the same control and implemented through multiple transactions step by step by the Company, the accounting treatment is different in unconsolidated financial statements and consolidated financial statements:
1) In individual financial statements, the initial investment cost of long-term equity investment accounted using the cost method is measured at the sum of the book value of equity investment originally held and investment cost additionally paid.
2) In consolidated financial statements, 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. Suppose these transactions are not "package deals", the equities of the acquiree held before the purchase date shall be re-measured at fairvalue at the purchase date. The difference between the fair value and its book value shall be recognized as currentinvestment income. In case the equity of the acquiree held before the purchase date involves other comprehensiveincome 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 netdefined 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 debtrestructuring, 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.
3. Methods for subsequent measurement and gain and loss recognition
The long-term equity investment in the invested entity under its control will be accounted for through the cost method; long-term equity investment in associated enterprises and joint ventures is accounted for under the equitymethod.
4. Treatment methods for investments in subsidiaries through multiple deals step by step until control losing
(1) Judgment principle for whether a "package deal" or not
If the equity investment in the subsidiary is disposed of step by step through multiple transactions until it loses control, the Company will judge whether the step-by-step transaction is a "package deal" by combining the terms of the transaction agreement, the disposal consideration obtained separately, the object of equity sale, the disposal method and the disposal time in each step of the step-by-step transactions. The terms, conditions and economic impact of each transaction meet one or more of the following conditions, which usually indicates that multiple transactions are "package deals":
1) These transactions were concluded at the same time or under the consideration of mutual impact;
2) These transactions as a whole can achieve a complete business result;
3) The occurrence of a transaction depends on the occurrence of at least one other transaction;
4) A transaction is uneconomical when viewed alone, but it is economical when considered together with other transactions.
(2) Accounting treatment for non-"package deals"
1) Individual financial statements
For disposal of equity, the difference between book value and the actual price of the acquisition shall be recorded into current gain and loss. For the remaining equity, if the investor still has significant influence over the investee or imposes joint control with other parties, it is accounted for by the equity method; In case of failure to control, jointly control or significantly influence the investee, it shall be calculated in accordance with the provisions of the Accounting Standards for Business Enterprises No. 22—Recognition and Measurement of Financial Instruments.
2) Consolidated financial statements
Before losing control, the capital reserves (capital premium) are adjusted at the difference between the disposal cost and the share in net assets of subsidiaries calculated continuously from the acquisition date or combinationdate corresponding to the disposal of long-term equity investment; if the capital premium is not sufficient to be offset, retained earnings are offset.
When losing control over a former subsidiary, the remaining equity is re-measured at the fair value on the date of control loss. The balance of the sum of the consideration received through the disposal of equity and the fair value of the remaining equity after deducting the entitled share of net assets continuously calculated at the original shareholding ratio from the purchase date or the date of combination in the subsidiary is recognized in the investment income for the period during which the control is lost, and is written off against goodwill. Other comprehensive income related to equity investment in the former subsidiary is transferred into return on investment for the periodduring which the control is lost.
(3) Accounting treatment for "package deals"
1) Individual financial statements
Each deal is considered as a deal for the disposal of the subsidiary and losing control of accounting treatment. However, the difference between the disposal cost of each deal before losing the control and the book value of long-term equity investment corresponding to the disposal investment is recognized as other comprehensive income in individual financial statements, and when the control is lost, transferred together into gain and loss for the periodduring which the control is lost.
2) Consolidated financial statements
Each deal is considered as a deal for the disposal of the subsidiary and losing control of accounting treatment.However, the difference between the disposal cost of each deal before losing the control and the entitled share ofnet assets of the subsidiary corresponding to the disposal investment is recognized as other comprehensive income in consolidated financial statements, and when the control is lost, transferred together into gain and loss for the period during which the control is lost.
15. Investment properties
Measurement model of investment propertiesMeasurement by the cost methodDepreciation or amortization methods
1. Investment properties of the Company include the land use rights leased and held for sale after appreciation, and leased buildings.
2. Investment properties are initially measured by cost and subsequently measured by the cost model, with itsdepreciation or amortization conducted by the same methods for fixed assets and intangible assets.
16. Fixed 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
| Category | Depreciation method | Depreciable life (years) | Residual value rate | Annual depreciation rate |
| Housing and buildings | Straight-line depreciation method | 5-30 | 5 or 10 | 19.00-3.00 |
| Machinery and equipment | Straight-line depreciation method | 10-15 | 5 or 10 | 9.50-6.00 |
| Transportation facilities | Straight-line depreciation method | 4-5 | 5 or 10 | 23.75-18.00 |
| Other equipment | Straight-line depreciation method | 3-10 | 5 or 10 | 31.67-9.00 |
17. Construction in progress
1. Construction in progress is able to be recognized only when related economic benefits are very likely to flow into the Company, and its costs can be measured reliably. Construction in progress is measured at the actual costincurred before such asset is ready for the intended use.
2. Construction in progress is carried forward to fixed assets based on actual costs of the project when it is 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 shallbe adjusted based on actual costs.
| Category | Standards and timing for carrying forward construction in progress to fixed assets |
| Housing and buildings | The main project and supporting projects have been substantially completed and the engineering has met the predetermined design requirements, and has been accepted by the survey, design, construction, supervision and other units. |
| Machinery and equipment | After installation and commissioning, it meets the design requirements or the standards specified in the contract |
18. Borrowing costs
1. Recognition principle of the capitalization of borrowing costs
Where the borrowing costs incurred to the Company can be directly attributable to the acquisition and construction or production of a qualifying asset for capitalization, it shall be capitalized and recognized as costs of relevant assets; Other borrowing costs shall be recognized as an expense when they are incurred and included in current gain and loss.
2. Capitalization period of borrowing costs
(1) Capitalization begins when the borrowing cost meets the following conditions: 1) asset expenditure has been incurred; 2) the borrowing costs have been incurred; 3) the acquisition, construction or production activities necessary to bring the asset to its intended use or sales have been initiated.
(2) Where the acquisition and construction or production process of assets eligible for capitalization are interrupted abnormally and the interruption period lasts for more than 3 months, the capitalization of the borrowing costs shall be suspended. The borrowing costs incurred during such period shall be recognized as expenses of the current period until the asset's acquisition and construction or production activity restarts.
(3) Capitalization of borrowing costs should be stopped when assets eligible for capitalization are purchased,built or produced to the intended usable or saleable state.
3. Capitalization rate and capitalization amount of borrowing costs
In case of special borrowing for the acquisition & construction or production of assets eligible for capitalization conditions, interest income to be capitalized shall be recognized after deducting the bank interests for the unused portion or the investment income for short-term investment from the interest costs (including recognized depreciation or amortization of premium under effective interest method) actually occurred in the current period of specific borrowing. Where a general borrowing is used for the acquisition, construction, or production of assets eligible for capitalization, it shall determine the capitalization amount of interests on the general borrowing by multiplyingthe 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.
19. Intangible assets
(1) Service life and its determination basis, estimation, amortization method or review procedure
1. Intangible assets include land use rights, patented technology and management software, and so on, whichare initially measured according to cost.
2. Any intangible asset with a limited service life shall be amortized in a systematic and rational manner based on the expected realization method of economic benefits related to it within its service life; where the expected realization method cannot be confirmed reliably, the straight-line method shall be adopted. Details are as follows:
| Item | Service life and its determination basis | Amortization method |
| Land-use right | 15-50 years, registration period of land use right certificate | Straight-line method |
| Know-how | 6-10 years, expected income period | Straight-line method |
| Management software | 5-10 years, expected income period | Straight-line method |
| Pollution dumping right | 5-20 years, registration period of the certificate | Straight-line method |
| Sea area use right | 1-50 years, registration period of the certificate | Straight-line method |
(2) Collection scope of R&D expenditure and related accounting treatment methods
(1) Personnel labor expenses
Personnel labor expenses include the Company's R&D personnel's wages and salaries, basic pension insurance premiums, basic medical insurance premiums, unemployment insurance premiums, work-related injury insurance premiums, maternity insurance premiums and housing provident fund, as well as the labor costs of external R&Dpersonnel.
If R&D personnel serve on multiple R&D projects at the same time, the labor expenses shall be identified based on the working time records of the R&D personnel for each R&D project provided by the Company's management department and allocated proportionally among the different R&D projects.
For personnel directly engaged in R&D activities and external R&D personnel who are also engaged in non-R&D activities, the Company will allocate the actual labor expenses incurred in different positions between R&Dexpenses and production and operating expenses based on reasonable methods such as the proportion of actual working hours.
(2) Direct investment expenses
Direct investment expenses refer to the actual expenses incurred by the Company in implementing R&D activities. Including: 1) directly consumed materials, fuel and power costs; 2) R&D and manufacturing costs of molds and process equipment used for intermediate tests and product trials, purchase costs of samples, prototypes and general testing means that do not constitute fixed assets, and inspection costs of trial products; 3) operating maintenance, adjustment, inspection, testing, and repair of instruments and equipment used in R&D activities.
(3) Depreciation expenses
Depreciation expenses refer to the depreciation of instruments, equipment and buildings used for R&D activities.
For instruments, equipment and buildings in use that are used for R&D activities and are also used for non-R&D activities, necessary records shall be made on the use of such instruments, equipment and buildings, and the actual depreciation incurred shall be allocated between R&D expenses and production and operating expenses using a reasonable method based on factors such as actual working hours and area used.
(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.
Expenses incurred for routine tooling preparation and industrial engineering for large-scale batch and commercial production are not included in the collection scope.
(7) Commissioned external R&D expenses
Commissioned external R&D expenses refer to the expenses incurred when the Company entrusts other domestic or foreign institutions or individuals to carry out R&D activities (the results of the R&D activities are owned by the Company and are closely related to the Company's main business operations).
(8) Other expenses
Other expenses refer to other expenses directly related to R&D activities, including technical book and material fees, material translation fees, expert consultation fees, high-tech R&D insurance premiums, retrieval, demonstration, review, appraisal, and acceptance fees of R&D results, application fees, registration fees, agency fees for intellectual property rights, conference fees, travel expenses, communication expenses, etc.
4. The expenses for the internal R&D projects at the research stage are accounted into the current profits andlosses in occurrence. The expenses for the internal R&D projects at the development stage can be recognized as intangible assets only when meeting the following conditions: (1) Technically feasible to complete the intangible assets, so that they can be used or sold; (2) With the intention to complete, use or sell the intangible assets; (3) Waysof intangible assets to generate economic benefits, including those can prove that the products generated by the intangible assets can be sold or the intangible assets themselves can be sold and prove that the intangible assets to beused internally are useful; (4) With the support of adequate technical and financial and other resources to complete the development of the intangible assets and with the ability to use or sell the intangible assets; (5) The expenses attributable to the development stage of the intangible assets can be measured reliably.
20. Impairment of long-term assets
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.
21. Long-term deferred expenses
Long-term deferred expenses refer to all expenses that have been paid and have an amortization period of more than one year (excluding one year). Long-term deferred expenses are recorded at the actual incurred amount and amortized on an average basis by stages over the beneficial period or prescribed period. In case that long-term deferred expense items cannot benefit the future accounting periods, the amortized value of such unamortized items shall be fully transferred into the current gain and loss.
22. Contract liabilities
The Company presents contract assets or liabilities in the balance sheet based on the relation between performance obligation and customer payment. The Company will record the net amount of contract assets and contract liabilities under the same contract after they are set off against each other.
The Company presents the obligation to transfer goods to the customer for considerations received or receivable from the customer as a contract liability.
23. Employee remuneration
(1) Accounting treatment method for short-term remuneration
The actual short-term remuneration in the accounting period when employees offer services for the Companywill be recognized as liabilities and included in current gain and loss or relevant asset cost.
(2) Accounting treatment method of post-employment benefits
Post-employment benefits are divided into defined contribution plans and defined benefit plans.
(1) Recognize the amount payable calculated according to the defined contribution plan in the accounting period when the employees provide services for the Company as the liabilities and include in current profits and losses or related asset costs.
(2) The accounting treatment for a defined benefit plan generally includes the following steps:
1) In accordance with the projected unit credit method, demographic and financial variables are estimated using unbiased and consistent actuarial assumptions, the obligations arising from the defined benefit plan are measured, and the period for the relevant obligation is determined. In the meantime, the obligations arising from the defined benefit plan are discounted to determine the present value and current cost of service of the defined benefit plan.
2) Where the defined benefit plan involves any assets, the deficit or surplus resulting from the present value of obligations in the defined benefit plan minus the fair value of assets shall be recognized as net liabilities or net assets of the defined benefit plan. Where the defined benefit plan has any surplus, the Company will measure the net assets of the defined benefit plan based on the surplus or asset limit of the defined benefit plan (whichever is the lower);
3) At the end of the period, the Company shall recognize the cost of employee remuneration as cost of service, the net interest of net liabilities or net assets of the defined benefit plan and changes arising from the re-measurement of net liabilities or net assets of the defined benefit plan, in which the cost of service and net interest of net liabilities or net assets of the defined benefit plan are recorded in the current gain and loss or relevant asset cost, changes arising from the re-measurement of net liabilities or net assets of the defined benefit plan are recorded in other comprehensive incomes and is not allowed to be carried back to gains or losses during the subsequent accountingperiod, but the amounts recognized in other comprehensive incomes can be transferred within the equity scope.
(3) Accounting treatment method for dismissal benefits
Where dismissal benefits are provided to employees, liabilities in employee remuneration are recognized andincluded in the current gain and loss when: (1) the Company is not in a position to unilaterally withdraw dismissalbenefits provided under termination plans or layoff proposals; (2) when the Company recognizes the costs or expenses related to restructuring involving the payment of dismissal benefits.
(4) Accounting treatment method for other long-term employee benefits
Where the Company provides other long-term employee benefits for its employees and the employee reaches the conditions of the defined benefit plan, accounting treatment shall be adopted based on relevant provisions of the defined benefit plan. For long-term employee benefits other than the aforesaid ones, the accounting treatment should be conducted in accordance with relevant provisions of the defined benefit plan. In order to simplify relevant accounting treatments, the employee remuneration cost resulting from other long-term employee benefits shall be recognized as cost of service, the total net amount of component items, including net interest of net liabilities or net asset of other long-term employee benefits, as well as changes arising from re-measurement of net liabilities ornet asset of other long-term employee benefits and so on, is recorded in current gain and loss or relevant asset cost.
24. Estimated liabilities
1. As the obligations arising from contingencies such as external guarantees, litigation matters, product quality assurance, and loss-making contracts become current obligations of the company, the performance of such obligations is likely to result in the outflow of economic benefits from the company, and the amount of such obligationscan be measured reliably, the Company shall recognize such obligations as estimated liabilities.
2. The Company initially measures the estimated liabilities according to the best estimate of expenditures required to fulfill relevant current obligations and reviews the book value of the estimated liabilities on the balance sheet date.
25. Income
Disclosure of accounting policies adopted for revenue recognition and measurement according to business types
1. Revenue recognition principle
The Company assesses the contract from the commencement date of the contract and recognizes each individual performance obligation included by the contract, and determines whether each individual performance obligation will be fulfilled during a certain period or at a certain time point.
It will constitute performance of the obligation in a certain period of time if any of the following conditions are met; otherwise it will constitute performance of obligation at a certain time point: (1) the customer obtains and consumes economic benefits arising from contract performance by the Company; (2) the customer can control goods in progress during the process of contract performance by the Company; (3) goods arising from contract performance by the Company have irreplaceable purposes, and the Company is entitled to receive payment for accumulatively completed performance proportion to date throughout the contract term.
If the performance obligations are performed within the specified period, the Company will recognize the income within this period in accordance with the progress of the contract's performance. If the performance progresscannot 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 ofcontrol 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 objectof the goods to the customer, namely the customer has already obtained such goods in the material object; 4) the Company has already transferred the significant risk and consideration of the property in the goods to the customer,namely, the customer has already obtained the significant risk and consideration of the property in the goods; (5) the customer has accepted such goods; (6) other signs that indicate the customer has already obtained the control over goods.
2. Revenue measurement principles
(1) The income shall be measured by the Company according to the transaction price apportioned to each single performance obligation. Transaction price refers to the amount of consideration the Company expects to receive for the transfer of goods or services to the customer, but it does not include payments received on behalf of the third party or funds to be returned to the customer.
(2) In case of variable consideration in contract, the Company will determine the best estimate of variable consideration in line with the expected or most possible amount, but the transaction price that contains variable consideration will not exceed the amount of accumulated recognized income that is least likely to be reversed when relevant uncertainties are removed.
(3) If there is significant financing in the contract, the Company shall determine the transaction price according to the amount payable in cash when the client obtains control of the goods or services. The difference between the transaction price and contract consideration is amortized by the effective interest method during the term of thecontract. 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, thesignificant 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.
3. Specific methods for revenue recognition
The Company mainly sells oil refining products, chemical products, PTA, polyester chip, polyester yarn and film, and so forth, fulfilling its performance obligation at a certain time point. Proceeds from domestic sales are recognized when the Company has delivered the products to the buyer, the amount of product sales revenue has beendetermined, the payment for goods has been recovered, or the collection voucher has been obtained, and the relevant economic benefits are likely to flow in. Proceeds from overseas market sales are recognized when the Company has declared the products at the customs and obtained the bill of lading according to the contract, the amount of product sales revenue has been determined, the payment for goods has been recovered, or the collection voucher hasbeen obtained, and the relevant economic benefits are likely to flow in.
26. Contract costs
Where the incremental cost incurred by the Company to acquire the contract is expected to be recovered, it isrecognized in the form of contract acquisition cost as an asset. The contract acquisition cost for which the amortization period does not exceed one year shall be directly included in the current gain and loss as incurred.
The costs incurred by the Company for performing the contract, if not within the applicability scope of relevant standards relating to inventories, fixed assets or intangible assets, can be recognized as an asset within the contract performance cost if the following conditions are met:
1. The cost is related to a current contract or a contract to be obtained, including direct labor cost, direct material/manufacture cost (or similar costs), cost to be undertaken by the customer and other costs incurred under the contract;
2. The cost increases the resources available to the Company to fulfill performance duties in the future;
3. The costs are expected to be recovered.
Assets related to contract cost are amortized on the same basis as recognition of revenue of goods or servicesrelated to the asset and recognized in current gain and loss.
If the book value of assets relating to contract cost is higher than the remaining consideration expected to be obtained due to the transfer of goods or services relating to the assets minus the estimated cost to be incurred, the Company accrues impairment reserves for the excess portion and recognizes it as an asset impairment loss. If the factors causing the impairment of the prior period change and make the remaining consideration expected to be obtained due to the transfer of goods or services relating to the assets minus the estimated cost to be incurred higher than the book value of the asset, the withdrew asset impairment provision shall be reversed and recorded in the current gains or losses, but the book value of the asset after reversion shall not exceed the book value of the asset at thereversion date under the condition of not withdrawing the impairment provision.
27. Government grants
1. Government grants are recognized when both of the following conditions are met: (1) the Company is ableto meet the conditions attached to the government grants; (2) the Company can receive government grants. In thecase of a monetary asset, the government grantsshall be measured according to the amount received or accrued. Inthe 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.
2. Judgment basis and accounting method for asset-related government grants
Government grants that are required by government documents to be used for the acquisition or other formation of long-term assets are classified as asset-related government grants. If the government documents are not clear, judgment shall be made on the basis of the basic conditions that must be met to obtain the grants, and those thatare based on the acquisition, construction or other formation of long-term assets are treated as asset-related government grants. Government grants relating to the assets are either written off against the book value of the relevant assets or recognized as deferred income. The government grants recognized as deferred income shall be recorded in the gain and loss on a reasonable and systematic basis over the service life of relevant assets. The government grants measured according to notional amount shall be directly included in current gain and loss. If the relevant assethas been sold, transferred, retired or damaged before the end of the service life, the balance of the relevant deferred income that has not been allocated will be transferred into the current gain and loss of asset disposal.
3. Judgment basis and accounting method for income-related government grants
Government grants other than those related to assets will be classified into income-related government grants. For government grants that include both the asset-related and the income-related components, it is difficult to distinguish between government grants that are asset-related or income-related and such grants are generally classified as asset-related. Income-related government grants of the Company are used for compensation for relevant costs & expenses or losses in subsequent periods, which are recognized as deferred income, and recorded in current gain and loss or offset against relevant costs in the period of recognition of relevant costs, expenses or losses. Government grants for compensation for incurred relevant costs and expenses or losses are directly included in current gain and loss or offset against relevant costs.
4. The government grants related to the daily business activities of the Company shall be recorded into other incomes or written down related costs and expenses according to the economic and business nature. Government grants not related to the daily activities of the Company are recorded in non-operating incomes and expenses.
5. Accounting treatment method for policy-based preferential loans with discounted interest
(1) Where the Treasury disburses the discount interest funds to the lending bank, and the lending bank provides loans to the Company at preferential policy interest rates, the Company shall use the actual amount of loans received as the entry value, and calculate the borrowing costs based on the principal and the preferential policy interest rate.
(2) If the Treasury allocates the discount interest funds directly to the Company, the discount interest will beused to offset the borrowing costs.
28. Deferred income tax assets/deferred income tax liabilities
1. Depending on the difference between the book value and the tax base of assets or liabilities (the differencebetween 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.
2. Deferred income tax assets shall be recognized to the extent of probable taxable income used for deducting 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.
3. At the balance sheet date, the Company should recheck the book value of deferred income tax assets. If it is unlikely to obtain enough taxable income to offset gains generated from the deferred income tax assets, then it isnecessary to write down the book value of deferred income tax assets. If it is likely to obtain enough taxable income, the deducted amount shall be recovered.
4. The current income taxes and deferred income taxes of the Company are recorded as income tax expense or income in the current gains or losses, excluding income taxes arising from: (1) business combination; (2) transactions or events recognized directly in owner's equity.
5. When both following conditions are met, the Company will list the deferred income tax assets and deferred income tax liabilities as net amount after offset: (1) When the Company has the legal right to settle the income tax assets and income tax liabilities of the Company in the current period with net amount; and (2) the deferred income tax assets and deferred income tax liabilities are related to the income tax levied by the same tax collection and management department from the same subject of tax payment or from different subjects of tax payment but the subject of tax payment involved intends to settle the current income tax assets and current income tax liabilities with the net amount or obtain the assets and liquidate the liabilities simultaneously in each future important period when the deferred income tax assets and deferred income tax liabilities are written back.
29. Lease
(1) Accounting treatment method of lease as the lessee
On the commencement date of the lease term, the Company, as the lessee, recognizes the lease with a lease term of no more than 12 months and without the purchase option as a short-term lease; and recognizes the lease with lower value when a single leased asset is brand new as a low-value asset lease. In case of a sublease or expected sublease of lease asset, the original lease will not be deemed as a low-value asset lease.
For all short-term leases and low-value asset leases, the Company will recognize the lease payment in the relevant asset cost or current gain and loss under the straight-line method during each period of the lease term.In addition to the above short-term leases and low-value asset leases under simplified treatment, the Company recognizes the right-of-use assets and lease liabilities for the lease on the commencement date of the lease term.
(1) Right-of-use assets
The right-of-use assets shall be initially measured at cost. The cost includes: 1) the initial measurement amount of the lease liability; 2. the amount of lease payment made on or before the commencement date of lease term, net of the relevant amount of used lease incentives (if any); 3. the initial direct expenses incurred by the lessee; 4) expected cost to be incurred by the lessee for the purpose of disassembly and removal of lease assets, restoration ofthe 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. Whereit 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 certainthat the ownership of the leased assets can be obtained at the time the term of the lease expires, the Company shallaccrue 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 inthe lease, it will adopt the incremental borrowing rate as the discount rate. The difference between the lease payment and its present value is treated as unrecognized financing expenses, on which the interest expenses are recognized at the discount rate of the present value of the lease payment during each period of the lease term and included in the current gain and loss. The variable lease payments not included in the measurement of lease liabilities shall be included in current gain and loss when actually incurred.
After the inception of the lease, the Company measures lease liabilities again according to the present value of the lease payments after the change, and adjusts the book value of the right-of-use asset accordingly in case of changes in the actual fixed payment amount, the expected payable amount of the guarantee residual value, the indexor ratio used to determine the lease payment amount, the purchase option, and evaluation result or the actual exercise situation of the lease renewal option or the termination option. Where the book value of the right-of-use asset has been reduced to zero, but a further reduction is required for the lease liabilities, the remaining amount shall be included in the current gain and loss.
(2) Accounting treatment method of lease as the lessor
At the inception of the lease, a lease that transfers in substance almost all risks and rewards related to the ownership of leased assets is classified as a financing lease by the Company as the as lessor. Except for the financing lease, others are treated as the operating lease.
(1) Operating lease
During each period of the lease term, the Company recognizes the lease receipts as rental income under the straight-line method, and the initial direct costs incurred are capitalized and amortized on the same basis as the recognition of rental income, which is included in the current gain and loss by installment. Variable lease payments the Company acquired in connection with operating leases that are not included in the lease receipts are recognized inthe current gain and loss when actually incurred.
(2) Financing lease
At the inception of the lease, the Company recognizes the financing lease receivables based on the net lease investment (the sum of the unsecured residual value and the present value of the lease collection not received on the first date of the lease term and discounted at the interest rate implicit in the lease), and derecognizes the financing lease assets. During each period of the lease term, the Company calculates and recognizes the interest income atthe 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 gain and loss when actually incurred.
3. After-sale leaseback
(1) The Company as lessee
According to the Accounting Standards for Business Enterprises No.14-Revenue, the Company evaluates anddetermines 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) The Company as lessor
According to the Accounting Standards for Business Enterprises No.14-Revenue, the Company evaluates anddetermines 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.
30. Other significant accounting policy and accounting estimate
Accounting treatment methods related to repurchasing company's shares
If the Company's shares are purchased for reasons such as reducing the registered capital or rewarding employees, they shall be treated as treasury stock according to the actual amount paid and registered for future reference. If the repurchased shares are cancelled, the capital reserve will be offset by the difference between the total par value of the shares calculated according to the cancelled par value and the number of cancelled shares and the actualamount paid for the repurchase, and the retained earnings will be offset if the capital reserve is insufficient; If the repurchased shares are awarded to the employees of the Company as equity-settled shares, when the employees exercise the right to purchase the shares of the Company and pay the price, the cost of the treasury stocks delivered tothe employees and the accumulated amount of capital reserve (other capital reserve) during the waiting period willbe resold, and the capital reserve (equity premium) will be adjusted according to the difference.
31. Changes in significant accounting policies and accounting estimates
(1) Significant accounting policy changes
□ Applicable ? Not applicable
(2) Changes in significant accounting estimate
□ Applicable ? Not applicable
(3) The first implementation of the new accounting standards since 2024, and the first implementation of items related to the financial statements at the beginning of that year
□ Applicable ? Not applicable
32. Others
(1) Work safety cost
The work safety costs withdrawn by the Company in accordance with the Administrative Measures for the Collection and Utilization of Enterprise Work Safety Funds (CZ [2022] No. 136) promulgated by the Ministry of Finance and the Ministry of Emergency Management were charged to the costs of relevant products or current profits or losses and also to the "special reserve". In the case of using the withdrawn safety production costs, if they belong to cost expenditure, they shall directly offset the special reserves. Where a fixed asset is formed, the expenditures incurred shall be collected under the item “Construction in Progress” and shall be recognized as a fixed asset when the completed security project reaches the intended usable state. Moreover, the special reserves shall be written down upon the cost of the formed fixed assets, and the accumulated depreciation of the same amount shall be confirmed, and such fixed assets will not be depreciated in any following period.
(2) Segment report
The Company determines the operating segment on the basis of its internal organizational structure, management requirements, internal reporting system and so on. Operating segments refer to components within the Company satisfying all the following conditions:
1) It engages in business activities from which it may earn revenues and incur expenses;
2) The management can evaluate the operating results of such components on a regular basis, so as to decideto 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
1. Main tax categories and tax rates
| Tax category | Basis of taxation | Tax rate |
| Value-added tax | The value-added tax received is calculated on the basis of sales of goods and taxable service income calculated according to the tax law. After deducting the VAT paid allowed for the current period, the diffe | 13%, 9%, 6% [Note 1] |
| rence is VAT payable. | ||
| Consumption tax | Taxable sales (volume) | [Note 2] |
| Urban maintenance and construction tax | Actual payment of turnover tax | 7%, 5% |
| Enterprise income tax | Taxable income | [Note 3] |
| Property tax | The remaining value after deducting 30% from the original value of the property in one go for ad valorem collection; the rental income for rent based collection. | 1.2%, 12% |
| Education surcharge | Actual payment of turnover tax | 3% |
| Local education surcharge | Actual payment of turnover tax | 2% |
[Note 1] VAT is calculated and paid at the tax rate of 13% for goods sold. Rental income and sales of liquefied petroleum gas and steam shall be subject to VAT at the rate of 9%. Warehousing services and other businesses and interest income shall be subject to VAT at the rate of 6%. The policy of “tax exemption, credit and refund” is implemented for export goods, and the export tax rebate rate is 13%.[Note 2] Sales of fuel oil, diesel and aviation kerosene are subject to consumption tax at RMB 1.2/liter. Salesof gasoline and naphtha are subject to consumption tax at RMB 1.52/liter.[Note 3] Explanation for enterprise income tax rate of taxpayers at different tax rates
| Name of taxpayer | Income tax rate |
| Subsidiaries: Zhejiang Shengyuan Chemical Fiber Co., Ltd., Ningbo Zhongjin Petrochemical Co., Ltd., Yisheng Dahua Petrochemical Co., Ltd., Zhejiang Petroleum & Chemical Co., Ltd., Zhejiang Yongsheng Technology Co., Ltd. | 15% |
| Subsidiaries: Hong Kong Sheng Hui Co., Ltd., Hong Kong Yisheng Dahua Petrochemical Co., Ltd., Yisheng New Materials Trading Co., Ltd., Rongsheng Petrochemical (Hong Kong) Co., Ltd.， Rongsheng Petrochemical (Singapore) Pte. Ltd., Rongtong Logistics (Singapore) Pte. Ltd., and Zhejiang Petroleum & Chemical (Singapore) Pte. Ltd. | The tax shall be calculated and paid according to the relevant tax rates of the country and region where the business is located. |
| Subsidiaries: Rongxiang Chemical Fiber Co., Ltd., Rongsheng International Trade (Hainan) Co., Ltd., Dalian Zhejiang Yisheng New Materials Co., Ltd. and Zhejiang Rongyi Trading Co., Ltd., Zhejiang Rongyi Chemical Fiber Co., Ltd. | 20% |
| Other taxpayers other than the above | 25% |
2. Tax preference
1. According to requirements in the Notice on the Continuation of the Policy of Partial Consumption Tax onNaphth and Fuel Oil by the Ministry of Finance, People's Bank of China and State Taxation Administration (No. 87 [2011] of the Ministry of Finance), the Notice on Improving the Tax Refund Policy of Consumption Tax for Ethylene Aromatic Chemical Products from Naphth 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 Naphth 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 Naphth 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 theGeneral Administration of Customs), in the case that the production enterprise implementing the fixed-point direct supply plan and selling naphth and fuel oil within the planned quantity limit, with a Chinese anti-counterfeiting special VAT invoice with "DDZG" logo, it shall be exempted from consumption tax. The subsidiaries Ningbo Zhongjin Petrochemical Co., Ltd. and Zhejiang Petroleum & Chemical Co., Ltd. are qualified for the tax refund, and th
e preferential policy of refunding consumption tax paid in the procurement stage is applicable. Ningbo Zhongjin Petrochemical Co., Ltd. and Zhejiang Petroleum & Chemical Co., Ltd. implementing the fixed-point direct supply plan meet the above conditions, and the preferential policy of exemption from consumption tax on the sales stage isapplicable.According to the requirements of the Notice on Continuing the Increase of Refined Oil Consumption Tax bythe Ministry of Finance and State Administration of Taxation (No. 11 [2015] of the Ministry of Finance), the unitconsumption tax of diesel, aviation kerosene and fuel oil increase from RMB 1.1/L to RMB 1.2/L, and suspensionof 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.
2. According to the Announcement on Deepening the Reform of Value-added Tax of the Ministry of Finance,the State Administration of Taxation and the General Administration of Customs (Announcement No.39 of 2019 of the General Administration of Taxation of the Ministry of Finance) and the Announcement on Further Strengthening the Implementation of the Tax Refund Policy for Value-added Tax at the End of the Period of the Ministry of Finance and the State Administration of Taxation (Announcement No.14 of 2022 of the Ministry of Finance and theState Administration of Taxation), the tax refund system for value-added tax at the end of the period was tried outon April 1, 2019. The Company and some subsidiaries meet the relevant conditions for the tax credit refund, and the total amount of tax credit refund received in this period is RMB 272.3684 million.
3. According to the Announcement on Filing of High-tech Enterprises Recognized by Zhejiang Provincial Accreditation Institutions in 2022 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 GR202233004307 and GR202233003797 respectively. The validity period of the recognition is 2022-2024, and the enterprise income tax is calculated and paid at a reduced rate of 15% in the current period.
According to the Announcement on Filing the Third Batch of High-tech Enterprises Recognized by Dalian in 2021 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 GR202121200832, which is valid from December 2021 to November 2024. 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 2022 issued by the Office of the National High-tech Enterprise Recognition Management LeadingGroup, 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 GR202233101251, with the validity period of2022-2024. The enterprise income tax is calculated and paid at the reduced tax rate of 15% in the current period.
According to the Announcement on the Filing of the First Batch of High-tech Enterprises Recognized in Zhejiang Province in 2021 issued by the Office of the National High-tech Enterprise Recognition Management Leading Group, Zhejiang Yongsheng Technology Co., Ltd., a subsidiary, has passed the recognition of a high-tech enterprise and obtained the "High tech Enterprise Certificate" with the number GR202133009456. The recognition period is from December 2021 to November 2024, and the enterprise income tax is calculated and paid at a reduced rateof 15% in this period.
4. According to the Announcement on Further Supporting the Development of Small and Micro Enterprises 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 Mater
ials Co., Ltd., Zhejiang Rongyi Trade Co., Ltd. and Zhejiang Rongyi Chemical Fiber Co., Ltd. meet the above requirements in this period. The urban maintenance and construction tax, education surcharge and local education surcharge are levied at half the rate for small low-profit enterprises. The subsidiaries Dalian Yisheng New Materials Co., Ltd. and Zhejiang Rongyi Chemical Fiber Co., Ltd. meet the above requirements in this period.
5. According to the Announcement on the Policy of Adding and Deducting Value-added Tax for Advanced 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, 2027, advanced manufacturing enterprises are allowed to add 5% to the deductible input tax for offsetting the payable value-added tax in the current period. In the current period, subsidiaries Zhejiang Shengyuan Chemical Fiber Co., Ltd., Yisheng Dahua Petrochemical Co., Ltd., Ningbo Zhongjin Petrochemical Co., Ltd., Zhejiang Petroleum & Chemical Co., Ltd. and Zhejiang Yongsheng Technology Co., Ltd. are entitled to the above-mentioned policy of offsetting and deducting.
6. According to the Notice On Issues Related to the Implementation of the Preferential Catalogue of Enterprise Income Tax for Special Equipment of Environmental Protection, the Preferential Catalogue of Enterprise Income Tax for Special Equipment of Energy and Water Conservation and the Preferential Catalogue of Enterprise Income Tax for Special Equipment of Work Safety (No. 48 [2008] of the Ministry of Finance), for the special equipmentpurchased by the Company that can be used for environmental protection, energy and water conservation, safe production and other purposes, the enterprise income tax payable of the current year can be deducted by 10% of the equipment investment. If the tax payable of the enterprise in the current year is insufficient for credit, it can be carried forward to the next year, and the carryforward period shall not exceed five tax years. The subsidiary Zhejiang Petroleum & Chemical Co., Ltd. has special equipment that can be used for environmental protection, energy and water conservation and safe production, which is qualified for the preferential policy of 10% of the investment to credit the taxable income of the enterprise income tax in the current year.VII. Notes to Items in the Consolidated Financial Statements
1. Monetary fund
Unit: RMB
| Item | Ending balance | Beginning balance |
| Cash on hand | 1,411,306.08 | 1,499,665.59 |
| Bank deposit | 16,653,022,880.81 | 11,121,148,364.87 |
| Other monetary funds | 2,568,147,063.86 | 1,947,607,435.56 |
| Total | 19,222,581,250.75 | 13,070,255,466.02 |
| Including: Total amount of overseas deposits | 5,488,998,220.77 | 2,007,064,372.61 |
2. Trading financial assets
Unit: RMB
| Item | Ending balance | Beginning balance |
| Financial assets at fair value through current gain and loss | 535,602,017.09 | 310,087,429.45 |
| Where: Derivative financial assets | 535,602,017.09 | 310,087,429.45 |
| Total | 535,602,017.09 | 310,087,429.45 |
3. Accounts receivable
(1) Disclosure by aging
Unit: RMB
| Aging | Ending book balance | Beginning book balance |
| Within 1 year (inclusive of 1 year) | 7,602,122,954.60 | 4,552,918,612.20 |
| 1-2 years | 254,388,140.32 | 293,966,484.61 |
| 2-3 years | 38,830,066.39 | 41,283,731.68 |
| Above 3 years | 5,268,036.70 | 387,649.73 |
| Total | 7,900,609,198.01 | 4,888,556,478.22 |
(2) Classified disclosure by bad debt accrual method
Unit: RMB
| Category | Ending balance | Beginning balance | ||||||||
| Book balance | Bad-debt provision | Book value | Book balance | Bad-debt provision | Book value | |||||
| Amount | Proportion | Amount | Percentage of provision | Amount | Proportion | Amount | Percentage of provision | |||
| Accounts receivable with provision for bad debt reserves based on aging portfolio | 7,900,609,198.01 | 100.00% | 272,087,742.27 | 3.44% | 7,628,521,455.74 | 4,888,556,478.22 | 100.00% | 150,822,774.56 | 3.09% | 4,737,733,703.66 |
| Total | 7,900,609,198.01 | 100.00% | 272,087,742.27 | 3.44% | 7,628,521,455.74 | 4,888,556,478.22 | 100.00% | 150,822,774.56 | 3.09% | 4,737,733,703.66 |
Provision for bad debt by combination:
Unit: RMB
| Name | Ending balance | ||
| Book balance | Bad-debt provision | Percentage of provision | |
| Trade fund portfolio of overseas subsidiaries | 3,357,597,967.78 | 17,505,622.28 | 0.52% |
| Aging portfolio | 4,543,011,230.23 | 254,582,119.99 | 5.60% |
| Total | 7,900,609,198.01 | 272,087,742.27 | 3.44% |
If the provision for bad debts of accounts receivable is accrued according to the general model of expected credit loss:
□ Applicable ? Not applicable
(3) Bad debt reserves accrual, recovered or reversed in the current period
Provision for bad debts in the current period:
Unit: RMB
| Category | Beginning balance | The amount of change in the current period | Ending balance | |||
| Provision | Recovered or returned | Write-off | Other | |||
| Provision made for bad debt reserves based on aging portfolio | 150,822,774.56 | 121,264,967.71 | 272,087,742.27 | |||
| Total | 150,822,774.56 | 121,264,967.71 | 272,087,742.27 | |||
(4) Accounts receivables and contract assets with top 5 ending balances by debtor
Unit: RMB
| Company name | Ending balance of accounts receivable | Ending balance of contract assets | Ending balance of accounts receivable and contract assets | Proportion of accounts receivable and total ending balance of contract assets | Ending balance of bad debt provision for accounts receivable and impairment provision of contract assets |
| Customer 1 | 2,305,101,911.96 | 2,305,101,911.96 | 29.18% | ||
| Customer 2 | 2,217,545,343.31 | 2,217,545,343.31 | 28.07% | 110,877,267.17 | |
| Customer 3 | 649,344,742.34 | 649,344,742.34 | 8.22% | 32,467,237.12 | |
| Customer 4 | 360,195,827.42 | 360,195,827.42 | 4.56% | 42,695,506.91 | |
| Customer 5 | 240,156,151.46 | 240,156,151.46 | 3.04% | ||
| Total | 5,772,343,976.49 | 5,772,343,976.49 | 73.07% | 186,040,011.20 |
4. Receivables financing
(1) Classified presentation of receivables financing
Unit: RMB
| Item | Ending balance | Beginning balance |
| Banker's acceptance | 300,502,992.56 | 175,036,242.93 |
| Total | 300,502,992.56 | 175,036,242.93 |
(2) Receivable financing pledged by the Company at the end of the period
Unit: RMB
| Item | Pledged amount at the end of the period |
| Banker's acceptance | 46,292,719.64 |
| Total | 46,292,719.64 |
(3) Receivables financing endorsed or discounted by the company at the end of the period and not expired yet on the balance sheet date
Unit: RMB
| Item | Amount with recognition terminated at the end of the period | Amount with recognition not terminated at the end of the period |
| Banker's acceptance | 2,367,935,471.01 | |
| Total | 2,367,935,471.01 |
5. Other receivables
Unit: RMB
| Item | Ending balance | Beginning balance |
| Other receivables | 4,027,880,726.92 | 4,510,228,597.49 |
| Total | 4,027,880,726.92 | 4,510,228,597.49 |
1) Classification of other receivables by nature
Unit: RMB
| Nature of account | Ending book balance | Beginning book balance |
| Government receivables | 3,783,802,693.62 | 4,013,740,226.69 |
| Paper goods transaction settlement | 27,769,911.16 | 60,243,144.32 |
| Loan deposit | 81,000,000.00 | 85,908,960.00 |
| Futures margin | 100,992,596.30 | 317,793,118.68 |
| Deposit receivable margin | 65,347,134.47 | 34,082,287.67 |
| Reserve fund receivables and others | 14,526,705.98 | 26,389,252.01 |
| Current accounts | 10,800,000.00 | 10,810,665.07 |
| Total | 4,084,239,041.53 | 4,548,967,654.44 |
2) Disclosure by aging
Unit: RMB
| Aging | Ending book balance | Beginning book balance |
| Within 1 year (inclusive of 1 year) | 2,928,640,630.77 | 2,890,584,356.52 |
| 1-2 years | 1,051,693,157.81 | 1,565,488,732.75 |
| 2-3 years | 24,962,231.83 | 44,802,241.88 |
| Above 3 years | 78,943,021.12 | 48,092,323.29 |
| Total | 4,084,239,041.53 | 4,548,967,654.44 |
3) Classified disclosure by bad debt accrual method
?Applicable □ Not applicable
Unit: RMB
| Category | Ending balance | Beginning balance | ||||||||
| Book balance | Bad-debt provision | Book value | Book balance | Bad-debt provision | Book value | |||||
| Amount | Proportion | Amount | Percentage of p | Amount | Proportion | Amount | Percentage of p | |||
| rovision | rovision | |||||||||
| Provision made for bad debt reserves based on aging portfolio | 4,084,239,041.53 | 100.00% | 56,358,314.61 | 1.38% | 4,027,880,726.92 | 4,548,967,654.44 | 100.00% | 38,739,056.95 | 0.85% | 4,510,228,597.49 |
| Total | 4,084,239,041.53 | 100.00% | 56,358,314.61 | 1.38% | 4,027,880,726.92 | 4,548,967,654.44 | 100.00% | 38,739,056.95 | 0.85% | 4,510,228,597.49 |
Type name of provision for bad debt by combination:
Unit: RMB
| Name | Ending balance | ||
| Book balance | Bad-debt provision | Percentage of provision | |
| Government receivables portfolio | 3,783,802,693.62 | 36,703,212.00 | 0.97% |
| Paper goods transaction settlement portfolio | 27,769,911.16 | ||
| Borrowing deposit portfolio | 81,000,000.00 | ||
| Futures margin portfolio | 100,992,596.30 | ||
| Deposit receivable margin portfolio | 65,347,134.47 | 12,859,673.00 | 19.68% |
| Portfolio of petty cash receivable, etc. | 14,526,705.98 | 4,902,120.04 | 33.75% |
| Current account portfolio | 10,800,000.00 | 1,893,309.57 | 17.53% |
| Total | 4,084,239,041.53 | 56,358,314.61 | 1.38% |
Provision for bad debts is made according to the general model of expected credit loss:
Unit: RMB
| Bad-debt provision | Stage I | Stage II | Stage III | Total |
| Expected credit loss in the next 12 months | Expected credit loss over the entire duration (without credit impairment) | Expected credit loss for the entire duration (credit impairment has occurred) | ||
| The balance as of January 1, 2024 | 2,257,739.83 | 18,866,417.27 | 17,614,899.85 | 38,739,056.95 |
| The balance as of January 1, 2024 in the current period | ||||
| --Transferred into Stage II | -55,340.00 | 55,340.00 | ||
| --Transferred into Stage III | -198,971.64 | 198,971.64 | ||
| Provision in current period | 931,496.33 | 18,370,970.51 | -1,683,209.18 | 17,619,257.66 |
| Balance as of June 30, 2024 | 3,133,896.16 | 37,292,727.78 | 15,931,690.67 | 56,358,314.61 |
Changes in the carrying amount of the provision for losses that are significant in amount during the current period
□ Applicable ? Not applicable
4) Bad debt reserves accrual, recovered or reversed in the current period
Provision for bad debts in the current period:
Unit: RMB
| Category | Beginning balance | The amount of change in the current period | Ending balance | |||
| Provision | Recovered or returned | Write-off | Other | |||
| Provision made for bad debt reserves based on aging portfolio | 38,739,056.95 | 17,619,257.66 | 56,358,314.61 | |||
| Total | 38,739,056.95 | 17,619,257.66 | 56,358,314.61 | |||
5) Top five debtors with the biggest ending balances of other accounts receivable
Unit: RMB
| Company name | Nature of payment | Ending balance | Aging | Proportion in a total ending balance of other receivables | Ending balance of provision for bad debts |
| Company 1 | Tax refund receivables | 2,401,004,693.62 | Within 1 year | 58.79% | |
| Company 2 | Grants receivable | 1,045,798,000.00 | 1-2 year(s) | 25.61% | 36,703,212.00 |
| Company 3 | Grants receivable | 337,000,000.00 | Within 1 year | 8.25% | |
| Company 4 | Loan deposit | 66,000,000.00 | 1-2 year(s) | 1.62% | |
| Company 5 | Deposit | 49,194,978.02 | Within 1 year | 1.20% | 2,459,748.90 |
| Total | 3,898,997,671.64 | 95.46% | 39,162,960.90 |
6. Advance payments
(1) Advance payments presented by age
Unit: RMB
| Aging | Ending balance | Beginning balance | ||
| Amount | Proportion | Amount | Proportion | |
| Within 1 year | 2,425,066,193.04 | 93.32% | 1,433,838,902.86 | 96.02% |
| 1-2 years | 134,899,619.62 | 5.19% | 51,983,340.46 | 3.48% |
| 2-3 years | 38,725,633.43 | 1.49% | 7,490,222.54 | 0.50% |
| Total | 2,598,691,446.09 | 100% | 1,493,312,465.86 | 100% |
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:
No important prepayment aged over 1 year at the end of the period
(2) Top five payers with the biggest ending balances of advance payments
| Company name | Book balance | Proportion in balance of advance payments (%) |
| Supplier 1 | 1,069,887,960.96 | 41.17% |
| Supplier 2 | 123,486,599.52 | 4.75% |
| Supplier 3 | 119,370,677.61 | 4.59% |
| Supplier 4 | 110,158,340.84 | 4.24% |
| Supplier 5 | 109,889,151.81 | 4.23% |
| Subtotal | 1,532,792,730.74 | 58.98% |
7. Inventories
Whether the Company is subject to the disclosure requirements of the real estate industryNo
(1) Classification of inventories
Unit: RMB
| Item | Ending balance | Beginning balance | ||||
| Book balance | Inventory depreciation reserves or provision for impairment of contract performance cost | Book value | Book balance | Inventory depreciation reserves or provision for impairment of contract performance cost | Book value | |
| Raw material | 30,949,588,332.51 | 30,949,588,332.51 | 38,274,190,347.56 | 339,286.40 | 38,273,851,061.16 | |
| Products in process | 15,992,459,775.07 | 15,992,459,775.07 | 15,957,096,293.96 | 9,449,010.11 | 15,947,647,283.85 | |
| Commodity stocks | 8,183,067,932.00 | 12,655,239.18 | 8,170,412,692.82 | 7,425,770,624.07 | 103,851,876.74 | 7,321,918,747.33 |
| Semi-finished products shipped in transit | 43,141,279.48 | 7,872,975.73 | 35,268,303.75 | |||
| Work in process - outsourced | 92,099.37 | 92,099.37 | 252,182.13 | 252,182.13 | ||
| Low-value consumables | 170,496,659.60 | 170,496,659.60 | 154,719,763.85 | 154,719,763.85 | ||
| Total | 55,295,704,798.55 | 12,655,239.18 | 55,283,049,559.37 | 61,855,170,491.05 | 121,513,148.98 | 61,733,657,342.07 |
(2) Provision for obsolete inventory or for impairment of the cost of contract performance
Unit: RMB
| Item | Beginning balance | Increase in the current period | Decrease in the current period | Ending balance | ||
| Provision | Other | Reversal or write-off | Other | |||
| Raw material | 339,286.40 | 339,286.40 | ||||
| Products in process | 9,449,010.11 | 9,449,010.11 | ||||
| Commodity stocks | 103,851,876.74 | 12,655,239.18 | 103,851,876.74 | 12,655,239.18 | ||
| Semi-finished products shipped in transit | 7,872,975.73 | 7,872,975.73 | ||||
| Total | 121,513,148.98 | 12,655,239.18 | 121,513,148.98 | 12,655,239.18 | ||
8. Other current assets
Unit: RMB
| Item | Ending balance | Beginning balance |
| VAT input tax to be deducted | 4,284,651,618.59 | 4,338,748,642.91 |
| Business income tax pre-paid | 571,710,383.59 | 797,324.80 |
| Prepayment of consumption tax | 957,583,006.60 | |
| Total | 4,856,362,002.18 | 5,297,128,974.31 |
9. Long-term equity investment
Unit: RMB
| Investee | Beginning balance (book value) | Opening balance of impairment provision | Increase and decrease in the current period | Ending balance (book value) | Ending balance of provision for impairment | |||||||
| Additional investment | Reduced investment | Investment gains or losses recognized under the equity method | Other comprehensive income adjustments | Other equity changes | Declared distribution of cash dividends or profits | Provision for impairment | Other | |||||
| I. Joint ventures | ||||||||||||
| II. Associated enterprise | ||||||||||||
| Zhejiang Yisheng Petrochemical Co., Ltd. | 2,704,956,582.65 | 21,665,035.67 | -262,584.85 | 2,726,359,033.47 | ||||||||
| Ningbo Hengyi Trading Co., Ltd. | 167,563,505.10 | -23,507,790.98 | -6,136,933.88 | 137,918,780.24 | ||||||||
| Zhejiang Xiaoshan Rural Commercial Bank Co., Ltd. | 2,265,598,668.75 | 154,621,146.81 | 69,728,519.74 | 13,228,639.60 | 2,476,719,695.70 | |||||||
| Hainan Yisheng Petrochemical Co., Ltd. | 3,483,137,669.72 | 57,270,199.99 | -20,456,446.28 | 3,519,951,423.43 | ||||||||
| ZPC-ENN (Zhoushan) Gas Co., Ltd. | 8,937,867.92 | 5,133,354.35 | 14,071,222.27 | |||||||||
| Zhejiang Dingsheng Petrochemical Engineering Co., Ltd. | 43,794,603.87 | 13,061,225.85 | 56,855,829.72 | |||||||||
| Zhejiang Derong Chemicals Co., Ltd. | 296,641,210.33 | -47,696,009.61 | 1,858,511.03 | 250,803,711.75 | ||||||||
| Zhoushan ZPC Zhougang Tugboat Co., Ltd. | 74,255,638.79 | 6,784,335.85 | 39,337.91 | 81,079,312.55 | ||||||||
| Ningbo Coastal Public Pipe Gallery Co., Ltd. | 5,511,703.40 | -341,245.93 | 5,170,457.47 | |||||||||
| Zhejiang Zhenshi Port Service Co., Ltd. | 22,001,594.48 | 2,266,945.97 | 24,268,540.45 | |||||||||
| Zhejiang Dongjiang Green Petrochemical Technology Innovation Center Co., Ltd. | 111,312,399.95 | -1,395,399.43 | 109,917,000.52 | |||||||||
| Subtotal | 9,183,711,444.96 | 187,861,798.54 | 42,872,554.73 | 1,897,848.94 | 13,228,639.60 | 9,403,115,007.57 | ||||||
| Total | 9,183,711,444.96 | 187,861,798.54 | 42,872,554.73 | 1,897,848.94 | 13,228,639.60 | 9,403,115,007.57 |
The recoverable amount is determined according to the net amount of fair value minus disposal expenses
□ Applicable ? Not applicable
The recoverable amount is determined according to the present value of the expected future cash flow
□ Applicable ? Not applicable
10. Investment real estates
(1) Investment real estate under the cost measurement mode
?Applicable □ Not applicable
Unit: RMB
| Item | Houses and buildings | Land-use right | Construction in progress | Total |
| I. Original book value | ||||
| 1. Initial balance | 14,286,632.00 | 14,286,632.00 | ||
| 2. Increase in the current period | ||||
| (1) Outsourcing | ||||
| (2) Transfers from inventories/fixed assets/construction in progress | ||||
| (3) Increase due to business merger | ||||
| 3. Decrease in the current period | ||||
| (1) Disposal | ||||
| (2) Other transfer-out | ||||
| 4. Ending balance | 14,286,632.00 | 14,286,632.00 | ||
| II. Accumulated depreciation and accumulated amortization | ||||
| 1. Initial balance | 3,891,057.40 | 3,891,057.40 | ||
| 2. Increase in the current period | 135,723.00 | 135,723.00 | ||
| (1) Accrual or amortization | 135,723.00 | 135,723.00 | ||
| 3. Decrease in the current period | ||||
| (1) Disposal | ||||
| (2) Other transfer-out | ||||
| 4. Ending balance | 4,026,780.40 | 4,026,780.40 | ||
| III. Provision for impairment | ||||
| 1. Initial balance |
| 2. Increase in the current period | ||||
| (1) Accrual | ||||
| 3. Decrease in the current period | ||||
| (1) Disposal | ||||
| (2) Other transfer-out | ||||
| 4. Ending balance | ||||
| IV. Book value | ||||
| 1. Closing book value | 10,259,851.60 | 10,259,851.60 | ||
| 2. Beginning book value | 10,395,574.60 | 10,395,574.60 |
The recoverable amount is determined according to the net amount of fair value minus disposal expenses
□ Applicable ? Not applicable
The recoverable amount is determined according to the present value of the expected future cash flow
□ Applicable ? Not applicable
(2) Investment real estate under the fair value method
□ Applicable ? Not applicable
11. Fixed assets
Unit: RMB
| Item | Ending balance | Beginning balance |
| Fixed assets | 215,692,742,200.98 | 219,699,679,397.52 |
| Total | 215,692,742,200.98 | 219,699,679,397.52 |
(1) Fixed assets
Unit: RMB
| Item | Housing and buildings | Machinery and equipment | Transportation facilities | Other equipment | Total |
| I. Original book value: | |||||
| 1. Initial balance | 71,198,105,232.65 | 194,194,556,207.58 | 247,878,440.68 | 356,451,433.69 | 265,996,991,314.60 |
| 2. Increase in the current period | 123,479,733.16 | 4,047,034,566.31 | 1,377,812.02 | 15,217,395.15 | 4,187,109,506.64 |
| (1) Acquisition | 1,744,636.86 | 789,637,600.68 | 1,377,812.02 | 13,948,345.16 | 806,708,394.72 |
| (2) Transfer-in from construction in progress | 121,735,096.30 | 3,257,396,965.63 | 1,269,049.99 | 3,380,401,111.92 | |
| (3) Incre |
| ase due to business merger | |||||
| 3. Decrease in the current period | 349,666,053.29 | 12,080.00 | 349,678,133.29 | ||
| (1) Disposal or scrapping | 349,666,053.29 | 12,080.00 | 349,678,133.29 | ||
| 4. Ending balance | 71,321,584,965.81 | 197,891,924,720.60 | 249,256,252.70 | 371,656,748.84 | 269,834,422,687.95 |
| II. Accumulated depreciation | |||||
| 1. Initial balance | 8,802,448,426.77 | 37,023,289,144.10 | 198,473,039.46 | 261,561,634.53 | 46,285,772,244.86 |
| 2. Increase in the current period | 1,503,890,567.77 | 6,412,930,967.99 | 7,812,238.50 | 21,378,642.80 | 7,946,012,417.06 |
| (1) Accrual | 1,503,890,567.77 | 6,412,930,967.99 | 7,812,238.50 | 21,378,642.80 | 7,946,012,417.06 |
| 3. Decrease in the current period | 101,636,861.73 | 6,985.44 | 101,643,847.17 | ||
| (1) Disposal or scrapping | 101,636,861.73 | 6,985.44 | 101,643,847.17 | ||
| 4. Ending balance | 10,306,338,994.54 | 43,334,583,250.37 | 206,285,277.96 | 282,933,291.89 | 54,130,140,814.75 |
| III. Provision for impairment | |||||
| 1. Initial balance | 11,539,672.22 | 11,539,672.22 | |||
| 2. Increase in the current period | |||||
| (1) Accrual | |||||
| 3. Decrease in the current period | |||||
| (1) Disposal or scrapping | |||||
| 4. Ending balance | 11,539,672.22 | 11,539,672.22 | |||
| IV. Book value | |||||
| 1. Closing book value | 61,015,245,971.27 | 154,545,801,798.02 | 42,970,974.74 | 88,723,456.95 | 215,692,742,200.98 |
| 2. Beginning book value | 62,395,656,805.88 | 157,159,727,391.26 | 49,405,401.22 | 94,889,799.16 | 219,699,679,397.52 |
(2) Fixed assets with the certificate of title not transacted
Unit: RMB
| Item | Book value | Reasons for incomplete certificates of title |
| Houses and buildings - office buildings and others of Yisheng Dahua Petrochemical Co., Ltd. | 275,778,095.22 | Still being processed |
| Houses and buildings -film warehouse and others of Zhejiang Yongsheng Technology Co. Ltd. | 43,109,731.18 | Still being processed |
| Houses and buildings - polymerization building and others of Zhejiang Shengyuan Chemical Fiber Co., Ltd. | 374,265,842.77 | Still being processed |
| Houses and buildings - tank farm, supporting buildings and others of ZPC | 5,444,821,861.41 | Still being processed |
| Houses and buildings - buildings of Zheyou Technology Co. Ltd. | 86,455,826.85 | Still being processed |
| Subtotal | 6,224,431,357.43 |
12. Projects under construction
Unit: RMB
| Item | Ending balance | Beginning balance |
| Construction in progress | 50,286,377,908.13 | 40,987,208,589.89 |
| Engineering materials | 2,782,932,071.12 | 833,462,480.70 |
| Total | 53,069,309,979.25 | 41,820,671,070.59 |
(1) Construction in progress
Unit: RMB
| Item | Ending balance | Beginning balance | ||||
| Book balance | Provision for impairment | Book value | Book balance | Provision for impairment | Book value | |
| 1.4 million tons ethylene and downstream chemical plant (optimization of product structure of Phase II project) | 15,797,743,244.54 | 15,797,743,244.54 | 15,402,756,124.76 | 15,402,756,124.76 | ||
| Utilities and supporting facilities | 19,414,123,742.59 | 19,414,123,742.59 | 14,708,733,890.06 | 14,708,733,890.06 | ||
| Other projects | 15,074,510,921.00 | 15,074,510,921.00 | 10,875,718,575.07 | 10,875,718,575.07 | ||
| Total | 50,286,377,908.13 | 50,286,377,908.13 | 40,987,208,589.89 | 40,987,208,589.89 | ||
(2) Changes in major construction in progress in the current period
Unit: RMB
| Project | Budget number | Beginning balance | Increase in the current period | Amount of fixed assets carried over in the current period | Other decreases in the current period | Ending balance | Proportion of total project input to the budget | Project progress | Accumulated capitalized amount of interest | Including: Capitalized amount of interest in the current period | Interest capitalization rate in the current period | Source of funds |
| 1.4 million tons ethylene and downstream chemical plant (optimization of product structure of Phase II project) | 34,485,170,000.00 | 15,402,756,124.76 | 937,907,435.62 | 542,920,315.84 | 15,797,743,244.54 | 98% | 98% | 549,994,673.87 | 33,014,341.73 | 3.52% | Bank loan, other source | |
| Utilities and supporting facilities | 14,708,733,890.06 | 6,652,520,443.21 | 1,947,130,590.68 | 19,414,123,742.59 | 689,764,540.98 | 224,614,749.98 | 3.52% | Bank loan, other source | ||||
| Total | 34,485,170,000.00 | 30,111,490,014.82 | 7,590,427,878.83 | 2,490,050,906.52 | 35,211,866,987.13 | 1,239,759,214.85 | 257,629,091.71 |
(3) Impairment test of construction in progress
□ Applicable ? Not applicable
(4) Engineering materials
Unit: RMB
| Item | Ending balance | Beginning balance | ||||
| Book balance | Provision for impairment | Book value | Book balance | Provision for impairment | Book value | |
| Special materials | 2,543,449,013.69 | 2,543,449,013.69 | 507,367,195.93 | 507,367,195.93 | ||
| Special equipment | 239,483,057.43 | 239,483,057.43 | 326,095,284.77 | 326,095,284.77 | ||
| Total | 2,782,932,071.12 | 2,782,932,071.12 | 833,462,480.70 | 833,462,480.70 | ||
13. Right-of-use assets
(1) Details of right-of-use assets
Unit: RMB
| Item | Housing and buildings | Total |
| I. Original book value | ||
| 1. Initial balance | 285,203,745.16 | 285,203,745.16 |
| 2. Increase in the current period | ||
| 1) Leased in | ||
| 3. Decrease in the current period | ||
| 4. Ending balance | 285,203,745.16 | 285,203,745.16 |
| II. Accumulated depreciation | ||
| 1. Initial balance | 85,101,604.00 | 85,101,604.00 |
| 2. Increase in the current period | 12,075,356.96 | 12,075,356.96 |
| (1) Accrual | 12,075,356.96 | 12,075,356.96 |
| 3. Decrease in the current period | ||
| (1) Disposal | ||
| 4. Ending balance | 97,176,960.96 | 97,176,960.96 |
| III. Provision for impairment | ||
| 1. Initial balance | ||
| 2. Increase in the current period | ||
| (1) Accrual | ||
| 3. Decrease in the current period | ||
| (1) Disposal | ||
| 4. Ending balance | ||
| IV. Book value | ||
| 1. Closing book value | 188,026,784.20 | 188,026,784.20 |
| 2. Beginning book value | 200,102,141.16 | 200,102,141.16 |
(2) Impairment test of right-of-use assets
□ Applicable ? Not applicable
14. Intangible assets
(1) Intangible assets
Unit: RMB
| Item | Land-use right | Proprietary technology | Management software | Pollution dumping right | Sea area use right | Total |
| I. Original book value | ||||||
| 1. Initial balance | 7,921,588,443.27 | 5,879,510.85 | 60,447,191.09 | 113,384,688.14 | 38,477,963.94 | 8,139,777,797.29 |
| 2. Increase in the current period | 1,166,215,102.35 | 852,815.47 | 2,635,982.11 | 1,169,703,899.93 | ||
| (1) Acquisition | 1,166,215,102.35 | 852,815.47 | 2,635,982.11 | 1,169,703,899.93 | ||
| (2) Internal R&D | ||||||
| (3) Increase due to business merger | ||||||
| 3. Decrease in the current period | 204,043,000.00 | 204,043,000.00 | ||||
| (1) Disposal | ||||||
| (2) Sales reduction | 204,043,000.00 | 204,043,000.00 | ||||
| 4. Ending balance | 8,883,760,545.62 | 5,879,510.85 | 61,300,006.56 | 113,384,688.14 | 41,113,946.05 | 9,105,438,697.22 |
| II. Accumulated amortization | ||||||
| 1. Initial balance | 854,803,056.18 | 4,543,032.90 | 29,034,219.45 | 101,858,356.39 | 20,608,719.93 | 1,010,847,384.85 |
| 2. Increase in the current period | 92,109,984.02 | 159,516.62 | 3,535,126.94 | 3,874,241.62 | 505,092.76 | 100,183,961.96 |
| (1) Accrual | 92,109,984.02 | 159,516.62 | 3,535,126.94 | 3,874,241.62 | 505,092.76 | 100,183,961.96 |
| 3. Decrease in the current period | 5,781,218.38 | 5,781,218.38 | ||||
| (1) Disposal | ||||||
| (2) Sales reduction | 5,781,218.38 | 5,781,218.38 | ||||
| 4. Ending balance | 941,131,821.82 | 4,702,549.52 | 32,569,346.39 | 105,732,598.01 | 21,113,812.69 | 1,105,250,128.43 |
| III. Provision for impairment | ||||||
| 1. Initial balance | ||||||
| 2. Increase in the current period | ||||||
| (1) Accrual | ||||||
| 3. Decrease in the current period | ||||||
| (1) Disposal | ||||||
| 4. Ending balance | ||||||
| IV. Book value | ||||||
| 1. Closing book value | 7,942,628,723.80 | 1,176,961.33 | 28,730,660.17 | 7,652,090.13 | 20,000,133.36 | 8,000,188,568.79 |
| 2. Beginning book value | 7,066,785,387.09 | 1,336,477.95 | 31,412,971.64 | 11,526,331.75 | 17,869,244.01 | 7,128,930,412.44 |
(2) Impairment test of intangible assets
□ Applicable ? Not applicable
15. Long-term deferred expenses
Unit: RMB
| Item | Beginning balance | Increase in the current period | Amortization amount in the current period | Other reductions | Ending balance |
| Improvement expense for fixed assets rented through operating lease | 45,701.13 | 45,701.13 | |||
| Total | 45,701.13 | 45,701.13 |
16. Deferred tax assets/deferred tax liabilities
(1) Deferred income tax assets before offset
Unit: RMB
| Item | Ending balance | Beginning balance | ||
| Deductible temporary difference | Deferred income tax assets | Deductible temporary difference | Deferred income tax assets | |
| Provision for impairment of assets | 255,201,714.47 | 51,442,303.18 | 246,050,247.19 | 42,463,572.53 |
| Unrealized profits from internal transactions | 27,869,181.49 | 3,451,684.14 | 63,697,197.61 | 13,460,223.08 |
| Deductible loss | 5,289,898,642.94 | 949,827,841.11 | 6,398,196,587.74 | 1,157,432,552.84 |
| Changes in fair value of trading financial instruments and derivative financial instruments | 344,496,030.54 | 51,775,548.58 | 137,921,940.29 | 21,006,601.04 |
| Deferred income | 185,918,567.01 | 28,765,562.82 | 186,812,473.21 | 28,932,982.09 |
| Lease liabilities | 188,888,527.07 | 28,333,279.07 | 195,424,408.50 | 29,313,661.28 |
| Total | 6,292,272,663.52 | 1,113,596,218.90 | 7,228,102,854.54 | 1,292,609,592.86 |
(2) Deferred income tax liabilities before offset
Unit: RMB
| Item | Ending balance | Beginning balance | ||
| Taxable temporary difference | Deferred income tax liabilities | Taxable temporary difference | Deferred income tax liabilities | |
| One-time pre-tax deduction of long-term assets | 10,459,188,485.13 | 1,568,878,272.77 | 10,872,084,425.53 | 1,630,812,663.83 |
| The parent company, reflected at the level of consolidated statements, invests the borrowing as paid-in capital into the subsidiary company, which serves as the borrowing interest for th | 2,147,832,508.29 | 325,439,667.40 | 2,147,934,662.52 | 326,849,061.47 |
| e capitalization of long-term asset construction. | ||||
| Changes in fair value of trading financial instruments and derivative financial instruments | 477,852,384.33 | 71,677,857.65 | 309,098,071.08 | 49,549,153.55 |
| Right-of-use assets | 176,523,645.33 | 26,478,546.80 | 184,427,099.32 | 27,664,064.90 |
| Government grants | 337,000,000.00 | 84,250,000.00 | 744,000,000.00 | 186,000,000.00 |
| Total | 13,598,397,023.08 | 2,076,724,344.62 | 14,257,544,258.45 | 2,220,874,943.75 |
(3) Deferred income tax assets or liabilities presented as net amount after offset
Unit: RMB
| Item | Ending offset amount of deferred income tax assets and liabilities | Ending balance of deferred income tax assets and liabilities after offset | Beginning offset amount of deferred income tax assets and liabilities | Beginning balance of deferred income tax assets and liabilities after offset |
| Deferred income tax assets | 388,337,608.56 | 725,258,610.34 | 601,800,714.78 | 690,808,878.08 |
| Deferred income tax liabilities | 388,337,608.56 | 1,688,386,736.06 | 601,800,714.78 | 1,619,074,228.97 |
(4) Details of unrecognized deferred income tax assets
Unit: RMB
| Item | Ending balance | Beginning balance |
| Deductible loss | 3,203,929,753.35 | 3,808,384,773.87 |
| Changes in fair value of trading financial instruments and derivative financial instruments | 117,000.00 | 74,162,385.08 |
| Deferred income | 8,263,992.80 | 8,769,120.04 |
| Provision for impairment of assets | 29,541,266.98 | 26,285,676.35 |
| Lease liabilities | 14,383,892.16 | 18,116,777.97 |
| Total | 3,256,235,905.29 | 3,935,718,733.31 |
(5) The deductible loss of unrecognized deferred income tax assets will expire in the following year
Unit: RMB
| Year | Ending amount | Beginning amount | Remarks |
| 2024 | 565,117,200.13 | 585,681,449.15 | |
| 2025 | 866,970,464.10 | 869,483,144.03 | |
| 2026 | 614,091,618.09 | 852,380,510.77 | |
| 2027 | 1,091,978,451.22 | 1,094,661,596.29 | |
| 2028 | 49,801,237.81 | 406,178,073.63 | |
| 2029 | 15,970,782.00 | ||
| Total | 3,203,929,753.35 | 3,808,384,773.87 |
17. Other non-current assets
Unit: RMB
| Item | Ending balance | Beginning balance | ||||
| Book balance | Provision for impairment | Book value | Book balance | Provision for impairment | Book value | |
| Prepayment for purchase of long-term assets | 3,529,347,655.85 | 3,529,347,655.85 | 4,445,441,053.45 | 4,445,441,053.45 | ||
| Rental value of silver leased in | 1,024,323,300.03 | 1,024,323,300.03 | 411,214,415.96 | 411,214,415.96 | ||
| Total | 4,553,670,955.88 | 4,553,670,955.88 | 4,856,655,469.41 | 4,856,655,469.41 | ||
18. Assets with ownership or use rights restricted
Unit: RMB
| Item | Period end | Period beginning | ||||||
| Book balance | Book value | Restriction type | Restriction situation | Book balance | Book value | Restriction type | Restriction situation | |
| Monetary fund | 2,213,064,862.00 | 2,213,064,862.00 | Deposit occupation | Letter of credit, bank acceptance bill, guarantee and borrowing deposit | 1,583,400,368.50 | 1,583,400,368.50 | Deposit occupation | Letter of credit, bank acceptance bill, guarantee and borrowing deposit |
| Accounts receivable financing | 46,292,719.64 | 46,292,719.64 | Pledge | Bank acceptance bills as collateral | 263,131.23 | 263,131.23 | Pledge | Bank acceptance bills as collateral |
| Fixed assets | 229,585,409,448.96 | 190,500,156,174.33 | Mortgage | Borrowings and letters of credit as collateral | 226,875,011,143.49 | 194,464,280,744.52 | Mortgage | Borrowings and letters of credit as collateral |
| Intangible assets | 6,190,310,100.42 | 5,656,392,480.88 | Mortgage | Borrowings and letters of credit as collateral | 5,608,715,198.07 | 5,135,074,543.17 | Mortgage | Borrowings and letters of credit as collateral |
| Construction in progress | 39,671,194,782.07 | 39,671,194,782.07 | Mortgage | Borrowings and letters of credit as collateral | 29,889,674,426.59 | 29,889,674,426.59 | Mortgage | Borrowings and letters of credit as collateral |
| Total | 277,706,271,913.09 | 238,087,101,018.92 | 263,957,064,267.88 | 231,072,693,214.01 | ||||
19. Short-term borrowings
(1) Categories of short-term borrowings
Unit: RMB
| Item | Ending balance | Beginning balance |
| Pledge and guarantee borrowings | 198,000,000.00 | |
| Pledge borrowings | 12,500,000.00 | |
| Guarantee borrowings | 42,715,894, 787.39 | 43,817,771,706.43 |
| Credit borrowings | 1,491,287, 271.95 | 795,165,061.51 |
| Total | 44,219,682,059.34 | 44,810,936,767.94 |
20. Trading financial liabilities
Unit: RMB
| Item | Ending balance | Beginning balance |
| Trading financial liabilities | 1,316,317,084.58 | 623,298,741.33 |
| Where: Derivative financial liabilities | 1,128,440.00 | 78,931,785.08 |
| Where: Fair value of leased silver | 1,315,188,644.58 | 544,366,956.25 |
| Total | 1,316,317,084.58 | 623,298,741.33 |
21. Notes payable
Unit: RMB
| Category | Ending balance | Beginning balance |
| Banker's acceptance | 3,221,161,129.33 | 4,195,471,402.63 |
| Total | 3,221,161,129.33 | 4,195,471,402.63 |
22. Accounts payable
(1) Presentation of accounts payable
Unit: RMB
| Item | Ending balance | Beginning balance |
| Payable for material procurement and operation | 50,000,734,028.24 | 39,250,503,194.27 |
| Payable for purchase of long-term assets | 8,033,442,833.53 | 10,493,623,707.11 |
| Total | 58,034,176,861.77 | 49,744,126,901.38 |
23. Other payables
Unit: RMB
| Item | Ending balance | Beginning balance |
| Dividends payable | 228,000,000.00 | |
| Other payables | 14,493,764,110.94 | 16,691,133,504.47 |
| Total | 14,493,764,110.94 | 16,919,133,504.47 |
(1) Dividends payable
Unit: RMB
| Item | Ending balance | Beginning balance |
| Dividends payable on ordinary shares by subsidiaries | 228,000,000.00 | |
| Total | 228,000,000.00 |
(2) Other payables
1) Other payables listed by the nature of payment
Unit: RMB
| Item | Ending balance | Beginning balance |
| Entrusted loan | 238,316,341.67 | 787,149,197.50 |
| Current accounts | 13,060,849,775.22 | 14,776,720,257.46 |
| Deposit and security | 927,212,585.97 | 826,693,128.75 |
| Settled but unpaid operating expenses | 249,108,671.94 | 278,440,701.05 |
| Other | 18,276,736.14 | 22,130,219.71 |
| Total | 14,493,764,110.94 | 16,691,133,504.47 |
24. Contractual liabilities
Unit: RMB
| Item | Ending balance | Beginning balance |
| Loans | 3,511,525,781.43 | 4,421,732,432.83 |
| Total | 3,511,525,781.43 | 4,421,732,432.83 |
25. Payroll payable
(1) Presentation of employee benefits
Unit: RMB
| Item | Beginning balance | Increase in the current period | Decrease in the current period | Ending balance |
| I. Short-term compensation | 1,019,260,553.27 | 1,917,996,802.71 | 2,253,895,470.10 | 683,361,885.88 |
| II. Post-employment benefits - defined contribution plan | 12,960,223.29 | 84,679,940.36 | 86,555,610.92 | 11,084,552.73 |
| III. Dismissal welfare | 342,237.60 | 342,237.60 | ||
| Total | 1,032,220,776.56 | 2,003,018,980.67 | 2,340,793,318.62 | 694,446,438.61 |
(2) Short-term remuneration
Unit: RMB
| Item | Beginning balance | Increase in the current period | Decrease in the current period | Ending balance |
| 1. Wage, bonus, allowance and subsidy | 1,010,626,077.30 | 1,805,914,819.22 | 2,144,019,850.81 | 672,521,045.71 |
| 2. Employee welfare expenses | 13,240,201.31 | 12,766,365.32 | 473,835.99 | |
| 3. Social insurance premium | 7,487,649.31 | 48,814,409.20 | 48,469,523.05 | 7,832,535.46 |
| Including: Medical insurance premium | 6,528,799.94 | 41,953,158.58 | 41,443,615.04 | 7,038,343.48 |
| Work-related injury insurance premium | 958,849.37 | 6,690,363.18 | 6,855,020.57 | 794,191.98 |
| Birth insurance premium | 170,887.44 | 170,887.44 | ||
| 4. Housing provident fund | 290,954.00 | 35,281,605.47 | 33,385,986.46 | 2,186,573.01 |
| 5. Labor union and personnel education expenses | 855,872.66 | 14,745,767.51 | 15,253,744.46 | 347,895.71 |
| Total | 1,019,260,553.27 | 1,917,996,802.71 | 2,253,895,470.10 | 683,361,885.88 |
(3) Presentation of defined contribution plan
Unit: RMB
| Item | Beginning balance | Increase in the current period | Decrease in the current period | Ending balance |
| 1. Basic endowment insurance | 12,529,399.41 | 81,739,870.74 | 83,552,724.90 | 10,716,545.25 |
| 2. Unemployment insurance premium | 430,823.88 | 2,940,069.62 | 3,002,886.02 | 368,007.48 |
| Total | 12,960,223.29 | 84,679,940.36 | 86,555,610.92 | 11,084,552.73 |
26. Taxes payable
Unit: RMB
| Item | Ending balance | Beginning balance |
| Value-added tax | 16,626,593.79 | 7,837,443.46 |
| Consumption tax | 1,260,374,588.93 | 28,973,236.05 |
| Enterprise income tax | 111,565,614.34 | 61,736,590.18 |
| Individual income tax | 9,392,959.86 | 15,229,448.50 |
| Urban maintenance and construction tax | 134,382,412.28 | 29,773,987.02 |
| Property tax | 11,018,907.46 | 30,376,665.46 |
| Land use tax | 296,774,910.67 | 234,528,096.28 |
| Education surcharge | 55,955,128.14 | 12,775,359.01 |
| Local education surcharge | 37,304,718.75 | 8,518,206.02 |
| Environmental protection tax | 2,800,521.72 | 2,831,476.99 |
| Stamp duty | 53,782,265.39 | 40,489,040.73 |
| Deed tax | 297.00 | 3,711,618.00 |
| Total | 1,989,978,918.33 | 476,781,167.70 |
27. Non-current liabilities due within one year
(1) Details
Unit: RMB
| Item | Ending balance | Beginning balance |
| Long-term borrowings due within one year | 29,245,630,791.42 | 28,229,063,293.47 |
| Bonds payable due within one year | 1,028,580,796.22 | 2,037,082,007.25 |
| Lease liabilities due within one year | 20,844,176.26 | 20,538,874.09 |
| Total | 30,295,055,763.90 | 30,286,684,174.81 |
(2) Increase/decrease of bonds payable: (excluding preferred stock, perpetual bond and other financial instrumentsclassified as financial liabilities)
Unit: RMB
| Name of bond | Par value | Coupon rate | Issue date | Bond period | Issue amount | Opening balance | Issue in current period | Interest accrued by par value | Amortization of premiums or discounts | Repayment in current period | Closing balance | Default or not |
| 20 Rongsheng G1 | 1,000,000,000.00 | 3.86% | 2020.4.21、2020.4.22 | 4 years (2 + 2) | 995,452,830.20 | 1,026,311,405.80 | 11,950,136.98 | 338,457.22 | 1,038,600,000.00 | No | ||
| 20 Rongsheng G2 | 1,000,000,000.00 | 3.45% | 2020.8.31、2020.9.01、2020.9.02 | This tranche of bonds has a maturity of 4 years, with the right to adjust the nominal interest rate by the issuer and sell back by the investor at the end of the second year. | 995,405,660.39 | 1,010,770,601.45 | 17,202,739.74 | 607,455.03 | 1,028,580,796.22 | No | ||
| Total | —— | 1,990,858,490.59 | 2,037,082,007.25 | 29,152,876.72 | 945,912.25 | 1,038,600,000.00 | 1,028,580,796.22 | |||||
28. Other current liabilities
Unit: RMB
| Item | Ending balance | Beginning balance |
| Output tax to be transferred | 440,923,005.96 | 551,990,844.96 |
| Total | 440,923,005.96 | 551,990,844.96 |
29. Long-term borrowings
(1) Categories of long-term borrowings
Unit: RMB
| Item | Ending balance | Beginning balance |
| Pledge borrowings | 96,313,870,471.67 | 98,775,848,764.18 |
| Mortgage borrowings | 300,000,000.00 | 400,775,733.62 |
| Guaranteed borrowings | 33,904,260,128.83 | 25,540,063,351.05 |
| Credit borrowings | 462,895,972.33 | |
| Total | 130,518,130,600.50 | 125,179,583,821.18 |
30. Lease liabilities
Unit: RMB
| Item | Ending balance | Beginning balance |
| Lease payments | 226,413,838.57 | 241,120,991.44 |
| Unacknowledged financial charges | -43,985,595.60 | -48,118,679.06 |
| Total | 182,428,242.97 | 193,002,312.38 |
31. Deferred income
Unit: RMB
| Item | Beginning balance | Increase in the current period | Decrease in the current period | Ending balance | Reasons for incurrence |
| Government grants | 195,581,593.25 | 11,360,000.00 | 12,759,033.44 | 194,182,559.81 | Government grants related to assets |
| Total | 195,581,593.25 | 11,360,000.00 | 12,759,033.44 | 194,182,559.81 |
32. Share capital
Unit: RMB
| Beginning balance | Increase and decrease of this change (+, -) | Ending balance | |||||
| New issue of shares | Issue of bonus shares | Conversion of provident fund into shares | Other | Subtotal | |||
| Total number of shares | 10,125,525,000.00 | 10,125,525,000.00 | |||||
33. Capital reserves
Unit: RMB
| Item | Beginning balance | Increase in the current period | Decrease in the current period | Ending balance |
| Capital premium (capital stock premium) | 10,779,726,139.51 | 10,779,726,139.51 | ||
| Other capital reserves | 45,596,119.85 | 967,902.96 | 46,564,022.81 | |
| Total | 10,825,322,259.36 | 967,902.96 | 10,826,290,162.32 |
Other notes, including notes to increase and decrease in the current period and its reasons:
As a result of other changes in owners' equity of associates other than net profit or loss, other comprehensiveincome and profit appropriation, the Company's share, calculated on the basis of the proportion of shareholding, was credited to capital surplus (other capital surplus) in the amount of 967,902.96 yuan.
34. Treasury stock
Unit: RMB
| Item | Beginning balance | Increase in the current period | Decrease in the current period | Ending balance |
| Repurchase of public shares | 6,619,807,176.02 | 359,711,459.00 | 6,979,518,635.02 | |
| Total | 6,619,807,176.02 | 359,711,459.00 | 6,979,518,635.02 |
According to the “Proposal on the Repurchase of the Company's Shares” considered and passed at the 21st Meeting of the Fifth Session of the Board of Directors of the Company held on March 15, 2022, it was agreed that the Company would use its own funds to repurchase some of the public shares of the Company by means of centralized bidding transactions for the conversion of corporate bonds issued by the Company that can be converted into shares, and the total amount of the funds to be repurchased this time will not be less than RMB1 billion (inclusive)and not more than RMB 2 billion (inclusive), and the repurchase price will not be more than RMB 22 per share.
According to the “Proposal on Repurchase of Company's Shares” considered and passed at the 2nd Meeting of the Sixth Session of the Board of Directors of the Company held on August 4, 2022, it was agreed that the Company would use its own funds to repurchase some of the public shares of the Company by means of centralized bidding transactions for conversion of corporate bonds convertible into shares issued by the Company or employee shareholding plan, and the total amount of funds for this repurchase shall not be less than RMB1 billion (inclusive) and not more than RMB2 billion (inclusive) and the price of repurchase will not exceed RMB 20 per share.
According to the “Proposal on the Repurchase of the Company's Shares” considered and passed at the 10th Meeting of the Sixth Session of the Board of Directors held on August 21, 2023 and the “Proposal on Increasing theAmount of the Company's Repurchase of Shares (Phase III)” considered and passed at the 14th Meeting of the Sixth Session of the Board of Directors held on November 27, 2023, it was agreed that the Company would use its own funds to repurchase by way of centralized bidding transactions some of the Company's domestic RMB ordinaryshares (A shares) issued by the Company for conversion of corporate bonds issued by listed companies that can be converted into shares or employee shareholding plan, the amount of this repurchase will not be less than RMB 1.5 billion (inclusive) and not more than RMB 3 billion (inclusive), and the repurchase price will not exceed RMB 18yuan/share (inclusive).
The Company had repurchased 516,433,122 shares at the beginning of the period, and repurchased 35,947,336 shares by way of centralized bidding transactions through the special securities account for repurchase during th
e period, with the highest transaction price of RMB 10.33 per share and the lowest transaction price of RMB 9.38per share, and the total transaction amount of RMB 359,901,072.78 (excluding transaction fees). At the same time, the Company obtained a cash settlement gain of RMB189,613.78 accordingly through the signing of OTC derivatives related agreements with CITIC Securities Company Limited and Shenwan Hongyuan Securities Company Limited, thus reducing the actual cost of repurchase for the period by RMB189,613.78.
35. Other comprehensive income
Unit: RMB
| Item | Beginning balance | The amount incurred in the current period | Ending balance | |||||
| Amount incurred before current income tax | Less: amount included in other comprehensive income previously and then transferred into current gain and loss | Less: Amount included in other comprehensive incomes previously and then transferred into current retained earnings | Less: Income tax expenses | Attributable to the parent company after tax | Attributable to the minority shareholders after tax | |||
| I. Other comprehensive income that cannot be reclassified into profit or loss | 590,642.24 | -590,642.24 | -590,642.24 | |||||
| Other | 590,642.24 | -590,642.24 | -590,642.24 | |||||
| II. Other comprehensive income to be reclassified into profit or loss | 109,613,224.11 | 64,316,301.38 | 68,737,041.49 | -4,420,740.11 | 178,350,265.60 | |||
| Including: other comprehensive income convertible into profit or loss by the equity method | 105,770,286.01 | 42,872,554.73 | 49,009,488.62 | -6,136,933.89 | 154,779,774.63 | |||
| Translation difference of financial statements in foreign currency | 3,842,938.10 | 21,443,746.65 | 19,727,552.87 | 1,716,193.78 | 23,570,490.97 | |||
| Total other comprehensive income | 110,203,866.35 | 63,725,659.14 | 68,146,399.25 | -4,420,740.11 | 178,350,265.60 | |||
36. Special reserve
Unit: RMB
| Item | Beginning balance | Increase in the current period | Decrease in the current period | Ending balance |
| Work safety expenses | 60,677,296.91 | 195,246,416.80 | 206,640,911.89 | 49,282,801.82 |
| Total | 60,677,296.91 | 195,246,416.80 | 206,640,911.89 | 49,282,801.82 |
Other notes, including notes to increase and decrease in the current period and its reasons:
Changes in special reserve during the period were all attributable to safety production fees provided for and expended by subsidiaries Yisheng Dahua Petrochemical Co., Ltd., Ningbo Zhongjin Petrochemical Co., Ltd., Zhejiang Yisheng New Materials Co., Ltd., Zhejiang Petroleum & Chemical Co., Ltd. and ZPC Zheyou Technology Co., Ltd.
37. Surplus reserve
Unit: RMB
| Item | Beginning balance | Increase in the current period | Decrease in the current period | Ending balance |
| Statutory surplus reserve | 974,151,644.68 | 974,151,644.68 | ||
| Total | 974,151,644.68 | 974,151,644.68 |
38. Undistributed profits
Unit: RMB
| Item | Current period | Prior period |
| Undistributed profits at the end of the prior period before the adjustment | 28,859,818,194.51 | 29,264,532,743.94 |
| Total amount of undistributed profit at the beginning of adjustment ("+" for increase, "-" for decrease) | 1,300,627.54 | |
| Undistributed profit at the beginning of the period after adjustment | 28,859,818,194.51 | 29,265,833,371.48 |
| Add: Net profit attributable to the owner of the parent company in the current period | 857,934,883.14 | -1,126,633,616.55 |
| Common stock dividends payable | 957,314,454.20 | 1,476,357,352.20 |
| Undistributed profit at the end of the period | 28,760,438,623.45 | 26,662,842,402.73 |
39. Operating income and operating costs
Unit: RMB
| Item | The amount incurred in the current period | Amount incurred in the previous period | ||
| Revenue | Cost | Revenue | Cost | |
| Primary business | 160,079,424,414.28 | 140,556,935,637.10 | 154,208,585,059.79 | 139,557,422,671.72 |
| Other businesses | 1,170,319,863.57 | 699,198,058.96 | 316,698,692.50 | 200,211,047.73 |
| Total | 161,249,744,277.85 | 141,256,133,696.06 | 154,525,283,752.29 | 139,757,633,719.45 |
1) Breakdown of income by commodity type
| Item | Amount in the current period | Amount in the previous period | ||
| Revenue | Cost | Revenue | Cost | |
| Oil refining | 59,838,932,657.76 | 48,726,246,424.89 | 55,062,107,428.82 | 45,444,345,713.79 |
| Chemical | 57,596,453,886.82 | 49,118,458,197.00 | 58,838,530,475.22 | 54,312,061,215.61 |
| PTA | 26,077,114,974.80 | 26,373,338,285.23 | 26,198,868,922.47 | 26,150,440,178.24 |
| Polyester chemical fiber film | 8,458,552,743.59 | 8,345,372,567.39 | 7,346,436,217.27 | 7,103,615,870.05 |
| Trade and others | 9,278,690,014.88 | 8,692,718,221.55 | 7,079,340,708.51 | 6,747,170,741.76 |
| Total | 161,249,744,277.85 | 141,256,133,696.06 | 154,525,283,752.29 | 139,757,633,719.45 |
2) Breakdown of income by the time of commodity transfer
| Item | Amount in the current period | Amount in the previous period |
| Revenue recognized at a certain point of time | 161,249,318,488.86 | 154,524,576,134.52 |
| Revenue recognized at a certain period of time | 425,788.99 | 707,617.77 |
| Total | 161,249,744,277.85 | 154,525,283,752.29 |
(3) The revenue recognized in the current period included in the opening book value of contract liabilities is 4,421,732,432.83 yuan.
40. Taxes and surcharges
Unit: RMB
| Item | The amount incurred in the current period | Amount incurred in the previous period |
| Consumption tax | 10,978,246,370.38 | 9,052,613,367.30 |
| Urban maintenance and construction tax | 764,424,581.48 | 630,841,527.61 |
| Education surcharge | 332,817,591.84 | 270,454,545.77 |
| Property tax | 14,133,561.40 | 4,818,231.42 |
| Land use tax | 72,200,604.38 | 7,635,782.75 |
| Vehicle and vessel use tax | 44,985.46 | 50,549.64 |
| Stamp duty | 107,573,102.77 | 91,225,567.44 |
| Local education surcharge | 221,878,394.54 | 180,304,238.66 |
| Environmental protection tax | 5,630,479.78 | 5,615,255.16 |
| Total | 12,496,949,672.03 | 10,243,559,065.75 |
41. Management expenses
Unit: RMB
| Item | The amount incurred in the current period | Amount incurred in the previous period |
| Employee compensation | 208,789,083.98 | 185,798,003.18 |
| Office expenses | 54,249,360.40 | 64,671,634.46 |
| Depreciation and amortization expense | 106,087,038.33 | 79,060,728.97 |
| Insurance premium | 30,511,570.43 | 8,308,602.47 |
| Business entertainment expenses | 6,882,681.56 | 8,111,405.17 |
| Other | 31,521,138.44 | 58,813,057.28 |
| Total | 438,040,873.14 | 404,763,431.53 |
42. Marketing expenses
Unit: RMB
| Item | The amount incurred in the current period | Amount incurred in the previous period |
| Employee compensation | 56,136,825.51 | 63,363,691.24 |
| Sales business expenses | 2,193,116.70 | 19,686,887.93 |
| Other | 20,603,542.75 | 17,498,830.87 |
| Total | 78,933,484.96 | 100,549,410.04 |
43. R&D expenses
Unit: RMB
| Item | The amount incurred in the current period | Amount incurred in the previous period |
| Direct input | 1,665,062,813.44 | 2,632,385,681.71 |
| Depreciation and amortization | 454,966,340.52 | 377,120,072.35 |
| Employee compensation | 362,187,152.24 | 268,013,526.46 |
| Equipment commissioning fee | 8,550,243.78 | 5,390,252.95 |
| Outsourcing R&D and others | 6,163,262.37 | 10,322,001.15 |
| Total | 2,496,929,812.35 | 3,293,231,534.62 |
44. Financial expenses
Unit: RMB
| Item | The amount incurred in the current period | Amount incurred in the previous period |
| Interest expense | 3,544,593,781.09 | 3,625,811,842.89 |
| Interest income | 240,894,876.38 | 223,711,660.97 |
| Exchange gain or loss | 186,839,681.50 | 466,810,926.53 |
| Other | 205,072,357.61 | 201,902,954.11 |
| Total | 3,695,610,943.82 | 4,070,814,062.56 |
45. Other income
Unit: RMB
| Sources generating other incomes | The amount incurred in the current period | Amount incurred in the previous period |
| Government grants related to assets | 12,759,033.44 | 14,415,451.98 |
| Government grants related to income | 354,442,587.20 | 86,535,713.78 |
| Return of fees for withheld taxes | 3,889,552.53 | 3,709,266.29 |
| Value-added tax with deduction | 881,642,794.61 | |
| Other | 1,017,500.00 | |
| Total | 1,253,751,467.78 | 104,660,432.05 |
46. Income from changes in fair value
Unit: RMB
| Sources of income from changes in fair value | The amount incurred in the current period | Amount incurred in the previous period |
| Trading financial assets | 326,380,708.78 | 373,456,101.92 |
| Where: Gains from changes in fair value arising from financial assets classified at fair value through profit or loss | 326,380,708.78 | 373,456,101.92 |
| Trading financial liabilities | -211,343,490.25 | -62,830,446.80 |
| Total | 115,037,218.53 | 310,625,655.12 |
47. Investment income
Unit: RMB
| Item | The amount incurred in the current period | Amount incurred in the previous period |
| Long-term equity investment income calculated by equity method | 187,861,798.54 | 239,850,471.43 |
| Investment income from disposal of long-term equity investments | 9,860,629.44 | |
| Investment income from disposal of trading financial assets | -346,723,053.25 | -81,035,172.03 |
| Receivables financing discounting expenses | 106,473,045.31 | 9,802,915.22 |
| Interest income from related party lending | 213,251.56 | 99,037.73 |
| Total | -52,174,957.84 | 178,577,881.79 |
48. Credit impairment loss
Unit: RMB
| Item | The amount incurred in the current period | Amount incurred in the previous period |
| Bad debt losses | -138,884,225.38 | -39,633,196.86 |
| Total | -138,884,225.38 | -39,633,196.86 |
49. Asset impairment loss
Unit: RMB
| Item | The amount incurred in the current period | Amount incurred in the previous period |
| I. Inventory depreciation loss and contract performance cost impairment loss | -12,655,239.18 | -64,830,582.66 |
| Total | -12,655,239.18 | -64,830,582.66 |
50. Income from asset disposal
Unit: RMB
| Sources of asset disposal income | The amount incurred in the current period | Amount incurred in the previous period |
| Income from disposal of assets | 5,269,441.94 | -84,509.13 |
51. Non-operating income
Unit: RMB
| Item | The amount incurred in the current period | Amount incurred in the previous period | Amount included in non-recurring gain and loss of the current period |
| Income from indemnity and fines | 7,023,731.21 | 838,710.13 | 7,023,731.21 |
| Other | 804,113.55 | 200,250.31 | 804,113.55 |
| Total | 7,827,844.76 | 2,038,960.44 | 7,827,844.76 |
52. Non-operating expenses
Unit: RMB
| Item | The amount incurred in the current period | Amount incurred in the previous period | Amount included in non-recurring gain and loss of the current period |
| External donations | 3,750,000.00 | 3,750,000.00 | |
| Late fee | 31,084,001.90 | 301,816.09 | 31,084,001.90 |
| Other | 602,771.24 | 547,623.10 | 602,771.24 |
| Total | 35,436,773.14 | 849,439.19 | 35,436,773.14 |
53. Income tax expenses
(1) Presentation of income tax expenses
Unit: RMB
| Item | The amount incurred in the current period | Amount incurred in the previous period |
| Income tax expenses in the current period | 292,771,993.36 | 198,063,195.10 |
| Deferred income tax expenses | -34,862,774.83 | -950,531,935.73 |
| Total | 257,909,218.53 | -752,468,740.63 |
(2) Adjustment of accounting profit and income tax expense
Unit: RMB
| Item | The amount incurred in the current period |
| Total profits | 1,929,880,572.96 |
| Income tax expenses calculated at the appropriate/applicable tax rate | 482,470,143.24 |
| Impact of different tax rates applied on subsidiaries | -152,555,384.55 |
| Influence of income tax during periods prior to adjustment | -1,439,155.76 |
| Influence of non-taxable income | -10,721,847.90 |
| Impact of non-deductible costs, expenses and losses | 3,841,659.46 |
| Impact of using deductible loss on deferred income tax assets unrecognized in prior periods | -16,940,697.96 |
| Impact of temporary deductible difference or deductible loss on deferred income tax assets unrecognized in the current period | 122,544,479.04 |
| Impact of R&D cost plus deduction | -169,289,977.04 |
| Income tax expenses | 257,909,218.53 |
54. Other comprehensive incomes
See the Notes V (I) 35 for details.
55. Cash flow statement items
(1) Cash related to operating activities
Other cash received related to operating activities
Unit: RMB
| Item | The amount incurred in the current period | Amount incurred in the previous period |
| Recovery of bills, letters of credit and other deposits | 1,274,732,571.30 | 2,223,926,332.12 |
| Temporary borrowings received from Zhejiang Rongsheng Holding Group Co., Ltd. | 1,500,000,000.00 | |
| Interest income received from bank deposits | 240,894,876.38 | 184,274,855.72 |
| Recovery of operating deposit and security deposit | 77,717,964.04 | 78,943,677.78 |
| Government grants received | 1,277,709,639.73 | 498,113,367.88 |
| Other | 49,108,054.43 | 5,584,970.84 |
| Total | 2,920,163,105.88 | 4,490,843,204.34 |
Other cash paid related to operating activities
Unit: RMB
| Item | The amount incurred in the current period | Amount incurred in the previous period |
| Payment of bills, letters of credit and other deposits | 1,039,940,396.18 | 1,363,618,254.50 |
| Repayment of temporary borrowings to Zhejiang Rongsheng Holding Group Co., Ltd. | 1,500,000,000.00 | |
| Cash disbursements from administrative expenses, R&D expenses and sales expenses | 200,274,385.44 | 247,771,882.68 |
| Payment of bank charges | 184,101,320.45 | 170,964,467.88 |
| Payment of operating deposit and security deposit | 77,799,264.13 | 233,369,986.76 |
| Other | 87,342,072.61 | 38,528,031.95 |
| Total | 1,589,457,438.81 | 3,554,252,623.77 |
(2) Cash related to investment activities
Other cash received related to investment activities
Unit: RMB
| Item | The amount incurred in the current period | Amount incurred in the previous period |
| Recovery of bills, letters of credit and other deposits | 58,439,047.20 | 300,801,878.44 |
| Received deposit for project and land auction | 700,000.00 | 9,806,550.00 |
| Recovery of temporary borrowings and interest from ZPC-ENN (Zhoushan) Gas Co., Ltd. | 213,251.56 | 52,200.00 |
| Total | 59,352,298.76 | 310,660,628.44 |
Other cash paid related to investment activities
Unit: RMB
| Item | The amount incurred in the current period | Amount incurred in the previous period |
| Paid deposit related to project and land auction | 29,960,000.00 | 21,772,882.05 |
| Payment of bills, letters of credit and other deposits | 78,543,840.40 | 204,461,781.53 |
| Total | 108,503,840.40 | 226,234,663.58 |
(3) Cash related to financing activities
Other cash received related to financing activities
Unit: RMB
| Item | The amount incurred in the current period | Amount incurred in the previous period |
| Temporary borrowings received from Zhejiang Rongsheng Holding Group Co., Ltd. | 898,500,000.00 | 3,756,000,000.00 |
| Entrusted loan received from Zhejiang Yi | 548,000,000.00 |
| sheng Petrochemical Co., Ltd. | ||
| Recovery of borrowing deposit | 250,000,000.00 | 250,000,000.00 |
| Payment received for discounted but unexpired L/Cs and notes | 17,650,908,866.65 | |
| Total | 18,799,408,866.65 | 4,554,000,000.00 |
Other cash paid related to financing activities
Unit: RMB
| Item | The amount incurred in the current period | Amount incurred in the previous period |
| Repayment of temporary borrowings to Zhejiang Rongsheng Holding Group Co., Ltd. | 2,638,841,925.73 | 1,281,510,402.57 |
| Repayment of entrusted loan and interest to Zhejiang Yisheng Petrochemical Co., Ltd. | 561,272,792.49 | 771,887,121.59 |
| Payment of financing fees | 10,641,996.38 | 15,979,886.75 |
| Payments for right-of-use assets | 14,493,187.65 | 16,169,959.49 |
| Payment of borrowing deposit | 250,000,000.00 | 250,000,000.00 |
| Payment for stock repurchase | 359,901,072.78 | |
| Payment of silver lease deposit | 844,580,625.41 | |
| Total | 4,679,731,600.44 | 2,335,547,370.40 |
Changes in all liabilities arising from financing activities?Applicable □Not applicable
| Item | Opening balance | Increase in the current period | Decrease in the current period | Ending balance | ||
| Cash changes | Non-cash changes | Cash changes | Non-cash changes | |||
| Bank borrowings | 198,219,583,882.59 | 74,713,977,878.21 | 3,909,407,400.00 | 72,836,984,025.37 | 204,005,985,135.43 | |
| Other payables – temporary borrowings of Zhejiang Rongsheng Holding Group | 14,615,763,666.09 | 898,500,000.00 | 107,676,000.00 | 2,638,841,925.73 | 12,983,097,740.36 | |
| Other payables - entrusted loan of Zhejiang Yisheng Petrochemical Co., Ltd. | 787,149,197.50 | 12,439,900.00 | 561,272,792.49 | 238,316,305.01 | ||
| Other accounts payable - dividends payable | 228,000,000.00 | 957,314,454.20 | 1,185,314,454.20 | |||
| Bonds payable (including bonds payable due within one year) | 2,037,082,007.25 | 30,098,788.97 | 1,038,600,000.00 | 1,028,580,796.22 | ||
| Lease liabilities (including those due within one year) | 213,541,186.47 | 4,224,400.00 | 14,493,187.65 | 203,272,398.82 | ||
| Total | 216,101,119,939.90 | 75,612,477,878.21 | 5,021,160,943.17 | 78,275,506,385.44 | 218,459,252,375.84 |
56. Supplementary information of Cash Flow Statement
(1) Supplementary information of Cash Flow Statement
Unit: RMB
| Supplementary information | Current amount | Amount of prior period |
| 1. Reconciliation from net profits to cash flows from operating activities: | ||
| Net profit | 1,671,971,354.43 | -2,102,293,529.47 |
| Add: Provision for impairment of assets | 151,539,464.56 | 104,463,779.52 |
| Fixed assets depreciation, oil and gas assets depletion, productive biological assets depreciation | 7,353,832,931.65 | 6,694,859,530.55 |
| Depreciation of assets with right of use | 12,075,356.96 | 13,198,674.80 |
| Amortization of intangible assets | 90,278,218.65 | 73,419,072.52 |
| Amortization of long-term deferred expenses | 45,701.13 | 74,278.56 |
| Loss on disposing fixed assets, intangible assets and other long-term assets (gains expressed with "-") | -5,269,441.94 | 84,509.13 |
| Loss from scrapping of fixed assets (income is presented with "-") | ||
| Loss from fair value changes (gains expressed with "-") | -115,037,218.53 | -310,625,655.12 |
| Financial expenses (gains expressed with "-") | 3,750,706,175.81 | 4,061,769,909.71 |
| Investment loss (gains expressed with "-") | 52,174,957.84 | -218,545,353.28 |
| Decrease in deferred income tax assets (increase expressed with "-") | -34,449,732.26 | -946,536,989.23 |
| Increase in deferred income tax liabilities (decrease expressed with "-") | 69,312,507.09 | -13,973,961.39 |
| Decrease in inventories (increase expressed with “-”) | 6,466,710,786.77 | 15,390,669,640.75 |
| Decrease in operating receivables (increase expressed with “-”) | -6,339,774,806.89 | -3,022,908,454.07 |
| Increase in operating payables (decrease expressed with “-”) | -4,709,791,428.51 | -22,002,434,883.88 |
| Other | -21,786,474.80 | |
| Net cash flow from operating activities | 8,392,538,351.96 | -2,278,779,430.90 |
| 2. Significant investment and financing activities not involving cash deposit and withdrawal: | ||
| Debt into capital |
| Convertible corporate bonds due within one year | ||
| Fixed assets leased under finance leases | ||
| 3. Net change in cash and cash equivalents: | ||
| Ending balance of cash | 17,009,516,388.75 | 13,365,029,722.01 |
| Less: Beginning balance of cash | 11,486,855,097.52 | 15,459,279,803.77 |
| Add: Ending balance of cash equivalents | ||
| Less: Beginning balance of cash equivalents | ||
| Net increase in cash and cash equivalents | 5,522,661,291.23 | -2,094,250,081.76 |
(2) Composition of cash and cash equivalents
Unit: RMB
| Item | Ending balance | Beginning balance |
| I. Cash | 17,009,516,388.75 | 11,486,855,097.52 |
| Including: cash on hand | 1,411,306.08 | 1,499,665.59 |
| Bank deposits available for payment at any time | 16,653,022,880.81 | 11,121,148,364.87 |
| Other monetary funds available on demand | 355,082,201.86 | 364,207,067.06 |
| III. Ending balance of cash and cash equivalents | 17,009,516,388.75 | 11,486,855,097.52 |
(3) Monetary funds that are not cash and cash equivalents
Unit: RMB
| Item | Current amount | Amount of prior period | Reasons for not cash and cash equivalents |
| Bank acceptance bill deposit | 586,785,487.30 | 771,727,014.41 | These are all deposits for related businesses and are subject to restrictions on use. |
| L/C deposit | 510,556,957.10 | 561,350,011.26 | These are all deposits for related businesses and are subject to restrictions on use. |
| Loan deposit | 250,000,000.00 | 250,000,000.00 | These are all deposits for related businesses and are subject to restrictions on use. |
| Guarantee deposit | 20,000,000.00 | These are all deposits for related businesses and are subject to restrictions on use. | |
| Silver lease deposit | 844,580,625.41 | These are all deposits for related businesses and are subject to restrictions on use. | |
| Accrued interest on deposits | 1,140,792.19 | 322,342.83 | The accrued interest on the deposit |
| ETC deposit | 1,000.00 | 1,000.00 | |
| Total | 2,213,064,862.00 | 1,583,400,368.50 |
57. Foreign currency monetary items
(1) Monetary items in foreign currency
Unit: RMB
| Item | Ending balance in foreign currencies | Conversion exchange rate | Ending balance in RMB |
| Monetary fund | |||
| Including: USD | 966,181,616.82 | 7.1268 | 6,885,783,146.75 |
| EUR | 4,673,908.12 | 7.6617 | 35,810,081.85 |
| HKD | 711,154.71 | 0.91268 | 649,056.68 |
| Pound | 2.70 | 9.043 | 24.42 |
| Singapore dollar | 1,949,779.64 | 5.279 | 10,292,886.72 |
| Accounts receivable | |||
| Including: USD | 550,513,259.43 | 7.1268 | 3,923,397,897.33 |
| Long-term borrowings | |||
| Including: USD | |||
| EUR | 51,193,878.48 | 7.6617 | 392,232,138.75 |
| Other payables | |||
| Including: USD | 26,522,358.27 | 7.1268 | 189,019,542.92 |
| Singapore dollar | 5,585.00 | 5.279 | 29,483.22 |
| Accounts payable | |||
| Including: USD | 5,863,603,043.57 | 7.1268 | 41,788,726,170.89 |
| EUR | 10,406,710.55 | 7.6617 | 79,733,094.22 |
| Other receivables | |||
| Including: USD | 5,346,264.25 | 7.1268 | 38,101,756.06 |
| HKD | 53,902,970.91 | 0.91268 | 49,196,163.49 |
| Non-current liabilities due within one year | |||
| Including: EUR | 6,399,234.82 | 7.6617 | 49,029,017.42 |
| Japanese Yen | 4,100,000,000.00 | 0.044738 | 183,425,800.00 |
(2) Description of the overseas operating entity, including important overseas operating entity, shall disclose its main overseas business place, recording currency and the basis for selection, and shall also disclose reasons in the case of changes in recording currency.?Applicable □ Not applicable
| Company name | Place of registration | Recording currency | Selection basis |
| Hong Kong Sheng Hui Co., Ltd. | Hong Kong, China | USD | General |
| Hong Kong Yisheng Dahua Petrochemical Co., Ltd. | Hong Kong, China | settlement currency for company operation | |
| Yisheng New Materials Trading Co., Ltd. | Hong Kong, China | ||
| Rongsheng Petrochemical (Hong Kong) Co., Ltd. | Hong Kong, China | ||
| Rongsheng Petrochemical (Singapore) Pte. Ltd. | Singapore | ||
| Zhejiang Petroleum & Chemical (Singapore) Pte. Ltd. | Singapore | ||
| Rongtong Logistics (Singapore) Pte. Ltd. | Singapore |
58. Leasing
(1) The Company as the lessee
?Applicable □ Not applicableVariable lease payments not included in the measurement of lease liabilities
□Applicable ?Not applicable
Simplified treatment of short-term leases or rental expenses of low-value assets?Applicable □ Not applicable The Company's accounting policies for short-term leases and leases of low-value assets are described in the notes to the financial statements in Note III (29). The amounts of short-term lease charges and low-value asset lease charges recognized in profit or loss are as follows:
| Item | Amount in the current period | Amount of the same period last year |
| Short-term lease expense | 11,182,468.20 | 11,301,267.54 |
| Lease expense of low value assets (exclude short-term lease) | ||
| Total | 11,182,468.20 | 11,301,267.54 |
(2) The Company as the lessor
Operating lease as lessor?Applicable □ Not applicable
Unit: RMB
| Item | Leasing revenue | Including: income related to variable lease payments not included in the lease receipts |
| Leasing revenue | 425,788.99 | 425,788.99 |
| Total | 425,788.99 | 425,788.99 |
Financial lease as lessor
□ Applicable ? Not applicable
Undiscounted lease receipts for each of the next five years
□ Applicable ? Not applicable
(3) Recognition of the profit and loss of financial leasing sales as a manufacturer or distributor
□ Applicable ? Not applicable
VIII. R&D expenditure
Unit: RMB
| Item | The amount incurred in the current period | Amount incurred in the previous period |
| Direct input | 1,665,062,813.44 | 2,632,385,681.71 |
| Depreciation and amortization | 454,966,340.52 | 377,120,072.35 |
| Employee compensation | 362,187,152.24 | 268,013,526.46 |
| Equipment commissioning fee | 8,550,243.78 | 5,390,252.95 |
| Outsourcing R&D and others | 6,163,262.37 | 10,322,001.15 |
| Total | 2,496,929,812.35 | 3,293,231,534.62 |
| Including: expensed R&D expenditure | 2,496,929,812.35 | 3,293,231,534.62 |
IX. Consolidation scope changes
1. Disposal of subsidiaries
Whether there were any transactions or events during the period in which control of subsidiaries was lost
□Yes ?No
2. Changes in consolidation scope for other reasons
Increase of consolidation scope
| Company name | Equity acquisition method | Date of equity acquisition | Subscribed capital contribution | Proportion of subscribed capital contribution (%) |
| Taizhou ZPC Sales Co., Ltd. | New establishment | February 27, 2024 | 10,000,000.00 | 100 |
| Zhejiang Rongyi Chemical Fiber Co., Ltd. | New establishment | March 8, 2024 | 10,000,000.00 | 100 |
X. Interests in other entities
1. Rights and interests in subsidiaries
(1) Group composition
Unit: RMB10,000
| Name of subsidiary | Registered capital | Principal place of business | Place of registration | Business nature | Shareholding ratio | Shareholding ratio | |
| Direct | Indirect | ||||||
| Zhejiang Shengyuan Chemical Fiber Co., Ltd. | 200,000.00 | Xiaoshan, Zhejiang | Xiaoshan, Zhejiang | Manufacturing | 100.00% | Setup | |
| Hong Kong Sheng Hui Co., Ltd. | USD1,970.00 | Hong Kong, China | Hong Kong, China | Commercial | 100.00% | Business combinations under the same control | |
| Ningbo Yisheng Chemical Co., Ltd. | USD10,526.00 | Ningbo, Zhejiang | Ningbo, Zhejiang | Manufacturing | 95.00% | Setup | |
| Dalian Yisheng Investment Co., Ltd. | 201,800.00 | Dalian, Liaoning | Dalian, Liaoning | Manufacturing | 70.00% | Setup | |
| Yisheng Dahua Petrochemical Co., Ltd. | 245,645.00 | Dalian, Liaoning | Dalian, Liaoning | Manufacturing | 84.60% | Setup | |
| Hong Kong Yisheng Dahua Petrochemical Co., Ltd. | USD10.00 | Hong Kong, China | Hong Kong, China | Commercial | 100.00% | Setup | |
| Dalian Rongxincheng Trading Co., Ltd. | 1,000.00 | Dalian, Liaoning | Dalian, Liaoning | Commercial | 100.00% | Setup | |
| Zhejiang Rongtong Chemical Fiber New Material Co., Ltd. | 5,000.00 | Xiaoshan, Zhejiang | Xiaoshan, Zhejiang | Commercial | 100.00% | Setup | |
| Dalian Yisheng New Materials Co., Ltd. | 2,000.00 | Dalian, Liaoning | Dalian, Liaoning | Manufacturing | 100.00% | Setup | |
| Ningbo Zhongjin Petrochemical Co., Ltd. | 600,000.00 | Ningbo, Zhejiang | Ningbo, Zhejiang | Manufacturing | 100.00% | Business combinations under the same control | |
| Ningbo Niluoshan New Energy Co., Ltd. | 36,000.00 | Ningbo, Zhejiang | Ningbo, Zhejiang | Manufacturing | 100.00% | Setup | |
| Zhejiang Yisheng New Materials Co., Ltd. | 300,000.00 | Ningbo, Zhejiang | Ningbo, Zhejiang | Manufacturing | 51.00% | Business combination not involving enterprises under common control | |
| Ningbo Rongxincheng Trading Co., Ltd. | 1,000.00 | Ningbo, Zhejiang | Ningbo, Zhejiang | Commercial | 100.00% | Setup | |
| Yisheng New Materials Trading Co., Ltd. | HKD100.00 | Hong Kong, China | Hong Kong, China | Commercial | 100.00% | Setup | |
| Zhejiang Rongyi Trading Co., Ltd. | 1,000.00 | Ningbo, Zhejiang | Ningbo, Zhejiang | Commercial | 100.00% | Setup | |
| Rongsheng Petrochemical (Singapore) Pte. Ltd. | USD10,100.00 | Singapore | Singapore | Commercial | 100.00% | Setup | |
| Rongtong Logistics (Singapore) Pte. Ltd. | USD0.0001 | Singapore | Singapore | Commercial | 100.00% | Setup | |
| Rongsheng Petrochemical (Hong Kong) Co., Ltd. | USD10.00 | Hong Kong | Hong Kong | Commercial | 100.00% | Setup | |
| Rongsheng International Trading Co., Ltd. | 10,000.00 | Xiaoshan, Zhejiang | Xiaoshan, Zhejiang | Commercial | 100.00% | Setup | |
| Zhejiang Petroleum & Chemical Co., Ltd. | 5,580,000.00 | Zhoushan, Zhejiang | Zhoushan, Zhejiang | Manufacturing | 51.00% | Business combinations under the same control | |
| ZPC Zheyou Technology Co., Ltd. | 41,220.00 | Zhoushan, Zhejiang | Zhoushan, Zhejiang | Manufacturing | 70.00% | Setup | |
| Zhejiang Petroleum & Chemical (Singapore) Pte. Ltd. | USD10.00 | Singapore | Singapore | Commercial | 100.00% | Setup | |
| ZPC Jintang Logistics Co., Ltd. | 200,000.00 | Zhoushan, Zhejiang | Zhoushan, Zhejiang | Commercial | 100.00% | Setup | |
| Zhejiang ZPC Sales Co., Ltd. | 10,000.00 | Xiaoshan, Zhejiang | Xiaoshan, Zhejiang | Commercial | 100.00% | Setup | |
| Zhoushan ZPC Sales Co., Ltd. | 6,000.00 | Zhoushan, Zhejiang | Zhoushan, Zhejiang | Commercial | 100.00% | Setup | |
| Zhoushan ZPC Trading Co., Ltd. | 6,000.00 | Zhoushan, Zhejiang | Zhoushan, Zhejiang | Commercial | 100.00% | Setup | |
| Ningbo ZPC Sales Co., Ltd. | 1,000.00 | Ningbo, Zhejiang | Ningbo, Zhejiang | Commercial | 100.00% | Setup | |
| ZPC (Zhejiang Free Trade Zone) Green Petrochemical Research Institute Co., Ltd. | 10,000.00 | Zhoushan, Zhejiang | Zhoushan, Zhejiang | Commercial | 100.00% | Setup | |
| Zhejiang ZPC Power Generation Co., Ltd. | 10,000.00 | Zhoushan, Zhejiang | Zhoushan, Zhejiang | Manufacturing | 100.00% | Setup | |
| Rongxiang Chemical Fiber Co., Ltd. | 20,000.00 | Xiaoshan, Zhejiang | Xiaoshan, Zhejiang | Manufacturing | 100.00% | Setup |
| Zhejiang Yongsheng Technology Co. Ltd. | 92,000.00 | Shaoxing, Zhejiang | Shaoxing, Zhejiang | Manufacturing | 70.00% | Business combinations under the same control | |
| Zhejiang Zhuosheng Industry & Trade Co., Ltd. | 1,000.00 | Shaoxing, Zhejiang | Shaoxing, Zhejiang | Commercial | 100.00% | Setup | |
| Hainan Rongsheng International Trade Co., Ltd. | 10,000.00 | Danzhou, Hainan | Danzhou, Hainan | Commercial | 100.00% | Setup | |
| Rongsheng Chemical (Shanghai) Co., Ltd. | 5,000.00 | Shanghai, China | Shanghai, China | Commercial | 100.00% | Setup | |
| Rongsheng New Materials (Zhoushan) Co., Ltd. | 100,000.00 | Zhoushan, Zhejiang | Zhoushan, Zhejiang | Manufacturing | 100.00% | Setup | |
| Rongsheng Energy (Zhoushan) Co., Ltd. | 10,000.00 | Zhoushan, Zhejiang | Zhoushan, Zhejiang | Manufacturing | 100.00% | Setup | |
| Rongsheng New Materials (Taizhou) Co., Ltd. | 100,000.00 | Taizhou, Zhejiang | Taizhou, Zhejiang | Manufacturing | 90.00% | Setup | |
| Zhejiang Rongshen New Materials Co., Ltd. | 2,000.00 | Xiaoshan, Zhejiang | Xiaoshan, Zhejiang | Commercial | 100.00% | Setup | |
| Zhejiang Shengcheng New Materials Co., Ltd | 2,000.00 | Xiaoshan, Zhejiang | Xiaoshan, Zhejiang | Commercial | 100.00% | Setup | |
| Zhejiang Huiyu New Materials Co., Ltd. | 2,000.00 | Xiaoshan, Zhejiang | Xiaoshan, Zhejiang | Commercial | 100.00% | Setup | |
| Taizhou ZPC Sales Co., Ltd. | 1,000.00 | Taizhou, Zhejiang | Taizhou, Zhejiang | Commercial | 100.00% | Setup | |
| Zhejiang Rongyi Chemical Fiber Co., Ltd. | 1,000.00 | Shaoxing, Zhejiang | Shaoxing, Zhejiang | Commercial | 100.00% | Setup |
(2) Major non-wholly owned subsidiaries
Unit: RMB
| Name of subsidiary | Shareholding ratio of minority shareholders | Gain and loss attributable to minority shareholders in the current period | Dividend announced to be distributed to minority shareholders in the current period | Ending balance of minority equity |
| Dalian Yisheng Investment Co., Ltd. | 30.00% | -8,176,805.59 | 2,037,276,364.28 | |
| Yisheng Dahua Petrochemical Co., Ltd. | 15.40% | -15,648,931.78 | 1,032,768,220.30 | |
| Zhejiang Yisheng New Materials Co., Ltd. | 49.00% | -122,061,617.90 | 1,006,035,940.20 | |
| Zhejiang Petroleum & Chemical Co., Ltd. | 49.00% | 992,285,472.69 | 46,976,012,916.66 |
(3) Main financial information of important partially-owned subsidiaries
Unit: RMB
| Name of subsidiary | Ending balance | Beginning balance | ||||||||||
| Current assets | Non-current assets | Total assets | Current liabilities | Non-current liabilities | Total liabilities | Current assets | Non-current assets | Total assets | Current liabilities | Non-current liabilities | Total liabilities | |
| Dalian Yisheng Investment Co., Ltd. | 7,373,740,859.82 | 10,516,149,294.12 | 17,889,890,153.94 | 8,516,076,255.63 | 1,733,426,196.45 | 10,249,502,452.08 | 6,043,382,793.70 | 10,173,002,029.51 | 16,216,384,823.21 | 7,509,876,231.58 | 1,006,365,995.26 | 8,516,242,226.84 |
| Yisheng Dahua Petrochemical Co., Ltd. | 9,210,642,944.46 | 6,996,996,554.30 | 16,207,639,498.76 | 8,514,544,944.16 | 1,733,426,196.45 | 10,247,971,140.61 | 7,881,162,643.98 | 6,690,663,043.40 | 14,571,825,687.38 | 7,507,801,187.61 | 1,006,365,995.26 | 8,514,167,182.87 |
| Zhejiang Yisheng New Materials Co., Ltd. | 3,770,821,382.34 | 8,487,936,487.32 | 12,258,757,869.66 | 7,976,215,511.70 | 2,230,072,819.65 | 10,206,288,331.35 | 3,092,416,626.70 | 8,847,477,862.13 | 11,939,894,488.83 | 6,977,327,918.39 | 2,670,572,649.50 | 9,647,900,567.89 |
| Zhejiang Petroleum & Chemical Co., Ltd. | 61,037,534,396.36 | 240,489,835,220.23 | 301,527,369,616.59 | 88,626,669,059.65 | 117,429,897,892.02 | 206,056,566,951.67 | 64,568,747,170.94 | 233,498,324,220.33 | 298,067,071,391.27 | 89,967,924,493.30 | 114,638,353,580.77 | 204,606,278,074.07 |
Unit: RMB
| Name of subsidiary | The amount incurred in the current period | Amount incurred in the previous period | ||||||
| Operating income | Net profit | Total comprehensive | Cash flow from finan | Operating income | Net profit | Total comprehensive | Cash flow from finan | |
| income | cing activities | income | cing activities | |||||
| Dalian Yisheng Investment Co., Ltd. | 15,791,532,876.12 | -42,904,950.43 | -59,754,894.51 | -782,651,340.65 | 14,135,227,704.16 | 86,841,067.42 | 57,348,886.01 | -1,088,546,093.37 |
| Yisheng Dahua Petrochemical Co., Ltd. | 15,791,532,876.12 | -101,596,648.56 | -97,990,146.36 | -783,529,106.29 | 14,135,227,704.16 | -73,067,164.80 | -51,033,487.10 | -1,089,402,616.64 |
| Zhejiang Yisheng New Materials Co., Ltd. | 16,773,628,679.50 | -240,030,619.95 | -239,524,382.63 | 284,377,430.35 | 17,913,286,293.88 | -206,590,638.53 | -206,311,659.91 | 205,886,712.10 |
| Zhejiang Petroleum & Chemical Co., Ltd. | 132,218,458,401.42 | 2,029,903,422.19 | 2,029,897,973.59 | 25,118,624,052.19 | 120,776,303,042.53 | -1,751,527,430.45 | -1,751,601,063.10 | 9,529,287,672.59 |
2. Equity in joint ventures or associated enterprises
(1) Important joint ventures or associated enterprises
| Name of the joint venture or associated enterprise | Principal place of business | Place of registration | Business nature | Shareholding ratio | Accounting method for investments in joint ventures and associated enterprises | |
| Direct | Indirect | |||||
| 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 Co., Ltd. | Xiaoshan, Zhejiang | Xiaoshan, Zhejiang | Finance | 9.71% | Accounting by the equity method | |
Basis for one having voting rights of below 20% and significant influences or one having voting rights of 20% or above but no significant influences:
The Company holds 9.712% of the shares of Zhejiang Xiaoshan Rural Commercial Bank Co., Ltd. and has arepresentative on the board of directors of the company, which enjoys the right to participate in decision-making on a substantial basis and through which it can participate in the formulation of the financial and operating policiesof Zhejiang Xiaoshan Rural Commercial Bank Co., Ltd. and achieve the goal of exerting significant influence over it.
(2) Main financial information of important associated enterprises
Unit: RMB
| Ending balance/amount incurred in the current period | Beginning balance/amount incurred in the prior period |
| Zhejiang Yisheng Petrochemical Co., Ltd. | Hainan Yisheng Petrochemical Co., Ltd. | Zhejiang Xiaoshan Rural Commercial Bank Co., Ltd. | Zhejiang Yisheng Petrochemical Co., Ltd. | Hainan Yisheng Petrochemical Co., Ltd. | Zhejiang Xiaoshan Rural Commercial Bank Co., Ltd. | |
| Current assets | 18,261,902,509.60 | 7,241,736,358.99 | 259,594,001,091.73 | 16,498,637,547.38 | 6,162,955,958.24 | 238,736,568,512.17 |
| Non-current assets | 2,928,210,737.26 | 11,381,504,856.11 | 120,122,930,003.73 | 3,137,691,308.20 | 10,723,396,187.42 | 113,548,089,574.71 |
| Total assets | 21,190,113,246.86 | 18,623,241,215.10 | 379,716,931,095.46 | 19,636,328,855.58 | 16,886,352,145.66 | 352,284,658,086.88 |
| Current liabilities | 11,030,587,191.12 | 6,793,412,176.79 | 330,877,723,796.67 | 9,220,485,531.00 | 5,777,465,785.67 | 306,542,331,514.47 |
| Non-current liabilities | 1,109,241,267.14 | 4,975,896,311.57 | 23,113,457,938.98 | 1,436,900,038.76 | 4,326,522,448.83 | 22,201,300,436.51 |
| Total liabilities | 12,139,828,458.26 | 11,769,308,488.36 | 353,991,181,735.65 | 10,657,385,569.76 | 10,103,988,234.50 | 328,743,631,950.98 |
| Minority equity | 295,827,214.40 | 284,964,915.83 | ||||
| Shareholders' equity attributable to the parent company | 9,050,284,788.60 | 6,853,932,726.74 | 25,429,922,145.41 | 8,978,943,285.82 | 6,782,363,911.16 | 23,256,061,220.07 |
| Share of net assets calculated by the shareholding ratio | 2,715,085,436.58 | 3,426,966,363.37 | 2,469,703,178.92 | 2,693,682,985.75 | 3,391,181,955.58 | 2,258,628,665.69 |
| Adjustments | ||||||
| - Goodwill | 102,420,730.97 | 4,040,414.35 | 102,420,730.97 | 4,040,414.35 | ||
| - Unrealized profits from internal transactions | -10,465,016.83 | |||||
| - Others | 11,273,596.89 | -9,435,670.91 | 2,976,102.43 | 11,273,596.90 | 2,929,588.71 | |
| Book value of equity investment in associated enterprise | 2,726,359,033.47 | 3,519,951,423.43 | 2,476,719,695.70 | 2,704,956,582.65 | 3,483,137,669.72 | 2,265,598,668.75 |
| Fair value of equity investment in associated enterprise with the public offer | ||||||
| Operating income | 12,104,143,062.27 | 16,355,492,690.18 | 4,145,047,089.21 | 12,693,711,327.43 | 10,107,704,727.64 | 3,601,028,878.05 |
| Net profit | 72,216,785.54 | 112,481,708.13 | 1,611,200,043.73 | 25,151,242.14 | 314,997,204.80 | 1,370,009,795.40 |
| Net profit from termination of operation | ||||||
| Other comprehensive income | -875,282.76 | -40,912,892.55 | 717,977,303.36 | 24,537,134.00 | -103,051,718.22 | 117,255,082.81 |
| Total comprehensive income | 71,341,502.78 | 71,568,815.58 | 2,329,177,347.09 | 49,688,376.14 | 211,945,486.58 | 1,487,264,878.21 |
| Dividends received from associ | 13,228,639.60 | 39,685,918.80 |
ated enterprises in the current year
(3) Summary of the financial information of minor joint ventures and associated enterprises
Unit: RMB
| Ending balance/amount incurred in the current period | Beginning balance/amount incurred in the prior period | |
| Associated enterprise: | ||
| Total book value of investments | ||
| Joint venture: | ||
| Total book value of investments | 680,084,854.97 | 730,018,523.84 |
| Total of the following items calculated as per the respective shareholding proportion | ||
| - Net profit | -45,694,583.93 | -57,518,763.73 |
| - Other comprehensive income | -6,136,933.88 | -11,674,323.74 |
| - Total comprehensive income | -51,831,517.81 | -69,193,087.47 |
XI. Government grants
1. At the end of the reporting period, government grants recognized according to the amount receivable?Applicable □ Not applicableThe ending balance of accounts receivable: RMB 1,382,798,000.00.Reasons for not receiving the estimated amount of government grantsat the expected time
□ Applicable ? Not applicable
2. Liability items involving government grants
?Applicable □ Not applicable
Unit: RMB
| Accounting subject | Beginning balance | Amount of additional subsidy in current period | Amount included in current non-operating income | Amount carried forward to other income in current period | Other change in current period | Ending balance | Related to assets/income |
| Deferred income | 195,581,593.25 | 11,360,000.00 | 12,759,033.44 | 194,182,559.81 | Related to assets |
3. Government grantsincluded in current profits and losses
?Applicable □ Not applicable
Unit: RMB
| Accounting subject | The amount incurred in the current period | Amount incurred in the previous period |
| Amount of government grants included in other income | 367,201,620.64 | 100,951,165.76 |
| Total | 367,201,620.64 | 100,951,165.76 |
XII. Risks related to financial instruments
1. Various risks arising from financial instruments
The Company conducts risk management to seek the appropriate balance between the risks and benefits to mitigate the adverse effects of the risks on the Company's business performance and maximize the interests of shareholders and other equity investors. Based on this objective, the Company's basic policy for risk management is toconfirm and analyze all kinds of risks faced by the Company, set up an appropriate risk bottom line, conduct riskmanagement, and monitor all risks promptly and reliably to limit risks within a specific range.
The Company faces various risks related to financial instruments in its daily activities, mainly including credit risk, liquidity risk and market risk. The Management has deliberated and approved the policies governing such risks, as outlined below.
(I) Credit risk
Credit risk refers to the risk that may bring financial loss to one party of the financial tool caused by the otherparty's failure to perform its obligations in the contract.
1. Practice of credit risk management
(1) Evaluation method of credit risk
On each balance sheet date, the Company assesses whether the credit risk of relevant financial instruments has increased significantly since initial recognition. When confirming whether the credit risks have increased significantly since the initial recognition, the Company considers reasonable and well-founded information, including qualitative and quantitative analysis based on the Company's history data, external credit risk ratings and forward-looking information, without incurring additional costs or efforts. Based on a single financial instrument or a combination of financial instruments with similar credit risk characteristics, the Company compares the default risks of thefinancial instruments on the balance sheet date with the default risks on the initial recognition date so as to determine changes in the expected default risks of financial instruments during the duration.
When one or more of the following quantitative and qualitative criteria is/are triggered, the Company considers that the credit risks of financial instruments have increased significantly:
1) The quantitative criteria mainly refer to that the probability of default of the remaining duration on the balance sheet date increases by more than a certain proportion compared with the initial recognition;
2) The qualitative criteria mainly include significant adverse changes in the debtor's business or financial situation, and existing or expected changes in the technical, market, economic or legal environment, which will have asignificant 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:
1) The debtor has major financial difficulties;
2) The debtor violates the binding provisions on the debtor in the contract;
3) The debtor is likely to go bankrupt or undergo another financial restructuring;
4) The creditor gives the debtor concessions that the debtor would not make under any other circumstances due to economic or contractual considerations related to the debtor's financial difficulties.
2. Measurement of expected credit loss
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 andrepayment method), and established the PD, LGD and EAD models.
3. For the reconciliation between the opening balance and the closing balance of the provision for loss of financial instruments, please see notes V (I) 3 and V (I) 6 of the financial statements for details.
4. Credit risk exposure and credit risk concentration
The credit risk to the Company mainly comes from monetary funds and accounts receivable. In order to control the above related risks, the Company has taken the following measures respectively.
(1) Monetary fund
The Company deposits bank deposits and other monetary funds in financial institutions with high credit rating, so its credit risk is low.
(2) Accounts receivable
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 accountsreceivable balance to ensure that the Company will not face significant bad debt risk.
Since the Company only conducts transactions with recognized third parties with good credit, no collateral isrequired. Credit risk concentration is managed according to customers. As of December 31, 2023, the Company has a certain credit concentration risk, because 73.07% (December 31, 2023: 53.41%) of the Company's accounts receivable are from the top five customers ranking in terms of balance. The Company holds no collateral or other credit enhancement for the balance of accounts receivable.
The maximum credit risk exposure of the Company is the book value of each financial asset on the balance sheet.
(II) Liquidity risk
Liquidity risk refers to the risk of occurrence of capital shortage when the Company fulfills its obligations settled by delivering cash or other financial assets. Liquidity risk may result from the inability to sell financial assetsat fair value as soon as possible; or because the other party is unable to repay its contractual debts; or from debts due in advance; or from the inability to generate expected cash flow.
In order to control this risk, the Company comprehensively uses various financing means, such as bill settlement and bank loan, and adopts the method of the appropriate combination of long-term and short-term financing methods to optimize the financing structure, so as to maintain the balance between financing sustainability and flexibility. The Company has obtained bank credit lines from a number of commercial banks to meet working capital needs and capital expenditure.
Financial liabilities are classified by remaining maturity date
| Item | Ending balance | ||||
| Book value | Undiscounted contract price | Within 1 year | 1-3 years | Above 3 years | |
| Bank loans | 203,983,443,451.26 | 225,335,440,396.59 | 76,482,438,359.32 | 72,265,496,564.06 | 76,587,505,473.21 |
| Trading financial liabilities | 1,316,317,084.58 | 1,316,317,084.58 | 1,128,440.00 | 1,315,188,644.58 | |
| Notes payabl | 3,221,161,129.33 | 3,221,161,129.33 | 3,221,161,129.33 | ||
| e | |||||
| Accounts payable | 58,034,176,861.77 | 58,034,176,861.77 | 58,034,176,861.77 | ||
| Other payables | 14,493,764,110.94 | 14,493,764,110.94 | 14,493,764,110.94 | ||
| Bonds payable | 1,028,580,796.22 | 1,034,500,000.00 | 1,034,500,000.00 | ||
| Lease liabilities | 203,272,419.23 | 245,644,771.16 | 21,367,895.04 | 71,140,116.94 | 153,136,759.18 |
| Subtotal | 282,280,715,853.33 | 303,681,004,354.37 | 153,288,536,796.40 | 73,651,825,325.58 | 76,740,642,232.39 |
Continued
| Item | Amount at the end of last year | ||||
| Book value | Undiscounted contract price | Within 1 year | 1-3 years | Above 3 years | |
| Bank loans | 197,839,011,037.27 | 221,286,938,697.31 | 77,162,762,558.85 | 62,140,808,417.55 | 81,983,367,720.91 |
| Trading financial liabilities | 623,298,741.33 | 623,298,741.33 | 78,931,785.08 | 544,366,956.25 | |
| Notes payable | 4,195,471,402.63 | 4,195,471,402.63 | 4,195,471,402.63 | ||
| Accounts payable | 49,744,126,901.38 | 49,744,126,901.38 | 49,744,126,901.38 | ||
| Other payables | 16,691,133,504.47 | 16,691,133,504.47 | 16,691,133,504.47 | ||
| Bonds payable | 2,037,082,007.25 | 2,073,100,000.00 | 2,073,100,000.00 | ||
| Lease liabilities | 213,541,186.47 | 261,662,503.81 | 29,346,490.83 | 55,282,901.20 | 177,033,111.78 |
| Subtotal | 271,343,664,780.80 | 294,875,731,750.93 | 149,974,872,643.24 | 62,740,458,275.00 | 82,160,400,832.69 |
(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.
1. Interest rate 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 interestrate 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, 2024, the bank borrowings with a floating interest rate of the Company are RMB 138,161.7843 million, and EUR 57.5928 million (December 31, 2023: RMB 157,889.1476 million, EUR 60.7927 million). Under the assumption that other variables remain unchanged, assuming that the interest rate changes by 50 benchmark points, we believe that it will not have a significant impact on the total profits and shareholders' equity.
2. Foreign exchange risk
Foreign exchange risk means a risk that the fair value or future cash flow of a financial instrument fluctuatesdue to a change in the foreign exchange rate. The risk of exchange rate changes faced by the Company is mainly related to the Company's foreign currency monetary assets and liabilities. For foreign currency assets and liabilities, in case of short-term imbalance, the Company will buy and sell foreign currencies at the market exchange rate when necessary to ensure that the net risk exposure is maintained at an acceptable level.The Company's monetary assets and liabilities in foreign currencies at the end of the period are detailed in Notes to the Financial Statements V (V) 1 to the financial statements.XIII. Disclosure of Fair Value
1. Fair value at the end of the period of assets and liabilities measured at fair value
Unit: RMB
| Item | Ending fair value | |||
| Level 1 fair value measurement | Level 2 fair value measurement | Level 3 fair value measurement | Total | |
| I. Sustained measurement of fair value | -- | -- | -- | -- |
| 1. Trading financial assets and other non-current financial assets | ||||
| (1) Financial assets classified as financial assets measured at fair value through profit or loss for the current period | 65,496,522.76 | 470,105,494.33 | 535,602,017.09 | |
| Derivative financial assets | 65,496,522.76 | 470,105,494.33 | 535,602,017.09 | |
| 2. Receivables financing | 300,502,992.56 | 300,502,992.56 | ||
| Total assets continuously measured at fair value | 65,496,522.76 | 470,105,494.33 | 300,502,992.56 | 836,105,009.65 |
| 3. Trading financial liabilities | ||||
| (1) Trading financial liabilities | 1,316,317,084.58 | 1,316,317,084.58 | ||
| Derivative financial liabilities | 1,316,317,084.58 | 1,316,317,084.58 | ||
| Total liabilities continuously measured at fair value | 1,316,317,084.58 | 1,316,317,084.58 | ||
| II. Unsustained fair value measurement | -- | -- | -- | -- |
2. Basis for determination of the market prices of sustained and unsustained Level 1 fair value measurement items
It is based on the floating gain and loss amount determined by the futures and paper cargo position contract inaccordance with the fair value on the balance sheet date.
3. Qualitative and quantitative information of valuation techniques and important parameters adopted for sustained and unsustained Level 2 fair value measurement items
For forward settlement contracts held, they are measured at fair value based on the valuation table for forwardsettlement business provided by the bank at the end of the period.
4. Qualitative and quantitative information of valuation techniques and important parameters adopted for sustained and unsustained Level 3 fair value measurement itemsBasis: the fair value is determined by using a specific valuation technique, and the important parameters adopted include interest rates that cannot be directly observed and so on.XIV. Related parties and related-party transactions
1. The Company's parent company
| Name of parent company | Place of registration | Business nature | Registered capital | Proportion of the Company's shares held by the parent company | Proportion of the Company's voting rights held by the parent company |
| Zhejiang Rongsheng Holding Group Co., Ltd. | Xiaoshan, Zhejiang | Industrial investment | 834,664,000 yuan | 52.46% | 52.46% |
Note to information about the Company's parent companyLi Shuirong directly holds 6.35% shares of the Company; Zhejiang Rongsheng Holding Group Co., Ltd. holds 52.46% shares of the Company, and Li Shuirong holds 63.523% shares of Zhejiang Rongsheng Holding Group Co., Ltd., thus indirectly holding 33.32% shares of the Company, so he holds a total of 39.67% shares of the Company.The ultimate controlling party of the Company is Li Shuirong.
2. Information on subsidiaries of the Company
See Note IX for details of the Company's subsidiaries.
3. The Company's joint ventures and associated enterprises
See the note for important cooperative enterprises or joint ventures of the Company.Other joint ventures and associated enterprises that form balances in related party transactions with the Company in the current or previous period are as follows:
| Name of joint venture or associated enterprise | Relation with the Company |
| Zhejiang Provincial Petroleum Co., Ltd. | Associated enterprise |
| ZPC-ENN (Zhoushan) Gas Co., Ltd. | Associated enterprise |
| Zhejiang Dingsheng Petrochemical Engineering Co., Ltd. | Associated enterprise |
| Ningbo Coastal Public Pipe Gallery Co., Ltd. | Associated enterprise |
| Zhejiang Zhenshi Port Service Co., Ltd. | Associated enterprise |
| Zhejiang Derong Chemicals Co., Ltd. | Associated enterprise |
| Zhoushan ZPC Zhougang Tugboat Co., Ltd. | Associated enterprise |
| Ningbo Hengyi Trading Co., Ltd. | Associated enterprise |
| Zhejiang Dongjiang Green Petrochemical Technology Innovation Center Co., Ltd. | Associated enterprise |
| Zhejiang Jurong Petroleum & Chemical Sales Co., Ltd. [Note 1] | Associated enterprise |
Other notes[Note 1] The company was cancelled on October 26, 2023.
4. Other related parties
| Name of other related parties | Relationship between other related parties and the Company |
| Li Jumei | Close family member of the actual controller |
| Sanyuan Holding Group Co., Ltd. | Controlled by a family member close to the actual controller |
| Sanyuan Holding Group Hangzhou Thermal Power Co., Ltd. | Controlled by a family member close to the actual controller |
| Zhejiang Saintyear Textile Co., Ltd. | Controlled by a family member close to the actual controller |
| Zhejiang Rongtong Logistics Co., Ltd. | The same ultimate actual controller |
| Ningbo Rongxiang Logistics Co., Ltd. | The same ultimate actual controller |
| Thermal Power Co., Ltd. of Ningbo Economic and Technological Development Zone | The same ultimate actual controller |
| Qijiashan Hotel of Ningbo United Group Co., Ltd. | The same ultimate actual controller |
| Ningbo United Group Co., Ltd. | The same ultimate actual controller |
| Suzhou Shenghui Equipment Co., Ltd. | The same ultimate actual controller |
| Hangzhou Shengyuan Real Estate Development Co., Ltd. | The same ultimate actual controller |
| Daishan Chenyu Real Estate Co., Ltd. | The same ultimate actual controller |
| Rongsheng Coal Co., Ltd. | The same ultimate actual controller |
| Rongsheng Energy Co., Ltd. | The same ultimate actual controller |
| Ningbo Qingzhi Chemical Terminal Co., Ltd. | The same ultimate actual controller |
| Ningbo Qijiashan Chemical Terminal Co., Ltd. | The same ultimate actual controller |
| Ningbo Haineng Blend Oil Co., Ltd. | The same ultimate actual controller |
| Ningbo Shengmao Trading Co., Ltd. | Subsidiary of Hong Kong Yisheng Petrochemical Investment Co., Ltd. |
| Zhejiang Yixin Chemical Fiber Co., Ltd. | Subsidiary of Zhejiang Yisheng Petrochemical Co., Ltd. |
| Dongzhan Shipping Co., Ltd. | Associated enterprise of Zhejiang Rongtong Logistics Co., Ltd. |
| Guangsha (Zhoushan) Energy Group Co., Ltd. | Subsidiary of Zhejiang Provincial Petroleum Co., Ltd. |
| Zhejiang Petroleum Integrated Energy Sales Co., Ltd. | Subsidiary of Zhejiang Provincial Petroleum Co., Ltd. |
| Zhejiang Petroleum Storage & Transportation Co., Ltd. | Subsidiary of Zhejiang Provincial Petroleum Co., Ltd. |
| Zhoushan Petroleum Pipeline Co., Ltd. | Subsidiary of Zhejiang Provincial Petroleum Co., Ltd. |
| ZHEJIANG PETROLEUM TRADING (SINGAPORE) PTE. LTD. | Subsidiary of Zhejiang Provincial Petroleum Co., Ltd. |
| Aramco Overseas Company B.V. [Note 1] | Shareholder |
| SAUDI ARABIAN OIL COMPANY [Note 1] | Parent company of Aramco Overseas Company B.V. |
| ARAMCO TRADING SINGAPORE PTE LTD [Note 1] | Subsidiary of SAUDI ARABIAN OIL COMPANY |
| SAUDI BASIC INDUSTRIES CORPORATION[Note 1] | Subsidiary of SAUDI ARABIAN OIL COMPANY |
| SABIC (Shanghai) Trading Co., Ltd. [Note 1] | Subsidiary of SAUDI ARABIAN OIL COMPANY |
| Shanghai Huanqiu Engineering Co., Ltd. | Actual controller serves as its director |
Other notes
[Note 1] Aramco Overseas Company B.V. acquired 1,012,552,501 shares of the Company held by Zhejiang Rongsheng Holding Group Co., Ltd. on March 27, 2023, and its parent company Saudi Arabian Oil Company and related companies became related parties of the Company.
5. Related party transactions
(1) Related party transactions regarding purchase and sales of goods as well as provision and acceptance oflabor servicesTable of the purchasing of goods and receiving of labor services
Unit: RMB
| Related party | Contents of related party transaction | The amount incurred in the current period | Trading limit approved | Whether it exceeds the approved limit or not (Y/N) | Amount incurred in the previous period |
| Zhejiang Rongsheng Holding Group Co., Ltd. | Coal and other materials | 6,422,702,073.67 | 20,000,000,000.00 | N | 9,203,105,641.75 |
| Zhejiang Rongtong Logistics Co., Ltd. | Freight | 368,890,405.94 | 1,000,000,000.00 | N | 531,548,409.92 |
| Sanyuan Holding Group Hangzhou Thermal Power Co., Ltd. | Steam | 6,641,229.37 | 30,000,000.00 | N | 4,791,721.11 |
| Zhejiang Saintyear Textile Co., Ltd. | Work clothes and other materials | 3,111,060.18 | 15,000,000.00 | N | 2,394,958.41 |
| Ningbo Hengyi Trading Co., Ltd. | PTA | 222,176,663.79 | 1,000,000,000.00 | N | 211,953,592.92 |
| Ningbo Qingzhi Chemical Terminal Co., Ltd. | Lump sum fee for port operation | 33,305,366.08 | 100,000,000.00 | N | 36,123,758.82 |
| Ningbo Rongxiang Logistics Co., Ltd. | Freight | 23,856,257.17 | 30,000,000.00 | N | 23,806,547.61 |
| Hainan Yisheng Petrochemical Co., Ltd. | PTA | 19,644,839.29 | 305,000,000.00 | N | |
| Suzhou Shenghui Equipment Co., Ltd. | Equipment and materials | 137,229,365.82 | 600,000,000.00 | N | 84,014,976.28 |
| Zhejiang Yisheng Petrochemical Co., Ltd. | m-phthalic acid | 114,492,123.90 | 300,000,000.00 | N | 47,306,743.36 |
| Ningbo Haineng Blend Oil Co., Ltd. | Warehousing service | 15,388,953.94 | 50,000,000.00 | N | 15,812,394.15 |
| Guangsha (Zhoushan) Energy Group Co., Ltd. | Warehousing service | 47,720,549.07 | 200,000,000.00 | N | 59,158,556.00 |
| Zhejiang Derong Chemicals Co., Ltd. | Processing fee, cracking C5 and m-pentadiene | 203,148,866.10 | 600,000,000.00 | N | 341,814,473.82 |
| Dongzhan Shipping Co., Ltd. | Freight | 2,946,816.61 | 30,000,000.00 | N | 12,206,518.81 |
| Shanghai Huanqiu Engineering Co., Ltd. | Engineering design service | 12,126,124.78 | 30,000,000.00 | N | |
| Zhejiang Dingsheng Petrochemical Engineering Co., Ltd. | Device guarantee service and maintenance service | 375,827,719.22 | 800,000,000.00 | N | 345,759,181.50 |
| Zhoushan Petroleum Pipeline Co., Ltd. | Freight | 31,023,812.02 | 60,000,000.00 | N | 5,288,990.83 |
| Zhejiang Petroleum Integrated Energy Sales Co., Ltd. | Diesel | 422,230.09 | 2,000,000.00 | N | 630,247.79 |
| SABIC (Shanghai) Trading Co., Ltd | Ethylene glycol | 327,762,663.24 | 120,000,000,000.00 | N | 317,929,261.69 |
| ARAMCO TRADING SINGAPORE PTE LTD | Fuel oil | 1,385,419,356.55 | N | ||
| SAUDI ARABIAN OIL COMPANY | Crude oil | 43,795,053,498.36 | N | 27,189,630,729.16 | |
| Qijiashan Hotel of Ningbo United Group Co., Ltd. | Hotel service | 186,352.04 | 1,000,000.00 | N | 76,056.84 |
| Thermal Power Co., Ltd. of Ningbo Economic and Technological Development Zone | Electricity | 48,325.56 | 1,000,000.00 | N | 49,438.48 |
| Total | 53,549,124,652.78 | 38,433,402,199.25 |
Selling commodities/offering labor
Unit: RMB
| Related party | Contents of related party transaction | The amount incurred in the current period | Amount incurred in the previous period |
| Zhejiang Rongtong Logistics Co., Ltd. | Vehicle diesel, PTA | 10,909,855.73 | 11,667,724.36 |
| Hainan Yisheng Petrochemical Co., Ltd. | PTA, PX, cardboard | 168,481,157.17 | |
| Ningbo Shengmao Trading Co., Ltd. | PTA, PX | 60,823,639.63 | 153,267,962.43 |
| Zhejiang Yixin Chemical Fiber Co., Ltd. | PTA | 331,991,150.43 | 147,504,424.78 |
| Zhejiang Yisheng Petrochemical Co., Ltd. | PTA, PX | 4,027,827,808.20 | 5,368,839,946.05 |
| Zhejiang Derong Chemicals Co., Ltd. | Cracking C5, C9, diesel, power and energy, consulting services | 387,441,764.35 | 539,900,609.38 |
| Zhejiang Dingsheng Petrochemical Engineering Co., Ltd. | Vehicle diesel | 1,246,017.71 | 935,398.27 |
| Zhoushan Petroleum Pipeline Co., Ltd. | Consulting services | 732,944.11 | |
| Suzhou Shenghui Equipment | Vehicle diesel | 7,079.64 | 9,734.51 |
| Co., Ltd. | |||
| Ningbo Rongxiang Logistics Co., Ltd. | Vehicle diesel | 613,522.13 | 3,643,690.64 |
| Zhejiang Petroleum Integrated Energy Sales Co., Ltd. | Vehicle diesel and gasoline | 78,725,150.54 | 245,866,250.46 |
| Zhoushan ZPC Zhougang Tugboat Co., Ltd. | Vehicle diesel and service charge | 3,810,923.47 | 7,139,205.79 |
| ARAMCO TRADING SINGAPORE PTE LTD | Diesel and aviation kerosene | 224,887,450.44 | |
| SAUDI BASIC INDUSTRIES CORPORATION | PTA | 377,713,617.48 | |
| Ningbo Hengyi Trading Co., Ltd. | PX | 1,103,276,006.05 | |
| ZHEJIANG PETROLEUM TRADING (SINGAPORE) PTE. LTD. [Note 1] | Crude oil | ||
| Total | 6,610,006,929.91 | 6,647,256,103.84 |
Note to related party transactions of goods purchase & sale and labor services rendering & receiving[Note 1] The Company did not engage in the business of agency sales of products with ZHEJIANG PETROLEUM TRADING (SINGAPORE) PTE. LTD during the current period, and the cumulative amount of agency salesthrough the Company for the same period of the previous year amounted to 1,089,776,400 Yuan.
(2) Related leasing
The Company acts as the Lessor:
Unit: RMB
| Name of lessee | Type of leased asset | Lease income recognized in the current period | Lease income recognized in the previous period |
| Rongtong Logistics Co., Ltd. | House lease | 425,788.99 | 642,201.84 |
| Ningbo Rongxiang Logistics Co., Ltd. | House lease | 65,415.93 | |
| Total | 425,788.99 | 707,617.77 |
The Company acts as the Lessee:
Unit: RMB
| Name of lessor | Type of leased asset | Rental expenses for short-term leases and leases of low-value assets on a simplified basis, if applicable | Variable lease payments not included in the measurement of lease liabilities, if applicable | Rent paid | Interest expense on lease liabilities assumed | Increase in right-of-use assets | |||||
| The amount incurred in the current period | Amount incurred in the previous period | The amount incurred in the current period | Amount incurred in the previous period | The amount incurred in the current period | Amount incurred in the previous period | The amount incurred in the current period | Amount incurred in the previous period | The amount incurred in the current period | Amount incurred in the previous period | ||
| Hangzhou Shengyuan Real Es | House leasing | 3,418,149.57 | 1,847,627.16 | ||||||||
| tate Development Co., Ltd. | |||||||||||
| Zhejiang Rongsheng Holding Group Co., Ltd. | House leasing | 275,229.36 | 275,229.36 |
(3) Affiliated guarantees
The Company as guarantor
Unit: RMB
| Secured party | Guarantee amount | Starting date of the guarantee | Ending date of the guarantee | If the guarantee has been performed (Y/N) |
| Rongsheng Holding | 74,434,982,149.95 | January 29, 2021 | June 11, 2028 | N |
| Rongsheng Holding | 183,425,800.00 | March 28, 2024 | December 27, 2024 | N |
| Rongsheng Holding, the Company | 4,255,409,072.55 | December 8, 2022 | June 26, 2025 | N |
| Rongsheng Holding [Note 1] | 485,271,939.80 | April 28, 2020 | April 1, 2029 | N |
| Rongsheng Holding [Note 2] | 554,166,666.62 | January 26, 2022 | January 15, 2026 | N |
| Rongsheng Holding [Note 9] | 3,413,333,333.35 | January 13, 2023 | August 29, 2026 | N |
| Rongsheng Holding [Note 6] | 11,361,031,702.29 | November 14, 2022 | February 15, 2033 | N |
| Rongsheng Holding [Note 3] | 2,684,510,144.02 | November 22, 2021 | May 9, 2028 | N |
| Rongsheng Holding [Note 4] | 52,812,500.00 | December 8, 2020 | January 15, 2025 | N |
| Rongsheng Holding, the Company, Li Shuirong, Li Jumei [Note 7] | 17,753,743,522.94 | July 31, 2018 | July 30, 2030 | N |
| Rongsheng Holding, the Company [Note 8] | 29,305,496,400.00 | January 20, 2021 | November 15, 2032 | N |
| Rongsheng Holding [Note 5] | 2,202,000,000.00 | October 12, 2022 | October 12, 2025 | N |
| Rongsheng Holding | 2,170,779,782.68 | January 11, 2024 | December 27, 2024 | N |
| Rongsheng Holding [Note 10] | 100,000,000.00 | January 9, 2024 | August 27, 2024 | N |
| Rongsheng Holding | 549,626,732.38 | May 12, 2023 | March 30, 2026 | N |
| Rongsheng Holding | 43,702,317,776.11 | July 3, 2023 | June 12, 2025 | N |
| Rongsheng Holding | 6,175,152,828.83 | March 22, 2023 | November 15, 2024 | N |
| Rongsheng Holding | 1,051,691,451.14 | January 22, 2024 | September 6, 2024 | N |
| Rongsheng Holding, the Company [Note 6] | 196,052,789.56 | April 25, 2023 | August 26, 2026 | N |
| Rongsheng Holding [Note 6] | 143,830,226.88 | March 25, 2023 | January 31, 2026 | N |
| Rongsheng Holding [Note 5] | 4,380,373,591.20 | June 4, 2024 | August 31, 2024 | N |
| Rongsheng Holding, the Company [Note 8] | 177,726,019.09 | November 18, 2021 | January 31, 2026 | N |
| Rongsheng Holding, the Company [Note 8] | 3,312,679.18 | November 2, 2021 | July 1, 2024 | N |
| Rongsheng Holding [Note 11] | 149,237,865.68 | May 22, 2024 | December 30, 2025 | N |
| Rongsheng Holding | 4,319,136,904.00 | August 16, 2022 | August 18, 2025 | N |
| Rongsheng Holding | 185,260,058.00 | March 27, 2024 | January 11, 2025 | N |
| Rongsheng Holding [Note 5] | 396,240,000.00 | July 18, 2023 | August 7, 2024 | N |
| Rongsheng Holding | 1,000,000.00 | November 13, 2023 | February 28, 2025 | N |
Description of related guarantee[Note 1] Zhejiang Rongsheng Holding Group Co., Ltd. provides joint liability guarantee for 100% of the guarantee amount. Ningbo Niluoshan New Energy Co., Ltd., a subsidiary of the Company, provided mortgage guarantee for fixed assets and intangible assets of RMB 86,225,600.[Note 2] Zhejiang Rongsheng Holding Group Co., Ltd. has provided joint and several liability guarantees for 100% of the guarantee amount. Ningbo Zhongjin Petrochemical Co., Ltd., a subsidiary of the Company, provided mortgage guarantee with fixed assets of RMB 3,489,121,700.[Note 3] Zhejiang Rongsheng Holding Group Co., Ltd. has provided joint and several liability guarantees for 100% of the guarantee amount. Zhejiang Yisheng New Materials Co., Ltd., a subsidiary of the Company, provided mortgage guarantee with machinery and equipment of RMB 4,095,216,600.[Note 4] Zhejiang Rongsheng Holding Group Co., Ltd. provides joint liability guarantee for 50% of the guaranteeamount. Zhejiang Yisheng New Materials Co., Ltd., a subsidiary of the Company, provided mortgage guarantee with machinery and equipment of RMB 653,515,500.[Note 5] Zhejiang Rongsheng Holding Group Co., Ltd. provides joint liability guarantee for 60% of the guaranteeamount.[Note 6] Zhejiang Rongsheng Holding Group Co., Ltd. provides joint liability guarantee for 100% of the guarantee amount. The Company's subsidiary Zhejiang Petroleum & Chemical Co., Ltd. has provided a mortgage guarantee with the completed assets of the newly added 1.4 million tons/year ethylene and downstream chemical plant (Phase II project product structure optimization) project (including but not limited to the mortgage guarantee provided in the form of land use right, above-ground structures and equipment of the project after the completion acceptance of the construction project).[Note 7] Zhejiang Rongsheng Holding Group Co., Ltd. and the Company provide joint liability guarantee for 51% of the guarantee amount. The Company's subsidiary Zhejiang Petroleum & Chemical Co., Ltd. has provided a mortgage guarantee with the completed asset-refining and chemical integration project with an annual output of 40 million tons (including but not limited to the mortgage guarantee provided in the form of land use right, above-ground structures and equipment of the project after the completion acceptance of the construction project).[Note 8] Zhejiang Rongsheng Holding Group Co., Ltd. and the Company provide joint liability guarantee for 60% of the guarantee amount. The Company's subsidiary Zhejiang Petroleum & Chemical Co., Ltd. has provided a mortgage guarantee with the completed asset-refining and chemical integration project with an annual output of 40 m
illion tons (including but not limited to the mortgage guarantee provided in the form of land use right, above-ground structures and equipment of the project after the completion acceptance of the construction project).[Note 9] Zhejiang Rongsheng Holding Group Co., Ltd. provides joint and several liability guarantees for 100% ofthe guarantee amount. The Company's subsidiary Zhejiang Petroleum & Chemical Co., Ltd. provides a mortgage guarantee by machinery and equipment worth RMB 4,759,243,000.[Note 10]: Zhejiang Rongsheng Holding Group Co., Ltd. provides joint and several liability guarantees for 100%of the guarantee amount. The Company's subsidiary Zhejiang Yongsheng Technology Co., Ltd. provides mortgageguarantee with the deposit of RMB 92,750,000.[Note 11] Zhejiang Rongsheng Holding Group Co., Ltd. provides joint liability guarantee for 100% of the guarantee amount. The Company's subsidiary Zhejiang Petroleum & Chemical Co., Ltd. provides a mortgage guarantee with the completed asset-high-performance resin (including but not limited to the mortgage guarantee provided in the form of land use right, above-ground structures and equipment of the project after the completion acceptance of the construction project).
(4) Remuneration of key management personnel
Unit: RMB
| Item | The amount incurred in the current period | Amount incurred in the previous period |
| Remuneration of key management personnel | 7,650,276.55 | 6,219,431.41 |
(5) Other related transactions
1. Fund borrowing from/to related parties
(1) At the beginning of the period, the Company had RMB 14,615.7636 million payable to Zhejiang Rongsheng Holding Group Co., Ltd.; in the current period, the Company has borrowed RMB 898.50 million from Zhejiang Rongsheng Holding Group Co., Ltd., made RMB 107.6759 million provisions for fund possession cost, and returned RMB 2,638.8419 million of principal and interest on a cumulative basis. As of June 30, 2024, the amount payable by the Company is RMB 12,983.0977 million.
(2) At the beginning of the period, the entrusted loan and the related interest payable of Zhejiang Yisheng New Materials Co., Ltd. to Zhejiang Yisheng Petrochemical Co., Ltd. were RMB 786.00 million and RMB 1.1492 million, respectively. In the current period, RMB 548.00 million was paid in due course, RMB 0 of the entrusted loan was received, RMB 12.4399 million of entrusted loan interest was accrued, and RMB 13.2728 million of entrusted loan interest was paid. As of June 30, 2024, RMB 238.00 million of entrusted loan and RMB 316,300 of entrusted loan interest were not yet due for payment.
(3) As of June 30, 2024, the amount receivables of subsidiary Zhejiang Petroleum & Chemical Co., Ltd. from ZPC-ENN (Zhoushan) Gas Co., Ltd. were RMB 10.80 million. In the current period, RMB 226,000 of entrusted loan interest was accrued, and RMB 226,000 of loan principal and interest was collected. As of June 30, 2024, the amount receivables of Zhejiang Petroleum & Chemical Co., Ltd. were RMB 10.80 million.
2. As of June 30, 2024, the subsidiary Zhejiang Petroleum & Chemical Co., Ltd. had made RMB 577,467,82
3.24 of house payments to Daishan Chenyu Real Estate Co., Ltd. on a cumulative basis.
As of June 30, 2024, the subsidiaries Yisheng Dahua Petrochemical Co., Ltd. and Zhejiang Petroleum & Chemical Co., Ltd. had made RMB 276.3229 million of construction equipment cost for the project contracts in progress to Suzhou Shenghui Equipment Co., Ltd. on a cumulative basis.
As of June 30, 2024, the subsidiaries Zhejiang Yisheng New Materials Co., Ltd., Yisheng Dahua Petrochemical Co., Ltd. and Zhejiang Petroleum & Chemical Co., Ltd. had made RMB 361.00 million of construction equipment cost and technical development expense for the project contracts in progress to Zhejiang Dongjiang Green Petrochemical Technology Innovation Center Co., Ltd. on a cumulative basis.As of June 30, 2024, the subsidiary Zhejiang Petroleum & Chemical Co., Ltd. had made RMB 37.1577 million of construction equipment cost for the project contracts in progress to Zhejiang Dingsheng Petrochemical Engineering Co., Ltd. on a cumulative basis.
3. As of June 30, 2024, the deposit balance of the Company and its subsidiaries in the related party ZhejiangXiaoshan Rural Commercial Bank Co., Ltd. was RMB 504,054,765.02, USD 1,321,746.75, and EUR 129.66; at the end of the period, there were no bank acceptance bills issued but not yet due for payment.
4. Asset transfer of related parties
| Transferee | Contents of related party transaction | Type of related party transaction | Transaction time | Pricing principles of related party transaction | Amount |
| Zhejiang Dongjiang Green Petrochemical Technology Innovation Center Co., Ltd. | Fixed assets | Transfer | 2024 | Agreed Price | 36,371,681.41 |
6. Accounts receivable and payable of related parties
(1) Receivables
Unit: RMB
| Project | Related party | Ending balance | Beginning balance | ||
| Book balance | Bad-debt provision | Book balance | Bad-debt provision | ||
| Accounts receivable | |||||
| Zhejiang Yisheng Petrochemical Co., Ltd. | 360,195,827.42 | 42,695,506.91 | 317,158,242.68 | 38,391,748.43 | |
| SAUDI BASIC INDUSTRIES CORPORATION | 95,068,696.91 | 4,753,434.85 | 71,159,154.19 | 3,557,957.71 | |
| Zhejiang Derong Chemicals Co., Ltd. | 76,870,949.78 | 3,843,547.49 | 57,463,699.62 | 2,873,184.98 | |
| Subtotal | 532,135,474.11 | 51,292,489.24 | 445,781,096.49 | 44,822,891.12 | |
| Advance payment | |||||
| Ningbo Hengyi Trading Co., Ltd. | 6,000,000.00 | ||||
| Hangzhou Shengyuan Real Estate Development Co., Ltd. | 3,567,132.35 | ||||
| Subtotal | 9,567,132.35 | ||||
| Other receivables | |||||
| ZPC-ENN (Zhoushan) Gas Co., Ltd. | 10,800,000.00 | 1,893,309.57 | 10,800,000.00 | 1,893,309.57 | |
| Rongsheng Energy Co., Ltd. | 10,665.06 | 533.25 | |||
| Subtotal | 10,800,000.00 | 1,893,309.57 | 10,810,665.06 | 1,893,842.82 |
(2) Payables
Unit: RMB
| Project | Related party | Ending book balance | Beginning book balance |
| Accounts payable | |||
| Rongsheng Petrochemical (Singapore) Pte. Ltd. [Note] | 32,340,098,857.71 | 17,500,740,384.58 | |
| Ningbo Zhongjin Petrochemical Co., Ltd. [Note] | 1,045,283,481.65 | 1,004,420,000.00 | |
| Zhejiang Yisheng New Materials Co., Ltd. [Note] | 1,076,459,043.37 | 941,459,043.38 | |
| Yisheng Dahua Petrochemical Co., Ltd. [Note] | 2,283,000,000.00 | 770,000,000.00 | |
| Dalian Rongxincheng Trading Co., Ltd. [Note] | 790,750,958.50 | 494,747,501.53 | |
| Zhejiang Rongtong Chemical Fiber New Material Co., Ltd. [Note] | 465,060,958.88 | ||
| The Company [Note] | 1,010,000,000.00 | 385,000,000.00 | |
| Zhejiang Petroleum & Chemical Co., Ltd. [Note] | 843,605,966.00 | 380,248,726.38 | |
| Zhejiang Shengyuan Chemical Fiber Co., Ltd. [Note] | 158,000,000.00 | ||
| Ningbo Rongxincheng [Note] | 100,000,000.00 | ||
| SAUDI ARABIAN OIL COMPANY | 641,663,868.24 | 7,482,166,334.12 | |
| ARAMCO TRADING SINGAPORE PTE LTD | 365,498,003.53 | ||
| Guangsha (Zhoushan) Energy Group Co., Ltd. | 22,833,934.16 | ||
| Zhejiang Rongtong Logistics Co., Ltd. | 72,783,093.69 | 114,735,427.56 | |
| Suzhou Shenghui Equipment Co., Ltd. | 12,414,239.24 | 19,581,790.48 | |
| Ningbo Qingzhi Chemical Terminal Co., Ltd. | 10,868,879.48 | 6,456,923.33 | |
| Zhoushan Petroleum Pipeline Co., Ltd. | 5,354,663.89 | 6,309,654.33 | |
| Shanghai Huanqiu Engineering Co., Ltd. | 3,672,000.00 | ||
| Zhejiang Saintyear Textile Co., Ltd. | 292,824.86 | 3,196,676.08 | |
| Dongzhan Shipping Co., Ltd. | 2,668,604.42 | ||
| Ningbo Rongxiang Logistics Co., Ltd. | 13,360,207.20 | 1,811,859.97 |
| Ningbo Haineng Blend Oil Co., Ltd. | 379,208.29 | ||
| Zhejiang Dingsheng Petrochemical Engineering Co., Ltd. | 370,000.00 | 320,000.00 | |
| Electric Power Branch, Thermal Power Co., Ltd. of Ningbo Economic and Technological Development Zone | 53,941.82 | ||
| Ningbo United Group Co., Ltd. | 8,058.00 | 8,058.00 | |
| Subtotal | 40,246,314,141.83 | 30,129,369,030.84 | |
| Contract liabilities and other current liabilities | |||
| Zhejiang Petroleum Integrated Energy Sales Co., Ltd. | 8,277,352.96 | 23,731,636.49 | |
| Zhejiang Rongtong Logistics Co., Ltd. | 2,268,575.00 | ||
| Ningbo Shengmao Trading Co., Ltd. | 733,619.30 | 302,096.62 | |
| Zhoushan ZPC Zhougang Tugboat Co., Ltd. | 1,447,693.85 | 254,037.39 | |
| Zhejiang Saintyear Textile Co., Ltd. | 45,602.11 | 11,048.15 | |
| Ningbo Hengyi Trading Co. Ltd. | 8,464,763.08 | ||
| Subtotal | 18,969,031.30 | 26,567,393.65 | |
| Other payables | |||
| Zhejiang Rongsheng Holding Group Co., Ltd. | 12,983,097,673.00 | 14,615,763,666.09 | |
| Zhejiang Yisheng Petrochemical Co., Ltd. | 238,316,341.67 | 787,149,197.50 | |
| Zhejiang Dingsheng Petrochemical Engineering Co., Ltd. | 36,050.00 | 11,700.00 | |
| Zhejiang Yixin Chemical Fiber Co., Ltd. | 365,845.33 | ||
| Subtotal | 13,221,450,064.67 | 15,403,290,408.92 |
XV. Commitments and contingencies
1. Major commitments
Significant commitments at the balance sheet date
1. As of June 30, 2024, the number of letters of credit issued but not withdrawn in the financial institutions, including Bank of Communications Hangzhou Xiaoshan Sub-Branch by the Company and its holding subsidiaries Zhejiang Shengyuan Chemical Fiber Co., Ltd., Yisheng Dahua Petrochemical Co., Ltd., Zhejiang Petroleum & Chemical Co., Ltd., Rongsheng Petrochemical (Singapore) Pte. Ltd., Zhejiang Yongsheng Technology Co., Ltd., Ningbo Zhongjin Petrochemical Co., Ltd., Zhejiang Yisheng New Materials Co., Ltd. and Zhejiang Yongsheng Technology Co., Ltd. were RMB 43,866.8627 million, USD 742.4981 million, EUR 82.1957 million, GBP 629,000, andFRF 235,000.
2. As of June 30, 2024, the unexpired letters of guarantee of the Company and its subsidiaries are as follows:
Unit：RMB 10,000
| Issuing bank | Name of issuing company | Beneficiary | Guarantee amount | |
| Banking Department of Ningbo Branch, Agricultural Bank of China Limited | Zhejiang Yisheng New Materials Co., Ltd. | Agricultural Bank of China Limited Frankfurt Branch | JPY 414,100.00 | |
| Ningbo Zhenhai Branch, Bank of China Limited | Ningbo Zhongjin Petrochemical Co., Ltd. | CCCC Water Resources and Hydropower Construction Co., Ltd. | CNY 100.00 | |
| Zhoushan Branch, Shanghai Pudong Development Bank Co., Ltd. | Zhejiang Petroleum & Chemical Co., Ltd. | Hangzhou Customs of the People's Republic of China | CNY 7,420.00 | |
| Zhoushan Branch, Shanghai Pudong Development Bank Co., Ltd. | Zhejiang Petroleum & Chemical Co., Ltd. | Hangzhou Branch of Standard Chartered Bank (China) Co., Ltd. | CNY 42,000.00 | |
| Xiaoshan Branch, Agricultural Bank of China Limited | Zhejiang Petroleum & Chemical Co., Ltd. | Hangzhou Customs of the People's Republic of China | CNY 101,590.00 | |
| Zhoushan Branch, China Construction Bank Corporation | Zhejiang Petroleum & Chemical Co., Ltd. | Mitsubishi Commercial Metal Trading (China) Co., Ltd. | CNY 7,069.55 | |
| Zhoushan Branch, China Construction Bank Corporation | Zhejiang Petroleum & Chemical Co., Ltd. | CCCC Water Resources and Hydropower Construction Co., Ltd. | CNY 300.00 | |
| Zhoushan Branch, China Construction Bank Corporation | Zhejiang Petroleum & Chemical Co., Ltd. | Guiyan Resources (Yimen) Co., Ltd. | CNY 4,884.14 | |
| Zhoushan Branch, China Construction Bank Corporation | Zhejiang Petroleum & Chemical Co., Ltd. | Standard Chartered (China) Co., Ltd. | CNY 1,000.00 | |
| Zhoushan Branch, China Construction Bank Corporation | Zhejiang Petroleum & Chemical Co., Ltd. | Hangzhou Customs of the People's Republic of China | CNY 50,000.00 | |
| Zhoushan Branch, Bank of China Limited | Zhejiang Petroleum & Chemical Co., Ltd. | Hangzhou Customs of the People's Republic of China | CNY 70,105.00 | |
| Zhoushan Branch, Bank of China Limited | Zhejiang Petroleum & Chemical Co., Ltd. | Standard Chartered (China) Co., Ltd. | CNY 1,000.00 | |
| Zhoushan Branch, Huaxia Bank Co., Ltd. | Zhejiang Petroleum & Chemical Co., Ltd. | Hangzhou Customs of the People's Republic of China | CNY 28,140.00 | |
| Zhoushan Branch, Postal Savings Bank of China | Zhejiang Petroleum & Chemical Co., Ltd. | Standard Chartered (China) Co., Ltd. | CNY 3,000.00 | |
| Zhoushan Branch, Bank of Wenzhou Co., Ltd. | Zhejiang Petroleum & Chemical Co., Ltd. | Hangzhou Customs of the People's Republic of China | CNY 25,620.00 | |
| Hangzhou Xiaoshan Branch, Bank of Communications Co., Ltd. | Zhejiang Petroleum & Chemical Co., Ltd. | Hangzhou Customs of the People's Republic of China | CNY 68,410.00 | |
| Ningbo Zhenhai Branch, Ping An Bank Co., Ltd. | Zhejiang Petroleum & Chemical Co., Ltd. | Hangzhou Customs of the People's Republic of China | CNY 32,000.00 | |
| Zhoushan Branch, Industrial and Commercial Bank of China Limited | Zhejiang Petroleum & Chemical Co., Ltd. | Hangzhou Customs of the People's Republic of China | CNY 100,000.00 | |
| Dalian Jinpu New Area Branch of Bank of China Limited | Yisheng Dahua Petrochemical Co., Ltd. | Dalian Customs of the People's Republic of China | CNY 10,000.00 |
2. Contingencies
(1) Important contingencies on balance sheet date
As of the balance sheet date, there were no important contingencies requiring disclosure by the Company.
(2) Explanation even if the Company has no important contingencies to be disclosedThe Company has no important contingencies to be disclosed.
XVI. Other Important Matters
1. Segment information
(1) Determination basis and accounting policies for reporting segments
Factors considered in determining reporting segmentsThe Company determines its reportaing segments on the basis of its internal organizational structure, management requirements, and internal reporting system, and its reporting segments on the basis of business segments. The operating results of the petrochemical production business, polyester fiber manufacturing business, and wholesale and retail business are evaluated separately. Assets and liabilities shared with the segments are allocated among the different segments in proportion to their size.
(2) Financial information of the reporting segments
Unit: RMB
| Item | Oil refining production business | Chemical production business | Polyester fiber manufacturing business | Trade business | Inter-segment offset | Total |
| Revenue from main businesses | 60,916,920,175.03 | 102,361,011,757.75 | 8,464,427,840.36 | 99,953,021,605.99 | -111,615,956,964.85 | 160,079,424,414.28 |
| Main business costs | 49,829,641,106.32 | 94,146,275,444.06 | 8,347,692,812.53 | 99,774,184,073.50 | -111,540,857,799.31 | 140,556,935,637.10 |
| Total assets | 361,723,779,815.76 | 61,053,214,129.78 | 14,451,786,378.37 | -51,133,016,914.60 | 386,095,763,409.31 | |
| Total liabilities | 249,723,940,005.72 | 42,277,445,870.20 | 10,943,757,598.65 | -12,144,984,181.04 | 290,800,159,293.53 | |
XVII. Notes to Main Items of the Financial Statements of the Parent Company
1. Accounts receivable
(1) Disclosure by aging
Unit: RMB
| Aging | Ending book balance | Beginning book balance |
| Within 1 year (inclusive of 1 year) | 71,925,195.66 | 15,627,737.43 |
| 1-2 years | 6,020,319.12 | 3,459,098.34 |
| 2-3 years | 2,344,542.78 | 2,988,301.68 |
| Above 3 years | 1,927,643.03 | 101,666.96 |
| Total | 82,217,700.59 | 22,176,804.41 |
(2) Classified disclosure by bad debt accrual method
Unit: RMB
| Category | Ending balance | Beginning balance | ||||||||
| Book balance | Bad-debt provision | Book value | Book balance | Bad-debt provision | Book value | |||||
| Amount | Proportion | Amount | Percentage of provision | Amount | Proportion | Amount | Percentage of provision | |||
| Accounts receivable with provision for bad debt reserves based on combination | 82,217,700.59 | 100.00% | 6,829,297.55 | 8.31% | 75,388,403.04 | 22,176,804.41 | 100.00% | 2,125,454.16 | 9.58% | 20,051,350.25 |
| Total | 82,217,700.59 | 100.00% | 6,829,297.55 | 8.31% | 75,388,403.04 | 22,176,804.41 | 100.00% | 2,125,454.16 | 9.58% | 20,051,350.25 |
Provision for bad debts based on an ageing portfolio:
Unit: RMB
| Name | Ending balance | ||
| Book balance | Bad-debt provision | Percentage of provision | |
| Within 1 year | 71,925,195.66 | 3,596,259.78 | 5.00% |
| 1-2 year(s) | 6,020,319.12 | 602,031.91 | 10.00% |
| 2-3 years | 2,344,542.78 | 703,362.83 | 30.00% |
| Above 3 years | 1,927,643.03 | 1,927,643.03 | 100.00% |
| Total | 82,217,700.59 | 6,829,297.55 | 8.31% |
If the provision for bad debts of accounts receivable is accrued according to the general model of expected credit loss:
□ Applicable ? Not applicable
(3) Bad debt reserves accrual, recovered or reversed in the current period
Provision for bad debts in the current period:
Unit: RMB
| Category | Beginning balance | The amount of change in the current period | Ending balance | |||
| Provision | Recovered or returned | Write-off | Other | |||
| Provision made | 2,125,454.16 | 4,703,843.39 | 6,829,297.55 | |||
| for bad debt reserves based on combination | ||||||
| Total | 2,125,454.16 | 4,703,843.39 | 6,829,297.55 |
(4) Accounts receivables and contract assets with top 5 ending balances by debtor
Unit: RMB
| Company name | Ending balance of accounts receivable | Ending balance of contract assets | Ending balance of accounts receivable and contract assets | Proportion of accounts receivable and total ending balance of contract assets | Ending balance of bad debt provision for accounts receivable and impairment provision of contract assets |
| Customer 6 | 48,042,198.63 | 48,042,198.63 | 58.43% | 2,402,109.93 | |
| Customer 7 | 6,761,660.56 | 6,761,660.56 | 8.22% | 338,083.03 | |
| Customer 8 | 2,101,500.00 | 2,101,500.00 | 2.56% | 210,150.00 | |
| Customer 9 | 1,642,425.15 | 1,642,425.15 | 2.00% | 82,121.26 | |
| Customer 10 | 1,575,054.57 | 1,575,054.57 | 1.92% | 78,752.73 | |
| Total | 60,122,838.91 | 60,122,838.91 | 73.13% | 3,111,216.95 |
2. Other receivables
Unit: RMB
| Item | Ending balance | Beginning balance |
| Dividends receivable | 850,000,000.00 | 1,230,000,000.00 |
| Other receivables | 1,808,824,606.04 | 2,049,228,160.71 |
| Total | 2,658,824,606.04 | 3,279,228,160.71 |
(1) Dividends receivable
1) Classification of dividends receivable
Unit: RMB
| Project (or investee) | Ending balance | Beginning balance |
| Hong Kong Sheng Hui Co., Ltd. | 550,000,000.00 | 550,000,000.00 |
| Ningbo Zhongjin Petrochemical Co., Ltd. | 300,000,000.00 | 300,000,000.00 |
| Zhejiang Yongsheng Technology Co. Ltd. | 280,000,000.00 | |
| Zhejiang Shengyuan Chemical Fiber Co., Ltd. | 100,000,000.00 | |
| Total | 850,000,000.00 | 1,230,000,000.00 |
2) Significant dividends receivable aged over 1 year
Unit: RMB
| Project (or investee) | Ending balance | Aging | Reason for the unrecovered amount | Whether impairment occurs and its judgme |
| nt basis | ||||
| Hong Kong Sheng Hui Co., Ltd. | 300,000,000.00 | Above 3 years | Unrecovered | Subsidiaries are in normal operation |
| Total | 300,000,000.00 |
3) Classified disclosure by bad debt accrual method
□ Applicable ? Not applicable
(2) Other receivables
1) Classification of other receivables by nature
Unit: RMB
| Nature of account | Ending book balance | Beginning book balance |
| Current account of related parties within the scope of consolidation | 1,471,186,163.44 | 1,299,250,326.32 |
| Grants receivable | 337,000,000.00 | 744,000,000.00 |
| Deposit receivable margin | 600,000.00 | 6,312,327.58 |
| Reserve fund receivables | 2,261,621.77 | 2,169,706.59 |
| Total | 1,811,047,785.21 | 2,051,732,360.49 |
2) Disclosure by aging
Unit: RMB
| Aging | Ending book balance | Beginning book balance |
| Within 1 year (inclusive of 1 year) | 1,435,358,208.29 | 1,676,042,783.57 |
| 1-2 years | ||
| 2-3 years | 373,500,000.00 | |
| Above 3 years | 375,689,576.92 | 2,189,576.92 |
| Total | 1,811,047,785.21 | 2,051,732,360.49 |
3) Classified disclosure by bad debt accrual method
Unit: RMB
| Category | Ending balance | Beginning balance | ||||||||
| Book balance | Bad-debt provision | Book value | Book balance | Bad-debt provision | Book value | |||||
| Amount | Proportion | Amount | Percentage of provision | Amount | Proportion | Amount | Percentage of provision | |||
| Provision made for bad debt reserves based on portfolio | 1,811,047,785.21 | 100.00% | 2,223,179.17 | 0.12% | 1,808,824,606.04 | 2,051,732,360.49 | 100.00% | 2,504,199.78 | 0.12% | 2,049,228,160.71 |
| Total | 1,811,047,785.21 | 100.00% | 2,223,179.17 | 0.12% | 1,808,824,606.04 | 2,051,732,360.49 | 100.00% | 2,504,199.78 | 0.12% | 2,049,228,160.71 |
Type name of provision for bad debt by combination: other receivables of provision for bad debt by combination
Unit: RMB
| Name | Ending balance | ||
| Book balance | Bad-debt provision | Percentage of provision | |
| Portfolio of transactions between related parties within the consolidation scope | 1,471,186,163.44 | ||
| Grants receivable | 337,000,000.00 | ||
| Deposit receivable margin portfolio | 600,000.00 | 600,000.00 | 100.00% |
| Portfolio of petty cash receivable, etc. | 2,261,621.77 | 1,623,179.17 | 71.77% |
| Total | 1,811,047,785.21 | 2,223,179.17 | 0.12% |
Provision for bad debts is made according to the general model of expected credit loss:
Unit: RMB
| Bad-debt provision | Stage I | Stage II | Stage III | Total |
| Expected credit loss in the next 12 months | Expected credit loss over the entire duration (without credit impairment) | Expected credit loss for the entire duration (credit impairment has occurred) | ||
| The balance as of January 1, 2024 | 314,622.86 | 2,189,576.92 | 2,504,199.78 | |
| The balance as of January 1, 2024 in the current period | ||||
| --Transferred into Stage II | ||||
| Reversal in the current period | ||||
| Provision in the current period | -281,020.61 | -281,020.61 | ||
| Balance as of June 30, 2024 | 33,602.25 | 2,189,576.92 | 2,223,179.17 |
Changes in the carrying amount of the provision for losses that are significant in amount during the current period
□ Applicable ? Not applicable
4) Top five debtors with the biggest ending balances of other accounts receivable
Unit: RMB
| Company name | Nature of payment | Ending balance | Aging | Proportion in a total ending balance of other receivables | Ending balance of provision for bad debts |
| Company 6 | Portfolio of transactions between related parties within the consolidation sco | 623,559,492.87 | Within 1 year | 34.43% |
| pe | |||||
| Company 7 | Portfolio of transactions between related parties within the consolidation scope | 416,391,868.83 | Within 1 year | 22.99% | |
| Company 8 | Portfolio of transactions between related parties within the consolidation scope | 373,500,000.00 | More than 3 years | 20.62% | |
| Company 9 | Government grants | 337,000,000.00 | Within 1 year | 18.61% | |
| Company 10 | Portfolio of transactions between related parties within the consolidation scope | 57,572,192.61 | Within 1 year | 3.18% | |
| Total | 1,808,023,554.31 | 99.83% |
3. Long-term equity investment
Unit: RMB
| Item | Ending balance | Beginning balance | ||||
| Book balance | Provision for impairment | Book value | Book balance | Provision for impairment | Book value | |
| Investment in subsidiaries | 41,493,102,808.47 | 41,493,102,808.47 | 40,951,102,808.47 | 40,951,102,808.47 | ||
| Investment in joint ventures and associated enterprises | 4,109,901,474.28 | 4,109,901,474.28 | 3,916,960,592.70 | 3,916,960,592.70 | ||
| Total | 45,603,004,282.75 | 45,603,004,282.75 | 44,868,063,401.17 | 44,868,063,401.17 | ||
(1) Investment in subsidiaries
Unit: RMB
| Investee | Beginning balance (book value) | Opening balance of impairment provision | Increase and decrease in the current period | Ending balance (book value) | Ending balance of provision for impairment | |||
| Additional investment | Reduced investment | Provision for impairment | Other | |||||
| Zhejiang Petroleum & Chemical Co., Ltd. | 28,457,242,115.34 | 28,457,242,115.34 | ||||||
| Ningbo Zhongjin Petrochemical Co., Ltd. | 5,990,201,140.04 | 5,990,201,140.04 | ||||||
| Zhejiang Shengyuan Chemical Fiber Co., Ltd. | 2,030,140,000.00 | 2,030,140,000.00 | ||||||
| Dalian Yisheng Investment Co., Ltd. | 1,468,204,457.48 | 1,468,204,457.48 | ||||||
| Rongsheng Petrochemical (Singapore) Pte. Ltd. | 620,889,560.00 | 620,889,560.00 | ||||||
| Zhejiang Yongsheng Technology Co. Ltd. | 198,306,537.70 | 532,000,000.00 | 730,306,537.70 | |||||
| Hong Kong Sheng Hui Co., Ltd. | 141,419,910.00 | 141,419,910.00 | ||||||
| Rongsheng International Trading Co., Ltd. | 100,000,000.00 | 100,000,000.00 | ||||||
| Rongxiang Chemical Fiber Co., Ltd. | 3,000,000.00 | 3,000,000.00 | ||||||
| Rongsheng International Trade (Hainan) Co., Ltd. | 1,000,000.00 | 1,000,000.00 | ||||||
| Rongsheng Chemical (Shanghai) Co., Ltd. | 40,000,000.00 | 10,000,000.00 | 50,000,000.00 | |||||
| Rongsheng New Materials (Zhoushan) Co., Ltd. | 1,000,000,000.00 | 1,000,000,000.00 | ||||||
| Rongsheng New Materials (Taizhou) Co., Ltd. | 900,000,000.00 | 900,000,000.00 | ||||||
| Rongsheng Petrochemical (Hong Kong) Co., Ltd. | 699,087.91 | 699,087.91 | ||||||
| Total | 40,951,102,808.47 | 542,000,000.00 | 41,493,102,808.47 |
(2) Investment in joint ventures and associated companies
Unit: RMB
| Investor | Beginning balance (book value) | Opening balance of impairment provision | Increase and decrease in the current period | Ending balance (book value) | Ending balance of provision for impairment | |||||||
| Additional investment | Reduced investment | Investment gains or losses recognized under the equity method | Other comprehensive income adjustments | Other equity changes | Declared distribution of cash dividends or profits | Provision for impairment | Other | |||||
| I. Joint ventures | ||||||||||||
| II. Associated enterprise | ||||||||||||
| Zhejiang Yisheng Petrochemical Co., Ltd. | 1,483,798,418.85 | 11,605,237.44 | -140,657.95 | 1,495,262,998.34 | ||||||||
| Zhejiang Xiaoshan Rural Commercial Bank Co., Ltd. | 2,265,598,668.75 | 154,621,146.81 | 69,728,519.74 | 13,228,639.60 | 2,476,719,695.70 | |||||||
| Ningbo Hengyi Trading Co., Ltd. | 167,563,505.10 | -23,507,790.98 | -6,136,933.88 | 137,918,780.24 | ||||||||
| Subtotal | 3,916,960,592.70 | 142,718,593.27 | 63,450,927.91 | 13,228,639.60 | 4,109,901,474.28 | |||||||
| Total | 3,916,960,592.70 | 142,718,593.27 | 63,450,927.91 | 13,228,639.60 | 4,109,901,474.28 | |||||||
The recoverable amount is determined according to the net amount of fair value minus disposal expenses
□ Applicable ? Not applicable
The recoverable amount is determined according to the present value of the expected future cash flow
□ Applicable ? Not applicable
4. Operating income and operating cost
Unit: RMB
| Item | The amount incurred in the current period | Amount incurred in the previous period | ||
| Revenue | Cost | Revenue | Cost | |
| Primary business | 1,645,278,941.17 | 1,604,951,175.69 | 1,880,440,264.50 | 1,851,745,862.85 |
| Other businesses | 21,810,268.44 | 17,866,804.95 | 24,368,383.63 | 23,043,241.14 |
| Total | 1,667,089,209.61 | 1,622,817,980.64 | 1,904,808,648.13 | 1,874,789,103.99 |
Breakdown information of operating income and operating cost:
(1) Breakdown of revenue by goods
| Item | Amount in the current period | Amount in the previous period | ||
| Revenue | Cost | Revenue | Cost | |
| Polyester chemical fiber film | 1,645,278,941.17 | 1,604,951,175.69 | 1,880,440,264.50 | 1,851,745,862.85 |
| Trade and others | 21,810,268.44 | 17,866,804.95 | 24,368,383.63 | 23,043,241.14 |
| Subtotal | 1,667,089,209.61 | 1,622,817,980.64 | 1,904,808,648.13 | 1,874,789,103.99 |
(2) Breakdown of revenue by time of transferring goods
| Item | Amount in the current period | Amount in the previous period |
| Revenue recognized at a certain point of time | 1,666,663,420.62 | 1,904,166,446.29 |
| Revenue recognized at a certain period of time | 425,788.99 | 642,201.84 |
| Subtotal | 1,667,089,209.61 | 1,904,808,648.13 |
(3) The revenue recognized in the current period included in the opening book value of contract liabilities is RMB 132,034,985.73.
5. Investment income
Unit: RMB
| Item | The amount incurred in the current period | Amount incurred in the previous period |
| Income from long-term equity investment under theequity method | 142,718,593.27 | 146,126,783.72 |
| Receivable financing discounting expense | -38,617,554.90 | -34,198,249.74 |
| Interest income from the inter-bank loan of related party | 19,062,856.58 | |
| Total | 123,163,894.95 | 111,928,533.98 |
6. Others
R&D expenses
| Item | Amount in the current period | Amount in the previous period |
| Direct input | 27,292,336.08 | 40,111,005.23 |
| Depreciation and amortization | 826,532.32 | 1,149,657.56 |
| Employee compensation | 12,233,376.57 | 11,620,113.68 |
| Outsourcing R&D and others | 417,247.35 | 385,449.21 |
| Total | 40,769,492.32 | 53,266,225.68 |
XVIII. Supplementary Information
1. Breakdown of non-recurring gains and losses in the current period
?Applicable □ Not applicable
Unit: RMB
| Item | Amount | Notes |
| Profits and losses on disposal of non-current assets | 5,269,441.94 | |
| Government grants included in the current profits and losses (except those closely related to the Company's normal business operations, which are in line with national policies, enjoyed according to certain standards, and have a continuous impact on the Company's profits and losses) | 17,442,587.20 | |
| Except for the effective hedging business related to the Company's normal business, the gains and losses of the fair value changes arising from financial assets and financial liabilities held by non-financial enterprises and the gains and losses arising from the disposal of financial assets and financial liabilities | 221,510,263.84 | |
| Fund possession cost included in current gain and loss charged to non-financial enterprises | 213,251.56 | |
| Other non-operating revenues and expenditures except for the aforementioned items | -27,608,928.38 | |
| Other profit/loss items falling within the definition of non-recurring gain or loss | 70,311,778.50 | |
| Less: Affected amount of income tax | 26,872,124.72 | |
| Affected amount of minority shareholders' equity (after tax) | 74,707,943.95 | |
| Total | 185,558,325.99 | -- |
Other profit/loss items falling within the definition of non-recurring gain or loss:
□ Applicable ? Not applicable
The Company has no other profit/loss items falling within the definition of non-recurring gain or lossExplanation of the circumstances in which the non-recurring gain and loss items listed in the Explanatory Announcement No. 1 on Information Disclosure of Companies Publicly Issuing Securities-Non-recurring Gains and Losses are defined as recurring gains and losses.
□Applicable ?Not applicable
2. Return on equity and earnings per share (EPS)
| Profit within the reporting period | Weighted average return on net assets | Earnings per share (EPS) | |
| Basic earnings per share (RMB per share) | Diluted earnings per share (RMB per share) | ||
| Net profit attributable to ordinary shareholders of the Company | 1.93% | 0.09 | 0.09 |
| Net profit attributable to ordinary shareholders of the Company after deducting non-recurring gains and losses | 1.51% | 0.07 | 0.07 |
3. Differences in Accounting Data under Domestic and Foreign Accounting Standards
(1) Differences in net profits and net assets in financial reports disclosed in accordance with international accounting standards and China accounting standards
□ Applicable ? Not applicable
(2) Differences in net profits and net assets in financial reports disclosed in accordance with foreign accounting standards and China accounting standards
□ Applicable ? Not applicable
Rongsheng Petrochemical Co., Ltd.
Chairman: Li ShuirongAugust 27, 2024